Playground Global, a brainchild of former Android co-creator Andy Rubin, has announced that his company has raised $48m in funding from investors including Google, HP, and Hon Hai Precision.
Playground Global will provide advice and support to tech startups that are dedicated towards making devices for consumers or companies, but will not invest in them.
The company is likely to take equity stakes in startups in return for its support, reported the Wall Street Journal.
It aims to help entrepreneurs with financing, manufacturing, and distribution of their devices.
According to a regulatory filing, Rubin has been named as the managing director of Playground Global, with WebTV co-founder Bruce Leak named as the director of the company.
Ruben headed Google’s nascent robotics venture and later went on to build Android as a free, open-source software platform before he left the company last October.
According to reports, Playground’s approach as an incubator is a hot trend in Silicon Valley, which allows entrepreneurs to focus on their new gadgets without having to worry about other aspects of the business.
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