Zeo Inc. raised $1 million of a proposed $1.5 million debt financing round.
The company, formerly known as Axon Labs, opened the round July 30, with three investors participating, according to a Securities & Exchange Commission filing.
The filing lists board members Ronald Chwang of iD Ventures America, Peter Meekin of Trident Capital and iRobot Inc. CEO Colin Angle. Santa Clara, Calif.-based iD Ventures and Westport, Conn.- and Palo Alto, Calif.-based Trident Capital both invested in the company in previous funding rounds.
Zeo plans to use the cash to fund new product development, boost its customer service operations and pay for day-to-day expenses, co-founder and vice president of brand management Jason Donahue told the Xconomy website.