4moms raises $41M

One of Pittsburgh’s fastest-growing companies just raised $41 million.

Thorley Industries, which does business as 4moms, completed its second institutional funding round, led by Castanea Partners. Existing investor Bain Capital Ventures also participated, 4moms said Wednesday.

The money is earmarked for new product development and to accelerate growth at 4moms, which puts a robotics twist on baby gear from strollers to playpens. CEO Rob Daley said in a prepared statement his company is “a world leader at developing consumer robots that solve real problems for families.” Ranked fifth among the 2014 Pittsburgh 100, which are ranked by three-year compounded revenue growth, 4moms’ rate was 354 percent.

More from the Pittsburgh Business Times here.