LAUNCHPAD TOYS just made a big leap: it has been acquired by Google. Founded in 2010, the San Francisco-based startup is the developer of storytelling app, Toontastic, and TeleStory, an augmented reality app that lets kids record their own TV shows. Terms of the deal were not disclosed, but the deal supports Google's intentions to develop services specifically for children age 13 and under.
It's speculated that Google's first offering will be a kid-friendly version of YouTube. But it will likely not host any of the 14 million stories that LaunchPad users have uploaded. As part of the deal, LaunchPad Toys is shutting down its ToonTube network and advising parents to download their kids' creations.
A graduate of Y Combinator's 2011 class, LaunchPad Toys has raised just over $1 million, according to CrunchBase.