Toy car start-up Anki raises $55m

US start-up Anki has raised $55m in funding for its toy racing cars powered by iPhones.

As reported by Re/Code, the investment round was led by J.P. Morgan as well as previous investors such as Index Ventures and Two Sigma. Total funding raised to date stands at $105m.

Anki’s Drive product consists of physical toy cars and tracks that users can control with their iPhones. Players can then also upgrade their car virtually with weapons which will affect their rivals’ vehicles. As well as player-controlled cars, other vehicles can also be controlled by AI.

Anki aims to use the funding to fuel the growth of Drive as well as expand into new products.