No need to wait for YC, there are many, many entities operating in the "tech toy" scene. To name a few...

LaunchPad toys (http://launchpadtoys.com/) are doing some amazing things with the iPad.

Chris O'Shea (http://www.chrisoshea.org/) is a British designer in that space who did a fun little app recently called MakeGo which got great reception.

Cynthia Breazal's group at the MIT Media Lab did some mind blowing things with Tofulandia (http://robotic.media.mit.edu/projects/robots/tofulandia/tofu...).

Keita Takahashi (http://en.wikipedia.org/wiki/Keita_Takahashi), who comes from a video game background, did some interesting work on playgrounds (how to make a 21st century playground?)

Yes, this is something I'm quite passionate about :)