Rom is a fictional character, a cosmic superhero in the Marvel Comics Universe. He first appears in Rom #1 (1979) and was created by Bill Mantlo and Al Milgrom. "Rom The Space Knight" was a toy co-created by Bing McCoy and Richard Levy (US Patent #4,267,551).
It was sold to Parker Brothers, and was the inspiration for the comic book series. The toy was originally called COBOL (after the programming language), which was later changed to "Rom" (after ROM, a.k.a. Read-Only Memory) by Parker Brothers' executives. The toy set a precedent for the game publishing company, which up until that time had only ever produced board games.
As this was a new venture for the company and that electronic toys were still very new, a decision was made to produce the figure as cheaply as possible. As a result, the final product had very few points of articulation, and twin red LEDs served as Rom's eyes instead of the originally envisioned green, which were more expensive to produce.