Released in 1986, it is a drum machine and MIDI sequencer from the same family as the Roland TR-909, TR-808, TR-707, and TR-606. The drum kit includes basic rock drum sounds similar to those of the TR-707, plus a complement of drum sounds similar to those of the TR-727.
There are many articles available online documenting a DYI process for circuit bending and modifying the factory setting of the Roland TR-505. Example modifications include: changing audio samples, voice circuit bending, adding individual audio outputs, adding CV outputs/inputs, adding pitch change to each voice, and adding circuits to randomize sequences.