Consumer wearable technology developer LifeBEAM has closed a $16 million financing round led by Squarepeg Capital with participation from Wellborn VC, Cerca Partners, Atomic14 VC, Triventures VC and key angel investors.
This round of funding will allow LifeBEAM to expand its positioning within the fast-growing wearables category with a quantum leap the company calls "Awareables™," creating an entirely new fitness and wellness experience. The company's upcoming Awareable™ product, integrates highly accurate biometrics and a personal training agent, giving consumers an intelligent and interactive training experience for fitness and everyday well-being.
LifeBEAM proprietary technology, hardware, analytics and software have been saving the lives of pilots and astronauts and enabling technology products made by brands such as Samsung, Under Armour™, JBL®, 2XU, Lazer® Helmets, and Elbit Aerospace, all in the pursuit of measuring human performance and generating actionable insights at the highest levels.`
In the past, LifeBEAM has worked closely with Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) to develop a smart bicycle helmet and a new safety device for pilots' helmets.
LifeBEAM cofounder and CEO Omri Yoffe said, "This is another significant milestone to help us fully accomplish our Awareable™ vision. Our new product is designed to provide consumers with the most personalized and insight-driven workout experiences. This funding round will allow us to expand our consumer product roadmap, inspired by our core product and technology foundations and our team's passion for bringing a healthier lifestyle to the masses."
Squarepeg Capital managing partner Philippe Schwartz said, "The wearable industry is still in its infancy. Its future lies in a more intimate, personal user interface and experience, one that is as natural and fluid as working out with a trainer or a friend. The LifeBEAM team has taken its impressive track record of success with the most innovative consumer brands, to create a breakthrough new product. Their hard work around hardware excellence, data analytics and experience personalization has paid dividends in these new releases."
Published by Globes [online], Israel business news - www.globes-online.com - on March 30, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016