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Performance biometric data sensor technology specialist Valencell announced it has secured more than $7 million in Series C financing.
WSJ Joshua Fund is a new investor to the latest round, which also includes TDF Ventures, True Ventures and Best Buy Capital, the company said.
Valencell’s biometric sensors are currently powering four wearable products, which it plans to follow with multiple launches between now and the end of the year.
The company said it would use the investment to further technological development, sales and marketing of its PerformTek-powered biometric sensors, which measure real-time heart rate and activity continuously on users.
These lifestyle products demonstrate the range of PerformTek sensor applications, aimed at consumer electronics manufacturers, mobile device and accessory makers, sports and fitness brands, gaming companies, headset and ear bud manufacturers, the military and health care brands for integration into their products.
Consumer electronics manufacturers including LG, Intel, Blaupunkt, Scosche and Iriver have licensed PerformTek for integration with their products, the company noted.
“In the past 12 months, there has been a true explosion in wearable technology, as the size, cost and convenience of the technology has aligned,” Michael Dering, CEO of Valencell, said in a statement. “Valencell is focused on providing those attributes in combination with the most accurate continuous heart rate and performance technology on the market. Ultimately, accuracy and ease of use will be the factors that consumers will look for in the products they choose to use.”
Dering recently joined Valencell as CEO, bringing his experience with both public and private equity-backed companies. He most recently served as the president and CEO of ServiceBench.
“I am excited to welcome Michael to the Valencell leadership team. He is an experienced and proven leader who will help us identify strategic growth and partnership opportunities and guide the company to new levels of success,” Steven LeBoeuf, president of Valencell, said in a statement. “His leadership will allow me, and other members of the team, to focus on ongoing product and technology development and customer support, which is critical for our long-term growth and market leadership.”
Since being founded in 2006, the company has raised more than $13 million in venture funding, including a Series B investment led by Best Buy Capital, with participation from Series A investors TDF and True Ventures. Valencell has also secured more than $3 million in grants.
According to a recent report from IT analytics firm Juniper Research, the wearable technology market is set to expand rapidly in the next several years.
Juniper’s report also forecasts that worldwide spending on wearable technology will hit $1.4 billion this year and by 2018, that figure will hit $19 billion.