Intel completes VC-backed Basis Science acquisition

Intel has closed its buy of Basis Science. No financial terms were disclosed. Headquartered in San Francisco, Basis is a wearable device tech company that focuses on health and wellness. Its backers included Norwest Venture Partners, DCM, iNovia Capital, Peninsula Ventures and Mayfield Fund.

PRESS RELEASE

SANTA CLARA, Calif., March 25, 2014 – Intel Corporation today announced that it has completed the acquisition of BASIS Science Inc., a privately held company and a leader specializing in wearable device technologies for health and wellness applications. BASIS Science is also the creator of the Basis band, the world’s most advanced health tracker. The wrist-worn device and web and mobile service captures physiological metrics such as heart rate to help people get fit, sleep better and stress less. The financial terms of the deal were not disclosed.
Intel is actively pursuing a range of products and initiatives with the goal of accelerating wearable device innovation. The company’s strategy is to create wearable reference devices, SoCs and other technology platforms ready to be used by customers in development of wearable products. Underscoring this point, Intel recently announced several innovations and initiatives focused on fit, function and style.
The acquisition of BASIS Science accelerates Intel’s wearable products focus and extends the company’s capabilities in this area. It also brings access to new technology, and further expands the leadership team with people who have a proven track record of innovation in wearable device technologies for health and fitness applications.
“The acquisition of BASIS Science provides immediate entry into the market with a leader in health tracking for wearable devices,” said Mike Bell, Intel vice president and general manager of the company’s New Devices Group. “As we accelerate our position in wearables, we will build upon this foundation to deliver products that bring people greater utility and value. I’m confident that our collective resources and expertise positions us well for the future.”
“Intel is a great fit for Basis products, employees and consumers,” said Jef Holove, former BASIS Science CEO and now a general manager in Intel’s New Devices Group. “The acquisition brings access to Intel resources, expertise and global scale as we work together to explore new possibilities of wearable technology. Meanwhile, keeping our existing team intact ensures we can remain focused on our mission of improving the health and well-being of people.”
The Basis band will continue to be sold through existing retail channels. The team will continue to work on its product roadmap and serve its existing Basis band users. The team will also begin work on future wearable initiatives, working closely with the broader Intel team.
About Intel
Intel (NASDAQ: INTC) is a world leader in computing innovation. The company designs and builds the essential technologies that serve as the foundation for the world’s computing devices. Additional information about Intel is available at newsroom.intel.com and blogs.intel.com.

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