Valencell said Monday that it has raised more than $7 million in Series C financing. The investors included WSJ Joshua Fund, TDF Ventures, True Ventures and Best Buy Capital. Based in Raleigh, NC, Valencell is a provider of performance biometric data sensor technology.
RALEIGH, N.C., June 16, 2014 /PRNewswire/ — Valencell, a leader in performance biometric data sensor technology, today 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. 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. The Company has also secured more than $3 million in grants.
Valencell will use the investment to support the increasing market demand, further technological development, sales and marketing of its PerformTek®-powered biometric sensors, which measure real-time heart rate and activity continuously on anyone, doing anything. PerformTek sensors are available in multiple form factors, making them available for all parts of the body, including the ears.
Additionally, technology industry veteran, Michael Dering, has joined Valencell as CEO. Dering brings decades of significant experience with both public and private equity-backed companies, and most recently served as the President and CEO of ServiceBench, Inc. Prior to ServiceBench, Dering served as President and CEO of CrossAccess Corporation and two Bell & Howell companies. Dering’s leadership experience, technology expertise, and proven ability to transition and grow organizations at critical points of their business lifecycle will be integral to Valencell’s success in the wearable market.
“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,” said Dr. Steven LeBoeuf, President of Valencell. “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.”
“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,” said Michael Dering, CEO of Valencell. “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.”
According to Juniper Research, the wearable technology market is set to expand rapidly in the next several years. The research firm forecasts that worldwide spending on wearable technology will hit $1.4 billion this year and by 2018, that figure will hit $19 billion.
With numerous critical patents granted and dozens of patents pending, Valencell’s biometric sensors are currently powering four wearable products, followed by multiple launches between now and the end of the year. These high-end and lifestyle products demonstrate the wide range of PerformTek sensor applications, ideal for consumer electronics manufacturers, mobile device and accessory makers, sports and fitness brands, gaming companies, headset and ear bud manufacturers, the military and healthcare brands for integration into their products.
Founded in 2006 and headquartered in Raleigh, North Carolina, Valencell develops performance biometric data sensors and licenses its patent-protected technology to consumer electronics manufacturers, mobile device and accessory makers, sports and fitness brands and gaming companies for integration into their products. Valencell’s PerformTek-powered sensors are the most accurate wearable biometric sensors that continuously measure heart rate and activity. Valencell has invested years into research and development of its PerformTek sensors, which have been validated by the Duke Center for Living, North Carolina State University, the Human Performance Laboratory and a fellow of the American College of Sports Medicine.