SKULLY, which makes a motorcycle helmet featuring a heads-up display, rear-facing camera and GPS, announced it has raised an $11 million Series A round. The funding was led by Walden Riverwood Ventures and Intel Capital and also included Formation 8, Techstars, Eastlink Capital and Western Technology Investments. As part of the round, Nicholas Brathwaite, partner of Walden Riverwood Ventures, has joined the board.
The Series A round includes a $2 million seed-stage funding that the company previously raised and a new $9 million infusion. The San Francisco-based company had launched via the crowdfunding site Indiegogo in which it raised about $2.5 million last fall. The company says it has now sold $3.4 million in pre-orders.
Photo courtesy of SKULLY.
SKULLY Closes $11M Series A Financing, led by Walden Riverwood Ventures and Intel Capital
Walden Riverwood Ventures and Intel Capital Lead Financing Round to Fund Product Development and Fulfillment of SKULLY’s Highly Successful Pre-order Campaign
SKULLY, Inc., maker of intelligent vehicle systems, has completed an $11 million Series A financing led by Walden Riverwood Ventures and Intel Capital. Participants in the round also include Formation 8, Techstars, Eastlink Capital and Western Technology Investments.
Proceeds from this financing will fund development of SKULLY’s next generation intelligent vehicle systems, and also the fulfillment of SKULLY’s pre-order campaign on the popular crowdfunding platform Indiegogo, which set the record for the fastest campaign to reach $1 million in sales, ultimately selling over $3.4M in pre-orders. SKULLY’s first product, the AR-1 motorcycle helmet, eliminates blindspots with a wide-angle camera and provides navigation directions via a proprietary heads-up display technology.
“This is a landmark time for SKULLY’s growth,” said Dr. Marcus Weller, founder and CEO of SKULLY. “Funds from this round will help carry SKULLY through its manufacturing milestones and accelerate our technology roadmap. I couldn’t be more excited for the future of SKULLY and the wearable display industry.”
Joining the board is Nicholas Brathwaite, partner of Walden Riverwood Ventures. Nicholas brings significant value to SKULLY having played a major role in the Series A in GoPro and having served as CTO of international contract manufacturing powerhouse Flextronics. Victor Westerlind, director of Intel Capital, will also be joining SKULLY’s board.
“SKULLY is one of a very small class of companies that has demonstrated it possesses the characteristics needed to create a new product category,” said Nicholas Brathwaite. “We are excited to partner with Marcus and his team and look forward to fully supporting SKULLY in the development of an exceptional product.”
“Wearable technology is one of the most exciting and promising spaces in the innovation industry,” said Mike Bell, corporate Vice President and general manager of the New Devices Group at Intel. “SKULLY is well positioned to change how people think about motorcycle helmet technology.”
SKULLY intends to use this financing to bring top industry technologists to join in its vision for a safer world through Augmented Reality. More information on careers can be found at www.skully.com/careers
SKULLY is pioneering intelligent vehicle systems technology for the transportation industry. Founded in Silicon Valley in 2013, SKULLY’s human-centered approach to engineering has led to SKULLY AR-1, the first vertically integrated heads-up display motorcycle helmet for consumers. SKULLY Synapse™ is a situational awareness platform that enhances awareness of its users by linking advanced optics to an intelligent network of sensors and microprocessors. SKULLY is a privately held company with strategic partnerships spanning the world’s leading technology companies. For more information, visit www.skully.com
About Walden Riverwood Ventures
Walden Riverwood Ventures is a venture capital firm focused on investing in core technology companies globally. It was formed as a collaboration between Walden International, a leading international venture capital firm, and Riverwood Capital, a global, technology-focused private equity firm. The firm’s founding partners provide its portfolio companies with unique access to deep industry knowledge, relationships and management experience. The two firms have an established history of investing together in several successful companies such as GoPro (NASDAQ: GPRO), Ambarella, Inc. (NASDAQ: AMBA), and Aptina Imaging, Inc. Walden Riverwood Ventures leads early stage investments in companies developing core technologies that have the potential to create new product categories or benefit multiple industry verticals. For further information, please visit www.waldenintl.com and www.riverwoodcapital.com.
About Intel Capital
Intel Capital, Intel’s global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, mobility, consumer Internet, digital media and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US$11 billion in over 1,400 companies in 57 countries. In that timeframe, 210 portfolio companies have gone public on various exchanges around the world, and 366 were acquired or participated in a merger. In 2014, Intel Capital invested $359 million in 125 investments, including 59 new deals. For more information on what makes Intel Capital one of the world’s most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.