US-based wearable technology developer APX Labs raised approximately $13m on Wednesday in a series B round featuring the corporate venturing units belonging to industrial conglomerate General Electric and cloud computing company Salesforce.com.
GE Ventures and Salesforce Ventures were joined by venture capital firm New Enterprise Associates, which led the round, as well as investors including VC firm SineWave Ventures and CNF Investments, which acts as a subsidiary of construction and financial services firm Clark Enterprises.
Although APX did not specify the amount raised, it did disclose that the round brought its overall funding to $29m. APX raised $15.6m in a May 2014 series A round, $10m of which came from NEA, taking its total funding at the time to $15.8m.
Founded in 2010, APX has created a software platform called Skylight that can be integrated into smart glasses to provide additional features such as workplace communication and information resources.
Ralph Taylor-Smith, managing director of GE Ventures, said: “APX Labs is a stand-out among the innovative companies using software to transform the industrial world.
“This emerging space has captured the attention of nearly every industry and we see huge potential in their technology to lower costs, increase productivity and improve safety. We are already doing pilot trials of Skylight, and we are excited about the potential it has to impact and transform entire industrial sectors.”