AAA Hydra heads to Mio Global for $15m series B

Hydra heads to Mio Global for $15m series B

Hydra Ventures, the strategic investment arm of sporting goods and apparel producer Adidas, has led a $15m series B round for Canada-based wearable heart rate tracker producer Mio Global.

The round included unnamed private investors and follows $1.5m in debt financing supplied by export credit agency Export Development Canada in June 2015. Mio Global has not revealed details of earlier equity funding.

Mio manufactures wearable devices like watches and wristbands that are capable of tracking a users’s heart rate. The series B capital will support the launch of Mio Slice, a wristband that tracks and displays all-day heart rate data.

Additional funds will go to further development of PAI (Personal Activity Intelligence), a health metric Mio utilises that uses the heart rate to analyse the body’s response to physical activity.

Liz Dickinson, Mio’s founder and CEO, said: “The era of heart rate has finally arrived. Multiple wearables offer accessible, unobtrusive heart rate monitoring, yet most consumers do not fully engage with the heart rate sensing capabilities or do not know how to make sense of heart rate data.

“PAI solves this problem by using one simple metric that is far more meaningful and personalised than counting 10,000 steps. This new investment will be used to fuel continued growth and develop future technologies that will improve global health.”

– Photo courtesy of Mio Global

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