Interaxon, a Canada-based wearable technology developer backed by supply chain products maker Flextronics, has closed an $11.6m series B-1 round led by venture capital firm Trend Forward Capital.
The round also featured export credit agency Export Development Canada, Epic Capital Management, Bridge Builders Collaborative and Omers Ventures, the VC arm of pension fund Ontario Municipal Employee Retirement System.
Interaxon is the developer of the Muse electroencephalogram (EEG) headband, which is marketed as a meditation aid. The headband monitors brain function and provides audio and visual feedback on a user’s meditative state through a companion app.
The company has also made the headband available to virtual reality (VR) developers to explore using the brain-sensing technology to control VR experiences.
The proceeds from the round will be used to build out Interaxon’s developer marketplace and to speed up its move into the health and wellness sector.
Omers Ventures previously led a $10m series B round for Interaxon in 2015 that included Flex Lab IX, the early-stage investment subsidiary of Flex, as well as VC firms Felicis Ventures and Horizons Ventures.
Felicis, Horizons and Omers had also contributed to the company’s $6m series A round in 2013, alongside A-Grade Investments, FF Venture Capital and Bridge Builders.
Derek Luke, CEO of Interaxon said: “The ability to benchmark and measure progress has been particularly attractive not only to consumers but also leaders of corporate wellness programs, mental health professionals and business and athletic coaches.
“With this investment, Interaxon is uniquely positioned to harness the potential of its brain interface into the consumer, professional and wellness markets, creating a vibrant services-based platform positioned for growth.”
– Image courtesy of Interaxon Inc.