Japan-based wearable sport device maker Lemonade Lab has raised $5.8m from investors including FIH Mobile, a subsidiary of Taiwan-based electronics manufacturer Foxconn, and undisclosed angel investors, The Bridge reported yesterday.
Founded in 2012 as a mobile social media app developer, Lemonade Labs has since pivoted to developing wearable technology that can track and analyse data for athletes and cyclists in real time.
In addition to providing funding, FIH will also assist Lemonade Lab with product design and development.
Lemonade Lab plans to launch a beta version of its product in France, Taiwan, Japan and the US before the end of 2015 and expects to release a full version early next year.