US-based wearables manufacturer Lumo Bodytech has secured $10m in series B funding led by Wuxi Healthcare Ventures, TechCrunch reported yesterday.
Wuxi Healthcare Ventures is backed by research and development services company Wuxi PharmaTech. It was joined by Madrona Venture Group, Innovation Endeavors, AME Cloud Ventures, Innovalue Capital, MAS Holdings, and angel investor Eli Harari.
Founded in 2011, Lumo Bodytech produces a range of wearables. The series B round follows the launch of Lumo Run, a smart sensors and software platform that helps runners gain a better insight into their workout.
The company expects to use the cash to develop its platform and enable apparel, fitness and health companies to create products that are compatible with Lumo’s technology.
Lumo previously received $5m in series A funding led by Madrona in December 2012. Innovation Endeavors, and angel investor Jerry Yang also took part in that round. In April 2012, Innovation Endeavors, Morado Venture Partners and Russell Siegelman contributed funds to a $1.1m seed round.
Monisha Perkash, chief executive of Lumo, said: “We are now entering the next phase of the wearable industry.
“With the support of our new investors including WuXi, a leader in research and development in healthcare applications, we can deliver a wearables platform that will ultimately help people address significant health, wellness and performance issues.”