US-based biometric sensor technology developer Valencell closed a $10.5m series E round on Wednesday led by micro-acoustic and micro-mechanical technologies producer Sonion.
Financial services firm Gii also contributed to the round, as did venture capital firm TDF Ventures and early-stage investment partnership WSJ Joshua Fund.
Founded in 2006, Valencell produces biometric sensor systems for hearables and wearables that it licenses to consumer electronics manufacturers, medical device makers, sports brands and gaming companies for integration in their products.
The series E capital will allow Valencell to expand its sales activities and accelerate investments in its technology. Valencell has also signed a strategic agreement with Sonion to bring its biometrics technology to the hearing aid market.
The company has now raised 35m to date, according to its latest press release. Valencell previously raised $11m in a series D round led by Gii Tech, a fund run by financial services firm Gii, in 2016, with commitments from TDF Ventures and WSJ Joshua Fund.
Retailer Best Buy backed a $7m series C round in 2014 through its corporate venturing division Best Buy Capital, investing alongside TDF Ventures, True Ventures and CBC Partners.
Best Buy Capital and True Ventures had already contributed to a $5.5m series B round in 2011.
Jesper Ahlmann Funding Andersen, president and chief executive of Sonion, said: “Sonion is very excited about this opportunity to not only partner with Valencell exclusively for the Valencell technology for the ear-level space but also to join the strong investor team in Valencell.
“We see strong growth opportunities for this collaboration as we combine the Valencell technology and roadmap of exciting biometrics including more advanced medical monitoring functionalities with our 40 years+ of experience and skills in micro-acoustics, micro-mechanics and power management.”