Valencell, a US-based biometric sensor technology developer backed by retailer Best Buy, raised $11m in a series D round led by Gii Tech, a fund run by financial services firm Gii, on Tuesday.
Venture capital firm TDF Ventures and early-stage investment partnership WSJ Joshua Fund also contributed capital to the round.
Founded in 2006, Valencell produces clinically-validated biometric sensor technology that it licenses to consumer electronics manufacturers for integration in products such as audio headsets, wristbands and armbands.
The sensors are able to measure data such as heart rate, calories burned and metabolic rate. Valencell primarily targets the fitness and gaming sectors, and will use the latest funding to drive further growth and accelerate research and development efforts.
The company has raised a total of $24.5m to date. Best Buy supported a $7m series C round in 2014 through its Best Buy Capital unit, investing alongside TDF Ventures, True Ventures and CBC Partners.
Best Buy Capital and True Ventures previously participated in Valencell’s $5.5m series B round in 2011.