Valencell, a US-based developer of biometric sensor technology, has closed a $7m series C financing round that included investment from Best Buy Capital, the venture capital arm of consumer electronics retailer Best Buy.
Other investors in the round included venture capital firms True Ventures and TDF Ventures, and debt capital provider CBC Partners.
True Ventures and Best Buy previously invested in Velencell’s $5.5m series B round in June 2011. In November 2009 Velencell gained $1m from undisclosed backers.
“In the past 12 months, there has been a true explosion in “wearable technology”, as the size, cost and convenience of the technology has aligned,” said Michael Dering, chief executive of Valencell.
“Valencell is focused on providing those attributes in combination with the most accurate continuous heart rate and performance technology on the market. Ultimately, accuracy and ease of use will be the factors that consumers will look for in the products they choose to use.”
Velencell plans to use this investment to increase its sales and marketing in response to increased market demand for wearable technology.