Biometric sensor firm Valencell secures $7M in funding, names CEO
Biometric data sensor technology provider Valencell announced on Tuesday it has secured more than $7 million in Series C financing.
WSJ Joshua Fund, which is a new investor to the latest round, joins existing investors TDF Ventures, True Ventures and Best Buy Capital.
Since being founded in 2006, Valencell has raised more than $13 million in venture funding including a Series B investment led by Best Buy Capital, with participation from Series A investors TDF and True Ventures. Additionally, the company has secured more than $3 million in grants.
Valencell says it will use this latest investment to “support the increasing market demand, further technological development, sales and marketing of its PerformTek-powered biometric sensors”.
The company’s PerformTek sensors measure real-time heart rate and activity continuously on any individual performing any activity. They are available in multiple form factors, making them available for all parts of the body, including the ears.
Additionally, Michael Dering has joined Valencell as CEO, bringing decades of experience with both public and private equity-backed companies.
He most recently served as the president and CEO of ServiceBench. Prior to ServiceBench, Dering served as president and CEO of CrossAccess Corporation and two Bell & Howell companies.
“I am excited to welcome Michael to the Valencell leadership team. He is an experienced and proven leader who will help us identify strategic growth and partnership opportunities and guide the Company to new levels of success,” said Dr. Steven LeBoeuf, president of Valencell. “His leadership will allow me, and other members of the team, to focus on ongoing product and technology development and customer support, which is critical for our long-term growth and market leadership.”
The wearable technology market is positioned to expand rapidly in the next few years, with Juniper Research forecasting worldwide spending on wearable technology to hit $1.4 billion this year and $19 billion by 2018.