Valencell raises $11M; plans to accelerate R&D in biometric wearable technology
Valencell has secured $11M in Series D financing and plans to use the funds to continue its triple-digit growth and accelerate its innovation in accurate biometric wearable technology.
This round of financing was led by GII Tech, a new venture fund being launched by UAE-based financial services company GII LLC. Existing investors TDF Ventures and WSJ Joshua Fund also participated bringing the total amount of funding raised to date to $24.5 million.
“Biometric sensors are becoming ‘must-have’ features in wearable and hearable devices of all kinds, and the market demand for these devices is skyrocketing,” said Pankaj Gupta, CEO, GII. “Valencell has solved many of the most difficult technical challenges in biometric sensors and their continued innovation has established a proven track record of bringing the next generation of biometric innovations to market. This round of funding will help the Valencell team accelerate R&D and growth initiatives to take advantage of this rapidly expanding market.”
In 2015, Valencell saw its second consecutive year of triple-digit growth for its PerformTek biometric sensor technology, with a 133 percent increase in licensees over 2014. The company says it now has over 25 licensees around the world making some of the most innovative wearables and hearables on the market.
Valencell also has 31 granted patents and more than 70 additional patents pending.
Valencell licenses its biometric sensor technology for customers to create custom-designed biometric wearable devices. Valencell also recently introduced BioPack, a turn-key biometric sensor system with the complete PerformTek technology package ready for immediate integration into wearable devices. This funding will help fuel immense early demand for BioPack.
“The funding led by GII Tech will enable us to fuel our growth with additional investments in R&D, business development and go-to-market resources,” said Michael Dering, CEO of Valencell. “This funding is a huge vote of confidence for Valencell’s team, technology and business model that is enabling highly accurate biometrics in wearables of all kinds.”
Earlier this year, Valencell’s vice president of marketing spoke with BiometricUpdate.com about the company’s biometric sensor integration package at the 2016 Consumer Electronics Show in Las Vegas.