Inc. BodyMedia , the pioneer of wearable body monitors, today announced the completion of a $12 million funding round. The new capital inflow will help the company expand to new mobile health markets, develop new products and applications, and expand its 70-patent IP portfolio. The largest investor in the round is Comcast Ventures, joined by previous investors Draper Fisher Jurvetson ePlanet, Draper Triangle Ventures, Ascension Health Ventures and InCube Ventures.
BodyMedia develops body sensing technology used to collect and analyze physiological and lifestyle information. Its flagship bracelet systems continuously track calories burned, physical activity levels and sleep patterns, collecting 5,000 data points per minute. Companion software helps users use this information to make decisions that have an impact on health outcomes. BodyMedia armbands are recommended by doctors and weight loss professionals, integrated into programs such as Jillian Michaels 360 Weight Loss Navigator, used by companies such as Jenny Craig, and available through various retail and online stores.
New funding, including $2 7 million reported mid-round will advance BodyMedia’s business plan to expand its platform to new users and markets such as diabetes management, sleep disorders and remote elderly care and safety. Recent initiatives to support this road map include working with Avery Dennison Medical Solutions to develop a disposable seven-day body-monitoring patch.
“For more than 13 years, we have developed state-of-the-art body sensing technology for weight management and selected medical applications,” said Christine Robins, CEO of BodyMedia. “The emerging convergence of healthcare, technology and consumerism provides an ideal starting point for us to build on this heritage by introducing new body-monitoring solutions tailored to manage a much wider range of health issues. Both our investors and our new board members recognize the business opportunity and will be instrumental in helping us accelerate our plan to become a key force in mobile health. “That’s right.
“Analysts are forecasting an annual growth rate of 47% in the wearable sensor market over the next few years, so there is a large business potential in this area,” said Michael Yang, Managing Director of Comcast Ventures. “BodyMedia has both proven technology and a clear growth road map. We’re excited about its potential to really change people’s lives “That’s right.
Yang joins the Board of Directors of BodyMedia alongside John Miclot, President and CEO of the clinical-stage biotechnology company Tengion and former Chief Executive Officer of the sleep and respiratory care medical supply company Respironics (now Philips Respironics) and Linda Hall Keller, who has served as Executive Officer of UnitedHealth Group and MinuteClinic.
Robins is the presenter at this week’s 7th Annual Wireless Health Convergence Summit in San Diego, where she was selected to co-chair “Convincing the Consumer: Industry Presentations on Wellness & Fitness” at 1:30 p.m. today at the Manchester Grand Hyatt.
BodyMedia, Inc. When your body is talking, BodyMedia is listening. BodyMedia has been unlocking and uncovering the secrets of the body since 1999. Headquartered in Pittsburgh, PA, BodyMedia is a pioneer in the development and marketing of wearable body monitors that provide consumers with the information they can use to make sweeping changes to their own health and wellness, starting with weight management and soon including the management of other conditions affected by lifestyle choices. The BodyMedia Platform is the only system of its kind registered with the FDA as a Class II medical device and clinically proven to increase users’ weight loss by up to three times (compared to behavioral support alone, file data)
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