LUMO BodyTech Closes $5 Million Series A Funding Round Led By Madrona Venture Group
Smart sensor and big data company promoting health through technology raises capital to accelerate product innovation and customer experience, and to expand team
PALO ALTO, Calif., Dec. 19, 2012 /PRNewswire/ -- LUMO BodyTech (www.lumoback.com), a smart sensor and big data company aimed at improving people's health, today announced that it has closed a $5 million Series A round led by Madrona Venture Group. Backers for this round also include Innovation Endeavors, Eric Schmidt's investment fund, and Jerry Yang. The company will use the funding to accelerate investments in sales and marketing, product development and engineering.
"We are committed to developing products that will help all of us create a healthier society," says Monisha Perkash, founder and CEO of LUMO BodyTech. "The technology we have developed has incredible potential to profoundly change individual choices throughout the day to maintain or regain health. We are excited to partner with Madrona Venture Group, who have backed other innovative, customer-centric brands, and who have expertise helping companies leverage technology to scale."
LUMOback is the first smart sensor and smartphone app from LUMO BodyTech. LUMOback encourages small behavioral changes that can yield meaningful improvements in posture and overall health. A sleek, form-fitting device, LUMOback uses a lightweight sensor to track posture and movement, and provides a gentle vibration reminder to the wearer when they slouch or sit for extended periods. LUMOback uses real-time feedback and data visualizations to inspire improvements in posture and increased mobility.
"Improvement starts with measurement. And there are many great sensor-based devices measuring behaviors and generating data to help people measure their health," said Scott Jacobson, Managing Director at Madrona Venture Group. "The natural progression is from measurement to analysis and recommendation, and that's where the LUMO Body Tech team really shines. Their products provide real-time feedback to help people correct behaviors in the moment, taking small actions that can drive large, long-term improvements in health. This is where the quantified self movement is headed, and we look forward to partnering with Monisha and team to help them achieve their vision."
The LUMOback smart sensor records and transmits valuable biomechanical movements and posture data via Bluetooth to a mobile application providing a visual that mirrors the wearer's movements. Shipping early versions to Kickstarter backers now, it will be available for retail in early 2013.
About LUMO BodyTech:
Founded in 2011, LUMO BodyTech uses smart sensors and software to help people improve their health. LUMOback, the company's first product, is a wearable sensor and smartphone app for posture, which impacts back pain, fitness, confidence, and appearance. LUMO was founded by Stanford entrepreneurs Monisha Perkash, Dr. Charles Wang and Andrew Chang and is backed by Madrona Ventures, Innovation Endeavors, Morado Venture Partners, and Jerry Yang's AME Cloud Ventures. To learn more, please go to www.lumoback.com.
About Madrona Venture Group:
Madrona Venture Group (www.madrona.com) has been investing in early-stage technology companies in the Pacific Northwest since 1995 and has been privileged to play a role in some of the region's most successful technology ventures. The firm invests across the information technology spectrum, including consumer Internet, commercial software and services, digital media and advertising, networking and infrastructure, and wireless. Madrona currently manages nearly $1 billion and was an early investor in companies such as Amazon.com, Isilon Systems, World Wide Packets, iConclude, Farecast.com and ShareBuilder.
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