Sarvint Technologies Closes Series A Funding

CTW Venture Partners leads $6 million investment with participation from Monta Vista Capital and Maxim Ventures

12 Aug, 2015, 12:00 ET from Sarvint Technologies, Inc.

ATLANTA, Aug. 12, 2015 /PRNewswire/ -- Sarvint Technologies, Inc., a wearables technology company, today announced that it has completed a Series A round of financing to further develop and commercialize its Wearable Motherboard™ technology. The $6 million investment was led by CTW Venture Partners with participation from Monta Vista Capital and Maxim Ventures. Sarvint has also entered into a strategic alliance with Maxim Integrated Products, Inc. (NASDAQ: MXIM) to bring Sarvint's products to market.

"CTW invests in companies that have the potential to make a real difference in people's lives," said Palaniswamy "Raj" Rajan, managing partner of CTW Venture Partners and Sarvint co-founder and chairman. "Sarvint is one of those companies, and we're excited to play a central role in making it a success."

Sarvint's Smart Wearable System will be commercially available later this year. They are based on the world's first Wearable Motherboard invented at Georgia Tech by a team of researchers, including Sundaresan Jayaraman, Ph.D., and Sungmee Park, both of whom are Sarvint co-founders. Georgia Tech Research Corporation awarded Sarvint an exclusive license to the technology in 2014. The company's Smart Shirt uses specialty fibers to carry signals that measure vital signs such as heart rate, electrocardiogram, temperature, respiration rate and other health metrics that can be monitored by a smartphone. Smart Shirt is one of many products Sarvint will introduce based on the Wearable Motherboard technology.

"Sarvint's wearable technology will be a game changer for the fitness and healthcare markets. We look forward to working closely with them to bring the smart wearable system to market," said Shailendra Mahajan, managing director for Maxim Ventures. "This represents a mutually beneficial opportunity for Sarvint to combine its core technology with Maxim's enabling sensors and electronics to realize the great potential of smart garments," commented Chris Neil, head of Maxim Ventures and senior vice president of Maxim Integrated.

Jayaraman and Park's patented invention was featured in a special issue of LIFE Magazine, titled "Medical Miracles for the New Millennium" (Fall 1998), and was named in the magazine as "One of the 21 Breakthroughs that Could Change Your Life in the 21st Century." In November 2001, TIME Magazine named the Smart Shirt as one of the "Best Inventions of the Year." In July 2003, Newsweek Magazine featured it as one of the "10 Inventions That Will Change the World." The first Smart Shirt is currently housed at the Smithsonian Museum in Washington, D.C. In May 2006, Jayaraman was named a first prize winner (out of 4,200 entries) in the Modern Marvels Invent Now Challenge conducted by The History Channel, The National Inventors Hall of Fame and TIME Magazine. In 2007, the Smart Shirt was featured on a program titled "2057: The Body" on the Discovery Channel.

"As one of the inventors of the Wearable Motherboard technology, it's exciting to have the financial backing to complete our vision of developing products that can benefit millions of people--first through the Smart Shirt, and then with future products based on the technology," said Jayaraman, who is also Sarvint's chief scientist. "We are also very pleased that Maxim has partnered with us to help commercialize Sarvint products. They represent the best in the industry."

About Sarvint Technologies Sarvint Technologies, Inc. was founded to save and improve lives through smart garment wearables. Based in Atlanta, Georgia, the company was born out of groundbreaking wearable technology research conducted at Georgia Tech by Sundaresan Jayaraman, Ph.D., and Sungmee Park. This research culminated in the invention of the Wearable Motherboard™ (Smart Shirt), a garment that uses special fibers to detect and monitor body vital signs. Sarvint was founded to make a global impact by introducing innovative products for everyday use based on the inventors' seminal patented technologies that enable people to enjoy a better quality of life. The company is led by its co-founders, Jayaraman and Park, Palaniswamy Rajan and Jay Yadav, M.D. More information is available at www.sarvint.com.

About CTW Venture Partners CTW Venture Partners LLC, a venture capital firm that invests in seed and early-stage entrepreneurs in Atlanta and throughout the southeast, focuses on companies in all industries with patentable, disruptive innovations or technologies, technical expertise and strong leadership teams. For more information on the company, visit www.ctwvp.com.

About Monta Vista Capital Cupertino, California-based Monta Vista Capital is a private equity/venture capital firm that provides seed and early stage funding to technology companies in North America. More information is located at www.montavc.com.

About Maxim Ventures Maxim Ventures, the venture arm of Maxim Integrated Products, Inc. ("Maxim"), invests in new businesses that are "beyond the chip." We leverage Maxim's enabling sensor and integrated circuit technologies and use that know-how as the basis to build companies that extend up the data-flow value chain into equipment, systems, software and services. Visit us at http://www.maximventures.com.

About Maxim Integrated Maxim is bringing new levels of analog integration to automotive, cloud data center, mobile consumer, and industrial applications. We're making technology smaller, smarter, and more energy efficient, so that our customers can meet the demands of an integrated world. Learn more at http://www.maximintegrated.com.  

Wearable Motherboard is a trademark of Georgia Tech.

SOURCE Sarvint Technologies, Inc.



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