Former Goldman Sachs Partner Leads Nearly $3 Million Investment in Wearable Tech Company
Ravi Singh Named to Wearsafe Labs Board
Dec 10, 2015, 09:00 ET
HARTFORD, Conn., Dec. 10, 2015 /PRNewswire/ -- Wearsafe Labs, (www.wearsafe.com), a Connecticut-based technology company developing advanced wearable safety products is pleased to announce its latest round of funding, with a nearly $3 million raise, expected to close this month, led by former Goldman Sachs partner Ravi Singh who has also been appointed to its Board.
"In a market that is saturated with gadgets, there is a tremendous need for a personal safety device that is not only adaptable to every person's life, but one that works when it is needed most," says Singh.
Singh, who spent 19 years with Goldman Sachs, 8 of them as a partner, is a private investor and advisor for several start-ups and is on the management teams of YogaSmoga, a yoga apparel company and TruMid Financial, an electronic broker-dealer. "The Wearsafe Tag is an extraordinary product. Co-Founders Phill Giancarlo and David Benoit have spent 4 years developing, by far, the best safety product and app available to consumers. Technology is always evolving and expanding rapidly, and that's what sets Wearsafe apart. Phill and David have positioned the company to invariably be ahead of the science."
In addition to Singh, Andy Stewart, former Managing Director and Global Head of BlackRock Alternative Investments, also participated in Wearsafe's latest round of funding, and the company has named Stewart and former U.S. Secret Service Special Agent Rich Staropoli to its Board.
"We are honored to have Ravi, Andy and Rich join our team," says David Benoit, Co-Founder of Wearsafe Labs. "Their decision to become actively involved in Wearsafe demonstrates their strong belief in our product's ability to positively impact lives."
Wearsafe recently started shipping its first product offering, the Wearsafe Tag, which is a small wearable device that can clip onto almost anything. The Tag connects to a user's smartphone using Bluetooth Smart (low energy) technology and with one discreet touch of a button instantly connects a user with a selected network of family and friends. When activated, a user's network immediately receives an alert through email, text and their Wearsafe app, a group chat is started and friends and family can see where someone is located with the GPS information provided as well as instantaneously hear audio from their location. The Tag also provides the user with tactile confirmation (vibration) to let them know their alert has been received and help is on the way. If additional assistance is needed, network members can call 911 directly from within the Wearsafe app.
"Imagine your loved one is in trouble and with one touch of a button friends and family can instantly hear audio of their struggle or situation and see exactly where they are," says Singh, further adding "being able to send help immediately gives everyone an incredible amount of peace of mind."
Singh has a distinguished career in the investment banking industry which includes a term as Managing Director and Head of Alternative Investments globally in the Asset Management division of Credit Suisse. He is a trustee of Barnard College and serves on the boards of the ALLY Foundation, Dwight School Foundation and YOGASMOGA.
"Ravi brings so much more than just capital to the table," adds Benoit. "He also brings an extraordinary amount of operational, consumer product and industry expertise as well as a strong track record of successful investing."
"The Wearsafe platform has solved a problem," adds Singh. "The Tag will truly revolutionize the way people live their lives safely. It's great to have a safety app on your phone, but when a person is in trouble, how do they really use it? The Tag allows a person to effortlessly manage their own safety."
"Software-only apps require a user to directly interact with their phones in an effort to call for help," says Benoit. "People find themselves needing assistance when they least expect it and accessing their phone is often not a viable option. If a person is in an accident that phone is likely out of reach. If a person is in a threatening situation reaching for the phone can cause those circumstances to escalate. Software-only apps require someone to 'always' be prepared and research shows that people cannot remain in a constant state of vigilance."
Wearsafe is a market innovator and leading developer of advanced mobile and wearable safety products designed to revolutionize the way you live your life. Wearsafe's products marry cutting edge technology with individual and institutional demand for personal safety. As pioneers in creating personal protection products and communication services that leverage mobile technology, Wearsafe's vision is to change the perception of safety and security products, from solely protecting locations and property, to protecting individuals, wherever they may be.
Bonner Consulting Group
SOURCE Wearsafe Labs
Share this article