Lumo Bodytech, maker of wearable biomechanic products has announced it raising $10 million in Series B round of funding led by WuXi Healthcare Ventures. The round included other investors Madrona Venture Group, Innovation Endeavors, AME Cloud Ventures, Innovalue Capital Ltd, MAS Holdings and SanDisk founder Eli Harari.
Founded in 2011, Lumo Bodytech develops wearable technologies to help in the improvement of health and wellness. It has developed a technology platform that makes use of algorithms, software and smart sensors to optimize performance and address human biomechanics demands. The platform is a combination of hardware, software and data that allows companies to bring together human body movements into the next generation of wearable technology. The Lumo Platform is set to partner with various brands dealing with apparel, fitness, health and workplace safety industries that want to bring in real-time motion tracking into their product offerings.
“We’re now entering the next phase of the wearables industry, one where companies like Lumo harness lab-quality data and real-time coaching to solve meaningful health problems and support behavior change,” said Lumo Bodytech CEO and co-founder Monisha Perkash. “With the support of our new investors including WuXi, a leader in research and development in healthcare applications, we can deliver a wearables platform that will ultimately help people address significant health, wellness and performance issues.”
The fund-raising announcement and the release of the Luno Platform comes at the same times of the successful launch of the Lumo smart shorts and the reported ongoing success of its Lumo Lift posture sensors used by consumers and corporate wellness program. With the fresh funds, the company plans to invest in the R&D in healthcare applications to can help consumers address many health, wellness and performance problems. It also plans to improve its existing products and introduce many different product lines. Further to the funding, MAS Holdings and SanDisk founder Eli Harari joins as strategic partners of the company.
Ge Li, CEO of WuXi AppTec, said, “Wearables technology will fundamentally change the traditional healthcare industry and address a number of previously unmet wellness needs. People are looking for technology to support positive, proactive behavior change through advanced insights including real-time feedback and coaching. Lumo is a platform for better health and living, whether that’s at home, in the office or at the gym.”
William Updyke, DC chiropractor at the Cisco LifeConnections Health Center, added, “My patients have used the data from wearables and connected medical devices to help them manage their posture and activity level, which accelerated their recovery. Proper biomechanics, such as good posture, as well as moving regularly and avoiding extended sitting contributes to reductions in some of the most common conditions like neck, back and shoulder pain. If better posture and more regular movement was widely adopted it could lead to significantly decreased healthcare costs for companies and certainly a better quality of life for individuals.”