Basis Science, the company behind the advanced Basis health tracker, raised a second tranche of Series B funding worth $11.75 million, adding to an earlier tranche worth $11.5 million that was originally announced in March of this year. This second tranche of Series B investments represents the close of the Basis Series B financing. The total Series B round is now up to $23.25 million.
The March investment was led by Mayfield Fund, and included additional investments from earlier investors DCM and Norwest Venture Partners. This time around this same group was joined by additional new investors Intel Capital (News - Alert), iNovia Capital, Dolby Family Trust, Stanford University and Peninsula-KCG. That is certainly an interesting and large collection of investors. Intel Capital has now invested in Basis, Thalmic and Recon Instruments as it continues to broaden its wearable tech portfolio.
The Basis Band is a wrist-based health tracker, as well as an online personal dashboard that aims to help users build and incorporate "healthy habits" into their daily routines. Unlike typical health devices, Basis utilizes four different advanced sensors in its lightweight and customizable design. By customizable, Basis primarily means you can change out the strap itself, and lately the company has taken to having certain well-known artists design art for its bands. The Basis calculates steps taken, calories burned and sleep quality, as well as physiological metrics that include heart rate and skin temperature.
These detailed statistics are in turn then transferred via Bluetooth to a substantial online application that presents information in well-designed dashboards. The data is presented in ways that strengthen the underlying Basis mantra to "help users develop healthy habits." The online app allows users to set new health goals and automatically adjust weekly targets based on ongoing changes and progress. The company believes that this is key to users both establishing those healthy habits and perhaps more importantly to maintaining those habits throughout one's lifetime.
The Basis is a sophisticated wearable device and it is worth noting what its primary sensors are and what they measure. These capabilities are shown in the images below.
The new dollars will certainly help Basis get the word out on this dual approach of real physical measurements, data analysis and goal setting. The company fully understands that we are now at an inflection point in wearable tech, and that it is time to work hard to make a land grab, so to speak, in getting the Basis name out to a far larger audience.
Jef Holove, Basis's CEO, underscores this in noting, “We now capture billions of heart beats each week and our users remain more engaged with our system versus other options in the category. With this new support, we’ll be able to continue to build on our strong foundation and offer a great experience for many more people looking to build healthy habits.”
Arvind Sodhani (News - Alert), president of Intel Capital and an Intel executive vice president, echoes this and in noting why Intel Capital has chosen to participate in the new funding: “Wearable computing enables a data-driven approach to managing healthcare and fitness. By collecting heart rate, skin and ambient temperature data along with movement tracking, the Basis multi-sensor band opens up opportunities for data analytics driving deeper insights into health and personal behavior.” We can certainly see "Intel" behind that statement!
Basis is also expanding its product team with hiring Ethan Fassett as vice president of product, a role that will seek to help drive Basis product development toward a much stronger focus on the convergence of contextual data and wearable technology. Building on Basis’ biosensor approach to physiology and behavior change, Ethan and the team will continue to make the Basis system more intelligent through an enhanced understanding of user behavior patterns and intention, sensor-captured information and other data-based insights. Clearly we can see what Intel is also after here.
The Basis Band is currently available for $199. By the way, the Basis multifunction display also does one other thing extraordinarily well - it tells the time!
Edited by Rachel Ramsey
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