Valencell has secured more than $7 million in Series C financing, the Raleigh-based firm announced on Monday. The startup which burst on the scene at the Consumer Electronics Show in 2012 also has named a new chief executive officer.
WSJ Joshua Fund is a new investor to the latest round, which also includes TDF Ventures, True Ventures and Best Buy Capital.
Since being founded in 2006, the Company has raised more than $13 million in venture funding, including a Series B investment led by Best Buy Capital, with participation from Series A investors TDF and True Ventures.
The Company has also secured more than $3 million in grants.
Valencell will use the investment to support its PerformTek-powered biometric sensors, which measure real-time heart rate and activity continuously on anyone, doing anything. PerformTek sensors are available in multiple form factors, making them available for all parts of the body, including the ears.
Michael Dering was tapped by Valencell as the new CEO.
“I am excited to welcome Michael to the Valencell leadership team. He is an experienced and proven leader who will help us identify strategic growth and partnership opportunities and guide the Company to new levels of success,” said Dr. Steven LeBoeuf, president of Valencell. He retains that role. “His leadership will allow me, and other members of the team, to focus on ongoing product and technology development and customer support, which is critical for our long-term growth and market leadership.”
Dering has experience with both public and private equity-backed companies, and most recently served as the President and CEO of ServiceBench, Inc. Prior to ServiceBench, Dering served as president and CEO of CrossAccess Corporation and two Bell & Howell companies.
“In the past 12 months, there has been a true explosion in ‘wearable technology’, as the size, cost and convenience of the technology has aligned,” said Dering.
According to Juniper Research, the wearable technology market is set to expand rapidly in the next several years, forecasting that worldwide spending on wearable technology will hit $1.4 billion this year and $19 billion by 2018.
