CHARLOTTE – SportIQ Holding Corp has raised nearly $3 million in new funding from 16 investors, according to an SEC filing. And a company representative told WRAL TechWire that the purpose of the funding is to finish its research and development for the next generation of its smart basketball.
The company was founded in Finland and held its first U.S. address in Charlotte, where the startup does maintain operations, according to a spokesperson for the company contacted by WRAL TechWire.
In total, the company disclosed it had raised total of $2,964,516 in equity funding from 16 investors. According to the filing, a new notice, all the investment began and closed on Wednesday. The spokesperson contacted by WRAL TechWire said there were investors who participated in the funding who are based in North Carolina.
The filing is signed by Erik Anderson, the CEO of the company, which operates as SIQ Basketball, according to Anderson’s LinkedIn profile.
W-S sports tech startup spins out $1.4M fundraise, more coming
Meet the SIQ basketball, a smart ball
SportIQ and SIQ Basketball provide a smart basketball that can measure 192 different analytics that can be monitored and analyzed on the company’s mobile application, according to its website.
About a year ago, the company released a “how-to” video, including posting that video to LinkedIn.
The video features professional basketball players Kayla McBride, who plays for the Minnesota Lynx in the WNBA, and Duncan Robinson, who plays for the Miami Heat in the NBA.
“Going into the gym, working on little things and seeing how my misses looked like, the app helped me see the mechanics behind the shots I made that didn’t look so good and made instant adjustments,” reads a statement from McBride that appears on the company’s website.
According to the company’s website, their basketball was also the official ball for the inaugural season of Overtime Elite, an organization that provides pathways for athletes to join professional basketball leagues.
SIQ sells the basketball for about €100, and a membership to the application service, starting at about €6 per month.
The Winston-Salem-based firm F5 Sports, which offers PitchLogic, a smart baseball and corresponding mobile application, raised $1.4 million earlier this year.
