SAN FRANCISCO, CA--(Marketwired - August 02, 2016) - iBeat, makers of the heart-monitoring smartwatch that empowers people to live longer lives, today announced it has closed approximately $1.5 million in oversubscribed seed funding. The round was led by Maveron, Subtraction Capital, and Correlation Ventures. Other investors include super-angels Ali and Hadi Partovi, NFL offensive tackle Russell Okung, KKR founding partner Henry Kravis, Band of Angels, and award-winning industrial design firm Ammunition.
The funding will be used to recruit high-profile talent, expand the company's infrastructure and operations, and commercializing iBeat's first product -- a life-saving, heart-monitoring smartwatch.
"iBeat has the combination of a proven entrepreneur coupled with a massive consumer market that is primed for change," said David Wu, general partner at Maveron. "We're incredibly excited about how their product can affect the lives of millions of people, and the potential to disrupt the multi-billion dollar PERS industry."
"Ryan and the team he recruited from Practice Fusion had immense success building the largest patient physician platform in the U.S.," said Ian Sobieski, chairman of the Band of Angels, a pioneering angel investment club and seed backers of Ryan's former company, Practice Fusion. "iBeat is the kind of company we want to be part of -- a visionary team bringing fresh ideas to an evolving technology that promises to save lives."
"The interest we've had in iBeat has been remarkable," said Ryan Howard, founder and CEO of iBeat. "We were oversubscribed for our seed funding and are thrilled to see such high caliber investors who also recognize the potential of this product. Cardiac arrest is the leading cause of death in the U.S., and nine out of ten people who have a cardiac arrest incident without intervention die. Our vision is to lower this number by bringing to market a beautiful and sleek smartwatch that will quicken the delivery of care and help save lives."
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Located in the heart of San Francisco, iBeat is a technology company empowering people to live longer lives. The company is currently building a breakthrough smartwatch that perpetually monitors and analyzes users' 24-7 heart activity. In the case of a life-threatening emergency, iBeat will instantly alert the user, their loved ones, and emergency responders in real-time, helping ensure immediate care delivery and potentially saving the user's life.