SOURCE: Lumo BodyTech

Lumo Bodytech

November 03, 2015 06:00 ET

Lumo Bodytech Closes $10 Million in New Financing to Launch the Industry's First Wearables Platform for Measuring Biomechanics

Investment to Expand Lumo's Wearables Technology Platform to Apparel, Fitness, Health, and Workplace Safety Partners

PALO ALTO, CA--(Marketwired - November 03, 2015) - Lumo Bodytech, the makers of the Lumo Lift posture coach and Lumo Run smart shorts, announced today that is has raised $10 million in Series B funding to launch the first wearables biomechanics platform. The Lumo Bodytech Biomechanics Wearables platform is a combination of hardware, software, and data that will enable companies to integrate human body movements into the next generation of wearables technology. The Lumo Platform will be available to partners in the apparel, fitness, health, and workplace safety industries who seek to incorporate 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 announcement of Lumo's new financing and the release of its platform come on the heels of the successful launch of the Lumo Run smart shorts and the ongoing commercial success of its Lumo Lift posture sensors used by consumers and corporate wellness programs. The successful development of its previous products has helped Lumo Bodytech to develop significant technology and design innovations in the areas of connected hardware, software, advanced algorithms, and biomechanical applications.

Ge Li, CEO of WuXi AppTec states, "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."

WuXi Healthcare Ventures led the most recent round of financing with previous investors Madrona Venture Group, Innovation Endeavors, AME Cloud Ventures, and Innovalue Capital Ltd. MAS Holdings, and SanDisk founder Eli Harari also join as strategic partners and new investors.

William Updyke, DC chiropractor at the Cisco LifeConnections Health Center states, "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."

Lumo launched Lumo Lift in 2014 to great success, and since then Lumo Bodytech has collected the largest database of posture information in the world. Lumo has previously raised more than $6M in equity financing and more than $2M in crowdfunding.

About Lumo

Lumo Bodytech has developed a technology platform that leverages algorithms, software and smart sensors to optimize performance and address human biomechanics through the real-time tracking of body movement. Lumo's products empower you to be the best version of yourself. Current Lumo Bodytech products include the Lumo Lift and Lumo Back posture coaches and activity trackers, as well as the Lumo Run smart running shorts. Lumo Bodytech is privately-held and headquartered in Palo Alto, CA. Information on Lumo Bodytech and their products is available at www.lumobodytech.com. To learn more about the Lumo Bodytech technology platform visit www.lumobodytech.com/platform.

About WuXi Healthcare Ventures and WuXi AppTec

WuXi Healthcare Ventures is a $250M independent venture capital firm affiliated with WuXi AppTec, which helps over 3000 leading life science companies to develop some of the most transformative therapies for the world. WuXi Healthcare Ventures invests globally in health companies and leverages the expertise and capabilities of WuXi AppTec to provide portfolio companies with resources needed to build, grow, and scale world-class companies.

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