Lemonade Lab raises $5.8M for fitness-tracking device, app system

By Aditi Pai
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Lemonade LabBoston-based fitness tracking company Lemonade Lab has raised $5.8 million in a round led by FIH Mobile, a subsidiary of Foxconn Technology Group. This brings the company's total funding to at least $10.3 million.

The investment from Foxconn is strategic -- Foxconn will handle manufacturing for Lemonade Lab's forthcoming health-tracking device.

Lemonade Lab has created a fitness tracking system designed to help athletes elevate their performance and reduce the likelihood of getting injured. The system consists of a health-tracking device and an app, called Lemonade Fit, that sync to a cloud-based program. The app offers users coaching feedback based on their performance.

While Lemonade Fit is currently available on iOS and Android smartphones, the company does not offer much insight into the form factor of the health-tracking device except that it will be worn on the wrist or attached to a bike. Users can also create push notifications in the app that help them keep track of goals they want to reach during a workout.

The company is initially focusing on competitive cyclists and runners. The app will track time, distance, speed, route, and pace for runners as well as altitude, gradient, and lap time for cyclists.

“To ensure that our products and services cater to the needs of the top athletes, we work closely with coaches and athletes who are actively competing at the top levels," Lemonade Lab CEO Kunihiko Kaji said in a statement. "We analyze this vast amount of data that we collect from these elite athletes to develop our coaching feedback system."

Lemonade Lab plans on releasing its products in the US, Japan, France, and Taiwan later this year.