San Francisco-based wearable tech company iBeat announced today that it has closed an additional $5.5 million in seed funding, bringing its total round to $10 million.
The backing came from new investors Kairos, 8VC, City Light Capital, Plug and Play Ventures, and ChinaRock Capital Management, as well as a collection of angel investors including Tony Robbins, Josh Kazam, Shlomo Ben-Haim, Dr. Fred St. Goar, and Dr. Uma Valeti.
"Our syndicate of investors is arguably the best in the valley," said Ryan Howard, founder and CEO of iBeat. "We're thrilled to see such high-caliber, top-tier funds care about investing in companies that not only provide financial return, but also have an immense positive social impact on the community and in people's daily lives. These are the funds we care about — ones that enable startups like iBeat to change the world for the better."
iBeat plans to use the funding on preparations for the launch of its Heart Watch to retailers and consumers. Available for preorder and slated for early summer, the wearable has been designed to continuously monitor heart rate, blood flow, and oxygen levels and alert the user or emergency services if an abnormality is detected.
"With over 42 million seniors in the US alone and two-thirds of them at risk for heart disease, there is an abundant need for technology like iBeat," Ankur Jain, founder of Kairos, said in a statement. "iBeat will disrupt boomer tech as we know it. Their solution is the first of its kind to make 24-7 emergency support accessible to millions of families, giving loved ones the peace of mind they deserve.”
Prior to today’s announcement iBeat’s most recent funding, an additional $3 million, was announced last summer. That investment was slated for clinical testing of the Heart Watch, new hires, and other marketing and manufacturing operations.
"iBeat is serving a huge market opportunity in the broader wearables landscape," Jake Medwell, founding partner at 8VC, said in a recent statement. "The company’s heart monitoring smartwatch is truly unique for delivering lifesaving aid in critical moments of need. We're thrilled to support the iBeat team and to be on the ground floor of what we believe has the potential to truly save lives."