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| Valencell's BioPack--Courtesy of Valencell |
Biometric sensor company Valencell has raised an $11 million Series D financing. It's slated to help the Raleigh, NC-based startup continue to expand its sales of biometric sensors for integration in wearable and hearable devices. This brings its total funds raised up to $24.5 million.
The company licenses its biometric sensor tech for customers to use to create wearable devices. It recently introduced a turn-key system, dubbed BioPack, which allows immediate integration into wearable devices. This financing is expected to help meet early demand for BioPack--which the company said is "immense."
The financing was led by United Arab Emirates-based financial services company GII, with participation from existing investors TDF Ventures and WSJ Joshua Fund.
"Biometric sensors are becoming 'must-have' features in wearable and hearable devices of all kinds, and the market demand for these devices is skyrocketing," said GII CEO Pankaj Gupta in a statement. "Valencell has solved many of the most difficult technical challenges in biometric sensors and their continued innovation has established a proven track record of bringing the next generation of biometric innovations to market.
He added, "This round of funding will help the Valencell team accelerate R&D and growth initiatives to take advantage of this rapidly expanding market."
The company has more than 25 licensees globally, which it said are making some of the most innovative marketed wearables and hearables.
"The market is now recognizing the value of accuracy in biometric wearables that Valencell provides, and the funding led by GII Tech will enable us to fuel our growth with additional investments in R&D, business development and go-to-market resources," said Valencell CEO Michael Dering. "This funding is a huge vote of confidence for Valencell's team, technology and business model that is enabling highly accurate biometrics in wearables of all kinds."
- here is the announcement