Lumo Raises $10 Million Series B To Launch Its Full Stack Wearables Platform

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Lumo Bodytech, a Palo Alto-based digital health startup that markets a series of wearable trackers, has just closed a $10 million Series B funding round led by new investor WuXi Healthcare Ventures, and with support from returning investors AME Cloud Ventures, Innovalue Capital, Innovation Endeavors, Madrona Venture Group, and MAS Holdings. Eli Harari, founder of SanDisk, also joined the round as an angel investor. The new funding brings Lumo’s total raised to $17 million since it launched in 2011. Outside of equity investments, Lumo has also done notably well in the crowdfunding space. In a 2012 campaign on Kickstarter, Lumo raised $200,000 for a posture improvement sensor and app, doubling its initial funding goal of $100,000. In 2014, Lumo launched a self-hosted crowdfunding campaign to raise funds for its next-generation posture sensor, the Lumo Lift. The team set a goal of $200,000, which it passed in just four days on its way to raising north of $500,000. In total, Lumo has raised $2 million through equity-free crowdfunding campaigns.

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Last month, Lumo added its third product to its portfolio, Lumo Run, a sensor-laden pair of running shorts that incorporates its posture sensor technology into a new form factor designed to track and improve running form. Lumo says the shorts are washing machine safe and have an expected battery life of one month. An array of sensors embedded in the waistband tracks cadence, ground contact time, bounce, stride length, pelvic rotation, and changes in speed. Each data point is synced with a running coach smartphone app that provides real-time audio feedback to help correct a user’s form during the run. The app also provides an after-workout graph pinpointing a runner’s variance from the ideal form. The shorts will not ship until 2016, but the company is now taking discounted pre-orders.

Now, just on the heels of its new product launch, Lumo has introduced the Lumo Wearables Platform. The platform is a B2B venture in which Lumo is licensing its hardware, sensors, software and algorithms, and an API to third-party companies. Lumo says the offering provides businesses with a plug-and-play technology stack to enter the wearables market with their own smart apparel or fitness trackers. 


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