Venture Capital
Comcast Ventures Invests in BodyMedia
Majority investor in the round is first-time participant Comcast Ventures, joined by previous investors Draper Fisher Jurvetson ePlanet, Draper Triangle Ventures, Ascension Health Ventures and InCube Ventures.
BodyMedia develops body sensing technology used to gather and analyze physiological and lifestyle information. Its flagship armband systems continuously track calories burned, physical activity levels and sleep patterns, collecting 5,000 data points per minute. Companion software helps wearers use this information to make decisions that impact health outcomes. BodyMedia armbands, which are available through various retail and online outlets, are recommended by doctors and weight loss professionals, integrated into programs like the Jillian Michaels 360º Weight Loss Navigator and utilized by companies such as Jenny Craig.
"Analysts are forecasting a 47 percent annual growth rate in the wearable sensor market over the next few years, so there is big business potential in this space," said Michael Yang, Managing Director, Comcast Ventures. "BodyMedia has both proven technology and a clear road map for growth. We are excited about its potential to really change people’s lives."
The new funding, which includes $2.7 million reported mid-round, will advance BodyMedia’s business plan to extend its platform to new users and markets such as diabetes management, sleep disorders, and remote elder care and safety. Recent initiatives supporting this road map include collaboration with Avery Dennison Medical Solutions to develop a disposable seven-day body-monitoring patch.
"For more than 13 years, we have developed cutting-edge body-sensing technology used for weight management and select medical applications," said BodyMedia CEO Christine Robins. "The emerging convergence of healthcare, technology and consumerism provides an ideal launching pad for us to build on that heritage by introducing new body monitoring solutions tailored to managing a much broader range of health issues. Both our investors and our new board members recognize the business opportunity and will be instrumental in helping us accelerate our plan to become a major force in mobile health."
Yang joined the BodyMedia board alongside John Miclot, President and CEO of clinical-stage biotechnology company Tengion and former chief executive of sleep and respiratory care medical supply company Respironics (now Philips Respironics), and Linda Hall Keller, who has served in executive positions at UnitedHealth Group and MinuteClinic.
