SAN FRANCISCO – iBeat, a startup developing a smart watch that monitors your heart rate, has closed another $5.5 million in seed funding, bringing the total round to $10 million.
The company added new investors Kairos, 8VC, City Light Capital, Plug and Play Ventures, ChinaRock Capital Management, as well as angel investors Tony Robbins, Josh Kazam, Shlomo Ben-Haim, Dr. Fred St. Goar, and Dr. Uma Valeti. iBeat plans to use the new capital to prepare for its upcoming retail and consumer launch of its smartwatch early this summer.
“With over 42 million seniors in the U.S. alone and two-thirds of them at risk for heart disease, there is an abundant need for technology like iBeat,” said Ankur Jain, founder of Kairos, a fund focused on investing in companies that solve real-world issues facing the middle class in America and abroad. “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.”
iBeat has spent the past two years building and validating its sensor-packed ‘Heart Watch’ – an everyday watch that continually monitors a user’s heart rate, blood flow and oxygen levels. By looking for unsafe changes or activity that could signal a life-threatening cardiac emergency, such as the heart abruptly slowing or stopping, iBeat will alert the user, their loved ones, and emergency responders in their vicinity, in real-time. With iBeat’s sensors tracking multiple biometrics beyond heart rate, it can achieve a high level of accuracy in detecting incidents requiring immediate medical aid and route lifesaving aid to the user’s exact location.
The company is currently taking pre-orders for its lifesaving Heart Watch and will begin shipping in early summer.
“iBeat is serving a huge market opportunity in the broader wearables landscape,” says Jake Medwell, founding partner at 8VC. “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.”
“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.”