As a follow up on its US$3 million seed funding round, sports wearable developer TuringSense returned with a pre-Series A funding round earlier this month.
The amount was exactly the same as its previous round of US$3 million; in total, the company has accumulated US$6 million of funding.
The current funding round is led by Ideosource (which had also participated in its seed funding round), with supports from The Core Group and Fenox Venture Capital.
TuringSense Vice President of Product and Marketing Chris Lim told DailySocial that at the moment the company has no plan to debut a new product altogether with the announcement of the funding; it is looking forward to launch a new feature or product this August.
The new funding will be focussed on aggressively expanding market segment for PIVOT, which the company has developed.
The PIVOT product was built upon the sophistication of wearable, internet-of-things (IoT), biomechanic, and deep data analysis technologies. It was based on the invention of the scientists who eventually became the founders of TuringSense. In its early stage, PIVOT was tested on tennis athletes as a device that is able to record and analyse the movements of a tennis player.
Consisting of three major accelerometer, gyroscope, and magnetometer sensors, PIVOT has been fully developed and has forayed into the general sports market. Some of the sports that are already being offered are football and badminton.
The startup has also fostered partnerships with several parties, including Dublin-based Sport Surgery Clinic and Stanford Neuroscience, which resulted in the development of a game-based technology to rehabilitate patients.
The partnership with Sports Surgery Clinic has also led to TuringSense’s new product VU, a smaller wireless biomechanic device to give real-time performance feedback in athletic activities.
According to industry expert, the global wearable market will grow into US$14 billion, supported by the fact that wearable devices play a great role in data reporting and are connected to smartphones.
TuringSense CEO Joe Chamdani described the wearable user base growth rate as similar to GPS users. GPS was able to take off due to its ability to provide an accurate, turn-by-turn guidance. This is the pattern that the startup wants to implement in PIVOT; not only that it is able to provide data, but it is also able to serve as a guidance for customers in exercising.
Another interesting fact about TuringSense is, despite being based in the US, the company’s founders and investors are originating from Indonesia.
Ideosource had fully participated since its early stage funding. In a separate occasion, Ideosource Managing Partner Andi S. Boediman said that the firm believes the great potential of TuringSense’s innovative solutions across different sectors, inlcuding its potential in IoT market.
Boediman also stated that PIVOT is going to be popular in the Asian market, as sports and healthcare solutions are well-developed and popular in the market.
The article Pengembang Sport Wearable TuringSense Kembali Dapatkan Pendanaan dari Ideosource was written by Randi Eka Yonida and first appeared in DailySocial. English translation and editing by e27.
Images Credit: TuringSense