Austin-based LVL Technologies, a company also known as BSX Athletics that makes wearable devices that measure hydration, has received a $6.75 million round of funding - its most significant to date - led by Samsung Electronics, the company said Thursday.
The funding round was led by Samsung’s Catalyst Fund, which supports automotive, robotics, digital health, Internet of Things, artificial intelligence and cloud infrastructure products. Funds also came from Maxim Integrated Products, Inc., which makes analog and mixed-signal integrated circuits, and other wearable technology companies.
The company plans to use the funding to continue development of its hardware and to begin commercializing the product, CEO Dustin Freckleton said.
“We have game-changing technologies that measure the fundamental parts of our body,” he said. “When it comes to expertise in digital health, Samsung really is an unparalleled opportunity and partner we’re excited to work with. It became a no-brainer for us.”
LVL Technologies was founded in 2012 and released its first product in 2014. The company says its products, which include digital watches that focus on measuring the body’s hydration level, have been worn by Olympic athletes and are a non-invasive way to measure hydration.
The company has also made products that include calf sleeves that use LED Lights to measure various fitness levels and vital signs. Its staff of 15 plans to begin shipping its watch product next year on a mass scale, Freckleton said. He said he chose Austin for his company’s headquarters because of the city’s fitness-friendly culture and reputation for cultivating startups.
“At Samsung, we’ve long believed that wearables will help usher in the next wave of innovation in digital health,” Shankar Chandran, managing director and head of the Samsung Catalyst Fund, said in a written statement. “By measuring important data on hydration - which has eluded the industry for years - LVL Technologies has demonstrated the vast potential of wearables technology, and the impact it can have on consumers’ lives.”
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