Basis Science has raised $11.75 million in a Series B funding round.
The Vancouver-born wearable technology company raised the money from Intel Capital, iNovia Capital, Dolby Family Fund, Stanford University, Peninsula-KCG, Mayfield Fund, DCM, and Norwest Venture Partners.
Basis, which makes health trackers to improve fitness and sleep, has now raised a total of more than $23 million and is now based in San Francisco.
“We now capture billions of heart beats each week and our users remain more engaged with our system versus other options in the category,” says Jef Holove, the CEO of Basis. “With this new support, we’ll be able to continue to build on our strong foundation and offer a great experience for many more people looking to build healthy habits.”
According to IMS Research, the wearables market is poised to grow from 14 million devices shipped in 2011, to as many as 171 million units shipped by 2016.
“Wearable computing enables a data-driven approach to managing healthcare and fitness,” said Arvind Sodhani, President of Intel Capital and Intel Executive Vice President. “By collecting heart rate, skin and ambient temperature data along with movement tracking, the Basis multi-sensor band opens up opportunities for data analytics driving deeper insights into health and personal behavior.”
Basis also announced the hiring of Ethan Fasset as vice president of product. Most recently, Fassett was an entrepreneur in residence at Trinity Ventures. In his role, Fassett will drive Basis’ product development, with a focus on the convergence of contextual data and wearable technology.