Thalmic Labs has raised $14.5 million, the largest Series A round raised by any startup after going through Silicon Valley's Y Combinator program.
Thalmic Labs, which was raised in the VeloCity Garage at the Communitech Hub in Waterloo, is the maker of MYO, a wearable gesture control device.
The funding round was led by Spark Capital and Intel Capital.
“The funding will be used to fuel continued growth, further product development of MYO, and develop future products and technologies,” says Stephen Lake, CEO and cofounder of Thalmic. “This new investment will help us realize our vision of a new era of computing, where the lines between humans and digital technology become increasingly blurred.”
"We are at the beginning of a revolution in how we interface with computers, and the team at Thalmic Labs has made some truly disruptive breakthroughs,” noted Nabeel Hyatt of Spark Capital, who will be joining the Thalmic Labs board of directors with this financing. “We're excited not just for what they are building, but to see the new ecosystem of wearable computing that they are going to help push forward."
“User interfaces continue to evolve and make digital computing devices more invaluable in our day-to-day lives,” says Arvind Sodhani, president of Intel Capital and Intel executive vice president. “Thalmic Labs, with its new innovation in gesture and wearable technology, is making possible entirely new capabilities and consumer experiences on ultrabooks and tablets.”
Additional participants in the financing round include venture capital firms Formation 8, First Round Capital and FundersClub, along with the following individual investors including Paul Graham and Marc Benioff.