Wearable tech isn’t going away. Despite market turmoil in 2022, the industry successfully secured hundreds of millions of dollars in funding deals.
Consumers and businesses want improved lifestyles and services from wearable technology tracking health, fitness, sleep patterns, and more.
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When Google acquired fitness technology company Fitbit for $2.1bn in 2019, it highlighted the promise Big Tech firms saw in the wearable technology industry.
Wearable tech adoption has grown steadily since then, Forbes Expert Panel recently reported. It is no longer just about fitness trackers, but includes everything from handsets to clothing, with some experts predicting that wearables could some day surpass smartphones.
By looking at data from GlobalData’s Technology Intelligence Center, we identified the 10 biggest wearable technology funding deals in 2022 to better understand the growth of the industry.
Enable Injections Bags $215m in Series C financing
Enable Injections raised the most biggest wearable technology deal in January 2022. The startup is a Cincinnati-based wearable drug delivery solution.
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By GlobalDataenFuse serves as an on-body delivery system for patients and healthcare providers. The technology has various delivery options, including volumes, delivery times, and sites for administration.
Magnetar Capital led the round. Seven other investors also backed the raise.
“Enable Injections has seen a dramatic increase in demand for enFuse’s high-volume drug delivery technology,” Mike Hooven, President and CEO of Enable Injections, said in a statement.
“The funding from Magnetar will help enFuse continue to redefine intravenous drug delivery by meaningfully scaling our development and commercialisation efforts.”
SiFive secures $175m in 2022 deal
SiFive is a California-based hardware company for next-generation wearables and smart consumer devices. In March 2022, SiFive raised $175m through Coatue Management, a global technology investment firm. The cash injection pushed its valuation past the $2.5bn mark.
SiFive uses a fifth generation of reduced instruction set computer architecture to support the manufacturing of hardware problems. Wearable technology is one of many performance target markets for the company.
KINEXON secures $130m in first significant round of venture funding
KINEXON bagged $130m in a funding round in April 2022. Thomas H. Lee Partners (THL) led the round with contributions from BMW I Ventures and Telekom Innovation Pool.
“We are excited to support co-founders Oliver Trinchera and Alexander Hüttenbrink in scaling KINEXON and believe they have the vision and track record to define the future of automation technology in industry and sports.” Michael Kaczmarek, managing director at THL.
Munich-based real-time data processing and analytics company KINEXON produces wearable sensor to track professional athletes and entertainment artists. KINEXON provides wearable technology for a variety of sports.
One in every three football teams in the Bundesliga, Germany’s first division, uses KINEXON. With 75% of all NBA teams using player tags, the company is an industry leader in wearable athletic performance technology.
Apprentice FS secures $100m in Series C funding
In January 2022, Apprentice raised a $100m Series C funding, pushing its total funding to date to $142m. Alkeon Capital Management led the raise. Silverton Partners, Insight Partners, Pacific Western Bank, and Colorcon Ventures also participated in the cash injection.
Apprentice is a US-based therapeutic innovations company that created a wearable headset called Tandem. It markets Tandem as a virtual collaboration solution to connect remote colleagues to the facility floor and manufacturing suite.
The company has helped connect and power teams in real-time with Tandem, allowing people to collaborate hands-free in-suite with someone out of the suite. Tandem harnesses the power of augmented reality to navigate through complex situations, at least according to Apprentice.
Startup RapidSOS secures $75m
The intelligent safety platform RapidSOS received $75m in a capital raise in October, raising the total capital secured to date to $250m. RapidSOS raised funding from investors such as Night Dragon, an investor of high-growth cybersecurity, safety, security and privacy companies.
The company aims to assist in emergencies and public safety by using software that allows people to turn their wearable technology hardware into personal safety lifelines. Built-in partnership with tens of thousands of first responders over the past decade, US-based RapidSOS securely links data to emergency services.
The funding came on the back of RapidSOS having supported the greatest volume of emergencies in its decade-long history, with ageing populations, increasing crime, severe weather, and the ongoing implications of the global pandemic.
GOQii raises $50m in Series C funding
In February, GOQii raised $50m in a Series C funding round . The India-based fitness technology company offers a wearable fitness band and mobile app as a personalised remote health coach. Following the deal, the company value has since risen to $120.8m.
Sumeru Ventures, Modality, and other backers supported the raise. GOOjj will use the money to power its expansion across insurance, digital therapeutics, and international markets.
Koneska secures $45m
In February 2022, the patient-centric digital biomarker company Koneska raised $45m in a Series C funding round. AyurMaya led the raise. It was joined by Takeda Ventures, Velocity Capital and existing investors.
Koneska has developed an end-to-end clinical data solution. It uses data collected through digital devices – such as mobile and wearable biometric devices – to support drug development. Koneska’s value has risen to $65m in gross proceeds in private financing.
Playermaker bags $40m
The Israeli-based shoe-tracking football startup Playermaker secured a $40m investment in June, 2022. Playmaker uses a wearable sensor with a six-axis motion smart sensor, built with a gyroscope and accelerometer, to help users improve their football performance.
Over 160 elite clubs have used the technology to provide another view of the player’s performance, according to Playermaker. Ventura Capital Group led the raise. Other backers participating in the round included MIG Capital and Pegasus Tech Ventures.
Playmaker has raised a total of $50m since being founded in 2016. With the funding, the startup planned on expanding to other sports shoes.
Sibel Health raises $33m in Series B raise
Sibel Health secured $33m in August 200. John Rogers Research Group and the Querrey Simpson Institute for Bioelectronics at Northwestern University invested in the company.
Sibel Health’s total funding to date was $50m following the raise.
Sibel Health provides a variety of wearable technology, which gathers data on people in vulnerable health in its real-time Anne View App. This enables the startup to monitor patients’ health remotely, allowing patients to be treated from the comfort of their homes. Sibel Health also provide technology for Clinical trials and research.
Arduino secures $32m in venture capital deal
The Italian-based hardware and software company serves as a supplier of parts required for wearable applications. The design of the LillyPad Arduino family of boards is for wearable applications. In June, the startup raised $32m through Arm Technology Investments Limited. Renesas Electronic Corp, Robert Bosch Venture Capital and Anzu Partners supported the Series B funding.
The company has a community of developers on its website where people can share their technology creations using Arduino’s hardware. In the wearable technology space, the community has shared tutorials on their designs using Arduino technology, from social distancing reminding technology to their own Arduino Apple Watch.
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