- Thalmic Labs announces a $14.5 million in Series A funding round, led by Spark Capital and Intel Capital.
- Other investors include Formation 8, First Round Capital, FundersClub, as well as individual investors like Paul Graham, Garry Tan, Marc Benioff and more.
- Funding will be used to help spur development of the Myo armband, as well as forthcoming Thalmic technologies.
- “We’ve been growing the team pretty steadily over the past six months or so, and we’ll definitely continue to do that as we find the right people. So there’s the team, R&D, and production of the product as the three main areas we’re focusing on with this round.” — Co-founder Stephen Lake.
TechCrunch reports on Thalmic Lab‘s most recent funding round, and plans for the company going forward.
From the article:
…MYO has had little trouble attracting the attention and imagination of tech enthusiasts. So far, it has racked up well over 30,000 pre-orders, which at $149 per unit, represents total potential sales of $4.5 million. The startup secured a $1 million seed round back in 2012, and is both a University of Waterloo VeloCity and Y Combinator alumnus, and Lake says that despite what he’d been told by friends and advisors before seeking out this new funding, finding interested investors willing to take on a hardware portfolio country wasn’t hard.
“We heard from everyone going in that no one will touch hardware, that it’s not sexy, investors want social/local/mobile software and that’s the focus right now,” Lake explained. “But I think that a lot of it is that it’s the right time for it. There have been several before us, higher profile hardware startups that have done very well, through Kickstarter campaigns or pre-order… I think a lot of them saw that as a sort of a proof point that all of a sudden there are successful hardware startups out there.”…
…MYO has kept the launch date vague and pre-orders, while they involve providing credit card information, don’t result in charges until product leaves the warehouse. This allows Thalmic to ensure that the user experience is where it needs to be to provide the all-important first impression necessary to win customers for life, rather than turning them off the concept of novel interaction paradigms altogether.
Head over to TechCrunch for the full scoop.