Auckland spinout StretchSense receives series A funding from Start Today, adding to an earlier investment from investors including the New Zealand Venture Investment Fund.
StretchSense, a wearable sensor spinout of Auckland University, raised an undisclosed amount on Wednesday in a series A round provided by e-commerce company Start Today.
The company previously revealed a seed round of undisclosed size in January 2015, backed by the New Zealand government’s investment firm New Zealand Venture Investment Fund and Flying Kiwi Angels.
Spun out of Auckland Bioengineering Institute’s Biomimetics Lab in 2012, StretchSense manufactures sensors and generators for wearables that are soft and can be stretched. The technology has applications in a range of wearable products, such as sporting and healthcare.
The series A money will be used to upgrade StretchSense’s pilot production, increase domestic research and development capabilities and boost overseas marketing, sales and customer support efforts.
Ben O’Brien, chief executive of StretchSense, said: “We are very excited to be working with StartToday as we enter this new phase of growth. StartToday’s access to the Japanese market as well as deep expertise in fashion, distribution, and e-commerce makes them a perfect strategic investor for StretchSense.”
