Valencell, a Raleigh, North Carolina-based developer of mobile health and fitness technology, has raised $5.5m in Series B venture funding.
The round was led by Best Buy Capital, the investment group of Best Buy Co., Inc., with participation from existing investors TDF and True Ventures.
The company intends to use the funds to expand its team, increase the number of licensing deals with strategic partners, and accelerate the product pipeline to include additional physiological monitoring capabilities.
Led by CEO and cofounder Dr. Steven LeBoeuf, Valencell created Healthset® powered earbuds, a technology designed to give audio headsets the ability to monitor the health and fitness of the user.
Healthset sensor technology tracks real-time physiological metrics including heart rate, calories burned, steps taken, distance traveled, speed and more, while the consumer goes about daily life activities. Data is streamed to smartphones (including iPhone and Android phones) and or mp3-players.