Nextiles, a New York-based maker of smart fabric technology for athletes, raised $5M in Seed funding.
The round was led by Drive by DraftKings, with participation from the NBA, Madison Square Garden Sports Corp., Alumni Ventures, SmartSports, Phoenix Capital Ventures, Newlab and Hilary Knight.
The company intends to use the funds to accelerate its patented fabric-based sensor platform.
Led by CEO Dr. George Sun, Nextiles is a materials science company merging flexible electronics with soft goods to create a data analytics platform that measures human performance. The company combines patented, fabric-based sewing technology with data insights to quantify raw forces, range of motion, micromovements, and more.
Nextiles is in the market with baseball and tennis today, and participates in the NBA’s inaugural NBA Launchpad initiative. Later this summer, the company will launch its Nextiles Sleeve platform in the tennis market and in collegiate baseball. Nextiles will also launch its suite of ground force products in early fall for select customers.
This round brings total funding to over $6M, building on top of the company’s recent government grants. In late 2021, the company was awarded two Small Business Innovation Research (SBIR) grants from the National Science Foundation and Air Force, both focusing on biometric research.
FinSMEs
08/06/2022