RALEIGH, N.C., Jan. 27, 2020 /PRNewswire-PRWeb/ -- Valencell, the leading innovator in wearable biometric sensor technology, today announced it has secured financing from strategic investors led by Halma plc, a FTSE 100 global group of life-saving technology companies, with additional participation from existing investors Sonion, TDF Ventures, GII LLC, and WSJ Joshua Fund. A representative from Halma will join the Valencell board of directors. Valencell plans to use the funds to accelerate investments in its biometric sensor systems, blood pressure technology, and sales growth.
In addition, Valencell announced the signing of a collaboration agreement with Halma plc portfolio company SunTech Medical Inc. Valencell and SunTech are cooperating on clinical-grade blood pressure solutions augmented with PPG sensor technology.
"Valencell has established a strong position in the convergence of consumer wearables and health & medical devices with advanced sensor technology to measure everything from heart rate to blood pressure," said Kent Novak, CEO, Valencell. "With Halma leading the investment round, Valencell adds a new strategic partner with a large footprint in the health and medical sector, where Valencell is seeing great traction and opportunity. We look forward to working with our new and existing partners to expand Valencell core technology in the market."
Valencell continues to see global demand for highly accurate biometric sensor technology with significant growth in hearables, hearing aids and other wearable devices. At CES 2020, Valencell recently launched the world's first calibration-free blood pressure sensor system for hearables and wearables. Valencell's technology has now been integrated into more than 50 different wearables and hearables that have come to market around the world. Valencell also has the most-cited patent portfolio in wearable PPG, which includes over 85 granted patents and more than 100 additional patents pending.
The market for wearable biometric sensors continues to rapidly expand largely driven by ear-based hearables. IDC recently said, "Hearables are the new wearables" and expects more than 273 million hearables to ship by 2023, showing 41.3% CAGR from 2019-2023. The wearables market as a whole is expected to ship nearly 500 million units by 2023.
Valencell transforms the science of wearable biometrics to enable impactful health outcomes. Through innovative R&D and validated technologies, we develop breakthroughs and collaborate with wearables, hearables, and medical device companies around the world to deliver amazing results. Protected by more than 85 granted patents and more than 100 patents pending, Valencell's technology can be used in wearables and hearables for virtually anyone, anywhere, doing anything. Valencell's biometric sensor systems are currently integrated into more wearable devices than any other technology provider in the world.
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