Emerging Developer of Sports Devices Receives $5.8 Million Funding From Foxconn, Private Investors
August 3, 2015
Boston- Lemonade Lab, an emerging developer of sports devices and services, today announced a $5.8-million funding round led by FIH Mobile Ltd. with private individuals joining as existing investors. The company had earlier secured $4.5 million in funding through 2014.
"FIH's financial investment and superior manufacturing empowers Lemonade Lab's mission to help competitors reach their athletic potential and fulfill healthier and happier lifestyles," said Kunihiko Kaji, co-founder and CEO of Lemonade Lab. "With FIH as a strategic partner, we can rely on its world-leading manufacturing platform to bring to market a truly innovative product utilizing cutting-edge technologies."
Lemonade Lab develops sports devices for athletes that use smart sensors, advanced analytics and a cloud-based service to provide data-driven coaching feedback based on latest sports science. With Lemonade Lab's sensor technology, an athlete can monitor his performance, movement and form on a display worn on the wrist or attached to a handle bar on a bicycle. The device also incorporates advanced analytics to summarize the data and provide coaching feedback while training.
"We are excited to work with Mr. Kaji and the Lemonade team, and we continue to strive to help consumers and OEM partners to enhance their experiences and product offerings pertaining to innovative services," said Calvin Chih, CEO of FIH Mobile Ltd.
Initially, according to Mr. Kaji, the sports device and its accompanying web service will support top athletes competing in cycling and running. Ultimately, the company hopes to empower all athletes across the globe with data and coaching advice available at the tips of their fingers.
"To ensure that our products and services cater to the needs of the top athletes, we work closely with coaches and athletes who are actively competing at the top levels. We analyze this vast amount of data that we collect from these elite athletes to develop our coaching feedback system," said Mr. Kaji.
Lemonade lab is based in Boston, Mass., with a satellite office in Tokyo, Japan, where the company conducts research and development work. Foxconn will manage manufacturing.
Lemonade Lab plans on releasing the products in US, Japan, France and Taiwan later this year.
About Lemonade Lab
Lemonade Lab, founded by Kunihiko Kaji and Taizo Son, is a developer of innovative sports devices that use smart sensors, advanced analytics and a cloud based service to provide data-driven coaching feedback based on the latest sports science to help athletes elevate their performance and reduce the likelihood of getting injured. Lemonade Lab's corporate mission is to help people reach their athletic potential and fulfill healthier and happier lifestyles. Founded in 2012, Lemonade Lab is headquartered in Boston Massachusetts with a satellite office in Japan. For more information, please visit: https://www.leomo.io
About FIH Mobile Ltd.
FIH Mobile Ltd., a member of Foxconn Technology Group, is a vertically integrated manufacturing service provider for the mobile device industry worldwide. It provides a wide range of manufacturing services to its customers in connection with the production of mobile devices. For more information, please visit: http://www.fihmb.com
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