Lively raises another USD4.8 million in Series A funding, simplifies market strategy
Although it had only raised USD15,177 of its USD100,000 initial fundraising effort via crowdfunding platform Kickstarter, Lively Inc had generated enough interest to have more investors pledge significant investments.
The San Francisco-based sensor maker recently closed its Series A seed funding round with USD4.8 million in investment commitments. The funding round was led by Cambia Health Solutions. The funding round also saw the participation of Maveron, its seed investor. The hardware startup's total funding is now at USD7.3 million.
Lively would be developing a sensor system designed to monitor the elderly. Company co-founder David Glickman has been thankful to their early funding flop on crowdfunding platform Kickstarter. "Kickstarter helped us understand the type of communication that we need for our audience," he said. The company, who had over-explained itself at the very beginning, has since then simplified everything, down to its corporate message in order to not confuse its target market.
Glickman added that Lively is currently in discussions with a number of potential internation distributors about licensing and store placement.