Austin startup Atlas Wearables raises cash for growth

Oct 15, 2014
Austin American Statesman

Austin startup Atlas Wearables has raised $1.1 million of a planned $1.5 million round of funding to launch its wearable exercise monitoring device

The company, founded in 2013, has developed a wrist gadget that tracks indoor and outdoor training and sells for $199

It uses an exercise motion database and algorithms to track and analyze the user’s exercises and activities

Co-founder and CEO Peter Li said Atlas Wearables sold out of its first order of 5,000 devices, which will begin shipping this winter. The company is now taking orders for the second batch, which will ship in early spring

The lead investor in the deal was Houston-based JRG Capital Partners. In March, Atlas Wearables generated $629,000 in pre-sale revenue. It then raised another $1,100,000 through Crowdfunder, Fundable and angel investors

Atlas is competing with a growing number of companies that sell wearable devices that track exercise and let users monitor their results using mobile apps and the Web

What sets Atlas Wearables apart, Li said, is its ability to identify the exercises and workout routines a user is performing with no effort required from the user

Users can track their progress using free mobile and Web apps

Li, who holds bachelor’s and master’s degrees in biomedical engineering from Johns Hopkins University, and co-founder Mike Kasparian has a background in electrical and computer engineering with degrees from Boston University

The company initially had employees in Baltimore, Boston and New York. The team moved to Austin after being chosen to participate in the TechStars business accelerator program in August 2013

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