Wearable tech firm Lemonade Lab raises $5.8M from Foxconn

Lemonade Lab

Fitness wearable company Lemonade Lab has raised $5.8 million from Foxconn, bringing the total funding to date to $10.3 million. The Boston and Tokyo-based startup develops sensors for professional cyclists and runners, as well as a cloud-based platform that analyses data from its sensors to give wearers performance feedback while they are training.

Lemonade’s current sensors are designed to be worn on wrist or attached to bicycle handlebars. The startup will form a strategic partnership with FIH Mobile, which provides manufacturing services for mobile device makers.

“Lemonade Lab will use FIH Mobile’s manufacturing platform to brings its devices to market, which will launch in the U.S., Japan, France, and Taiwan later this year,” said Kunihiko Kaji, Co-Founder and CEO.

Because it targets professional athletes rather than the mass market, Lemonade uses more expensive technology and is expecting to sell its devices for anywhere between $500 and $800. Chances are slim we will be seeing their products in local Best Buy stores…

[Via: TechCrunch]