Intel Capital invests in Basis

Basis Science, the most advanced health tracker to improve fitness and sleep announced it has raised a further $11.75 million in Series B funding from Intel Capital, iNovia Capital, Dolby Family Trust, Stanford University and Peninsula-KCG.

Existing investors Mayfield Fund, DCM and Norwest Venture Partners, also participated. This new investment represents the close of the Basis Series B financing, which now totals more than $23 million.

Basis also announced the expansion of its product team with the hire of vice president of Product, Ethan Fassett, a veteran in mobile and platform product strategy. Most recently, Fassett was an entrepreneur in residence at Trinity Ventures.

Previously, he served as senior vice president of product for GREE International, where he led development of its mobile social gaming platform in the US market. Prior to GREE, Ethan was executive producer for the San Francisco studio of the social gaming company Playdom, where he launched two titles and drove studio operations throughout their acquisition by Disney.

In his role, Ethan will leverage his extensive technology experience to drive Basis’ product development, with a focus on the convergence of contextual data and wearable technology. Building on Basis’ biosensor approach to physiology and behavior change, Ethan and the team will continue to make the Basis system more intelligent through an enhanced understanding of user behavior patterns and intention, sensor-captured information and other data-based insights.

“We now capture billions of heart beats each week and our users remain more engaged with our system versus other options in the category,” said Jef Holove, CEO, Basis.

“With this new support, we’ll be able to continue to build on our strong foundation and offer a great experience for many more people looking to build healthy habits,” added Holove.

According to IMS Research, the wearables market is poised to grow from 14 million devices shipped in 2011, to as many as 171 million units shipped by 2016, and given this explosive growth, there is understandably significant interest from investors.

“Wearable computing enables a data-driven approach to managing healthcare and fitness,” said Arvind Sodhani, president of Intel Capital and executive vice president, Intel.

“By collecting heart rate, skin and ambient temperature data along with movement tracking, the Basis multi-sensor band opens up opportunities for data analytics driving deeper insights into health and personal behavior,” added Sodhani.

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