Auckland firm receives funds from Intel Capital
- 26 June, 2014 08:01
Kiwi firm Performance Lab, a developer and marketer of exercise measurement analysis and virtual coaching software, has received an infusion of funds from Intel Capital, the global investment and M&A organisation of Intel Corporation.
According to the firms, the funds, the amount of which was not disclosed, will be used by Performance Lab to advance product development and to accelerate international expansion.
“The sports, fitness, health and wellness sectors are fuelling strong global demand for smart gadgets,” said Sudheer Kuppam, Asia Pacific MD for Intel Capital. “Performance Lab’s suite of products provides enduring value to the smart gadgets that customers are incorporating into their health and fitness regimen.”
Auckland-based Performance Lab's ARDA product suite provides intelligence for exercise and activity applications. The technology works across most fitness and wellness devices and provides automated coaching to optimise a user’s performance based on detection of the user’s changing physiology, history, behaviour and goals.
The information is then turned into advice for consumers to be delivered across mobile devices, such as smartphones and tablets.
“We are looking forward to working with Intel,” said Waynne Dartnall, CEO at Performance Lab. “The combination of funding, together with technology, sales and marketing expertise, will help Performance Lab take our advanced coaching software to a global level.”
The investment was led by Deepak Natarajan, director for Southeast Asia, Australia and New Zealand at Intel Capital, who will join Performance Lab’s board as an observer.
Intel Capital has invested over US$100 million in more than 20 technology companies in Southeast Asia, Australia, and New Zealand since 1999. The organisation's focus in the region includes mobility, security, cloud infrastructure and services, wearable technologies, and internet of things.