incTANK
One Broadway, 14th Floor, Cambridge, MA, 02142, United States
Overview
incTANK Ventures is a seed stage investor that takes an active role in mentoring and supporting early stage ventures. They work alongside entrepreneurs, researchers, and universities to reduce risk and increase value, often providing a company's first outside capital. The venture professionals understand the challenges of bringing innovations from the laboratory to the market. This partnership philosophy has resulted in early stage investments that have gone on to attract capital from top tier co-investors, such as Kleiner Perkins Caufield & Byers and Ferrer Freeman & Co.
- Total investments
- 1
- Lead investments
- 0
- Investments · 12mo
- 0
- Active investors
- 0
Investment portfolio
- Misfit Wearables
Participated · Series B · Dec 2013
Misfit Wearables makes fitness activity and sleep monitors, focusing on highly wearable sensor products and services for wellness and medical applications. Its flagship consumer product, Shine, is a wearable that runs on a user-replaceable CR2032 lithium cell, avoiding the need for recharging. The company says Shine can be worn continuously and the coin cell only needs replacement every few months. Misfit recently raised $40 million in a third round of venture funding. Investors in the round included Xiaomi, JD.com, GGV Capital, Shunwei Capital Partners and existing backers such as Horizons Ventures. The firm is positioned to pursue both consumer wellness and medical applications with its wearable sensor technology. Misfit Wearables launched the Shine earlier this year, a quarter-sized activity tracker that awards users points for walking, running and swimming and can be worn anywhere. The Shine pairs with a mobile app to show day-by-day activity graphs and syncs by placing the device on top of a smartphone. The company says it has shipped “hundreds of thousands” of units to more than 20 countries in the last few months. Misfit has scored distribution deals with retailers including Apple, Best Buy and Target alongside online sales through its website. The company was co-founded by former Apple CEO John Sculley along with Sonny Vu and Sridhar Iyengar. Management says the new funding will go toward additional, yet-to-be-launched wearable products planned for next year. Misfit Wearables is developing consumer wearable devices designed to be ambient, fashionable and to provide functions beyond simple sensing. The company has not disclosed detailed product specifics but emphasizes industrial design and hardware alongside machine‑learning software. Founders Sonny Vu and Sridhar Iyengar previously co‑founded Agamatrix, and former Apple CEO John Sculley is involved with the startup. Vu and Iyengar's prior company grew into a business that made between $50 and $100 million per year selling glucose test strips. Misfit is using funding to expand its team: Vu is relocating from Boston to San Francisco to build a local hardware and industrial design group, while the software and machine‑learning team is based in Vietnam. The company says it aims to create wearables that consumers wouldn’t need to remember to wear and that are critical to daily life.
Team
No current team members are available.