UnaliWear and Maxim Integrated Products, Inc. announced on Monday the initial closing of UnaliWear’s $3.4 million Series Seed financing, led by a $1 million investment from Maxim Ventures. This news comes just one year after UnaliWear secured over $110,000 on Kickstarter.
The companies are working together on the Kanega watch, a go-everywhere unobtrusive wearable that provides discrete support for falls, medication reminders, and a guard against lost-wandering with “guide-me-home” assistance. The watch uses an easy speech interface rather than buttons or touch screens. It learns the wearer’s lifestyle to provide predictive, pre-emptive support.
Jean Anne Booth, CEO of UnaliWear, stated:
“My 82-year-old mother wasn’t willing to wear today’s medical alert products, because she said they were ugly, limited to use in the house unless tethered to a smart phone (which she doesn’t have and doesn’t want), and the big help buttons marked her as ‘old.’ Like most of today’s independent-living seniors, she chose not to use medical monitoring support rather than suffer social stigma. Mom now serves as UnaliWear’s Senior User Experience Advisor.”
Shailendra Mahajan, managing director of Maxim Ventures, commented:
“We are excited by UnaliWear’s vision and their dedication to a purpose-built wearable that provides a solution for vulnerable populations.”
Booth then added:
“With Maxim’s leadership, UnaliWear is well-poised for future growth and investment. This investment accelerates the delivery of the Kanega watch, and we’re excited to be soon delivering on our mission of extending independence with dignity for vulnerable populations.
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