Thalmic Labs announces $120M USD in Series B Funding

This morning, the Co-founders of Thalmic Labs, Stephen Lake, Matthew Bailey, and Aaron Grant, announced $120M USD in Series B Funding. This investment, led by Intel Capital, The Amazon Alexa Fund, and Fidelity Investments Canada, will help the company further advance wearable technology to the point “where the lines between humans and digital technology become increasingly blurred,” as Lake shared on Medium.

Thalmic Labs first found its footing in the Velocity Garage in 2012, with the development of the Myo armband. While at Velocity, Thalmic generated more than $4 million in pre-orders, raised over $15 million in funding, and grew their staff to over 25 employees. The Myo armband is a wearable device that allows a user to perform hand gestures to control computers, smartphones, and other hardware. The Thalmic Labs team developed entirely new gesture recognition technology for the Myo, which has since spread to over 150 countries, and found innovative uses across diverse teams. Researchers have even used the Myo to help amputees gain control of their prosthetic limbs, and to translate sign language. Developers have also created stunning virtual reality experiences.

The addition of this funding, and over four years of experience in the space, will allow Thalmic Labs to continue to create the next wave of innovation in wearable technology. The company has grown to employ more than 100 people, announcing this week that Tara Kriese, former head of marketing at Samsung Electronics America, will take the helm as Chief Marketing Officer. Thalmic is also opening an office in San Francisco, to complement its Waterloo headquarters, and is hiring for both locations.

“The Myo was just the beginning […] We have new products in the pipeline and are excited to share more soon.” – Stephen Lake; Co-founder & CEO, Thalmic Labs

With this funding, Velocity companies have now raised more than $425 million in capital.