The company behind Lumoback, a clever gadget and app that ensures you’re not slouching and ruining your back, has received more than $5 million in its first round of funding with contributions from Yahoo co-founder and former CEO Jerry Yang and Innovation Endeavors, Google chairman Eric Schmidt’s investment fund.
According to Mobile Health News, the company will be using the extra cash for marketing, product development and engineering.
The health and fitness tech market is becoming quickly saturated by companies producing basic tracking devices, which monitor your heart rate or the steps you’ve taken in the day. As we’ve seen already today there’s also an abundance of these same companies producing scales that’ll hook up their whole ecosystem. We like a lot of these offerings so far, but there’s certainly a space for more niche sensoring products, like Lumoback’s posture app, we hope to see interesting and truly valuable products from the team in the future now they’ve got the financial backing to make it happen.
Visit http://lumoback.com/ for more.
[Via Mobile Health News]