4 Smithfield Street, 12th Floor, Pittsburgh, PA 15222 P. 412.288.9901 F. 412.288.9902
Pittsburgh (July 2, 2002)- BodyMedia, a leading provider of body monitoring products announced the closing of its Series B Preferred Stock financing round. The $6.5 million round was led by Draper Fisher Jurvetson ePlanet of (Redwood City, CA) and included Prescient Partners II, LLC (Chicago), UPMC (University of Pittsburgh Medical Center of Pittsburgh) and included previous investors Draper Triangle (Pittsburgh) and Saturn Partners (Boston and Pittsburgh).
"Our ability to raise capital in a highly adverse market is a strong vote of confidence in our Company's business plan and its people. We are very excited to be able to continue to attract such a high quality group of investors," states Astro Teller, BodyMedia CEO.
"BodyMedia has cutting edge technology, a world-class management group and is successfully executing its business plan," said Jay Katarincic, the managing partner at Draper Triangle. "This is an exciting company with strong intellectual property and with growing access to some extraordinarily large markets."
BodyMedia intends to use the proceeds from this round to expand its distribution channels for its products and extend the capability and range of its product offerings.
In other news, BodyMedia received top honors in this year's 2002 Industrial Design Excellence Awards (IDEA), recognized as "the premier awards worldwide" for new product design. Sponsored by the Industrial Design Society of America (IDSA) and BusinessWeek magazine, the awards celebrate the year's most innovative design work. BodyMedia's SenseWear Armband and associated software received a Gold award in the Medical & Scientific products category. Out of 1,116 entries from 16 countries, only 41 designs received this year's Gold aware including Apple Computer, Ford Motor Co., Samsung and Handspring.
About BodyMedia, Inc.