4 Smithfield Street, 12th Floor, Pittsburgh, PA 15222 P. 412.288.9901 F. 412.288.9902
Pittsburgh (Aug 5, 2003)—BodyMedia, a leading provider of body monitoring products, announced the closing of a $4 Million Series C Preferred Stock financing round. The round was led by Draper Fisher Jurvertson ePlanet of Redwood City, CA and Draper Triangle Ventures of Pittsburgh, PA. Saturn Partners of Boston, MA and The University of Pittsburgh Medical Center also participated.
“BodyMedia’s ability to raise capital under current market conditions stems from the value our investors and partners see in providing health professionals and consumers with the capability to track physiological information, such as caloric expenditure, caloric intake, activity, and sleep. These funds will allow us to further penetrate healthcare markets, such as weight management, diabetes, wellness, and assisted living, where our products are finding increasing use and desirability,” states Dr. Astro Teller, BodyMedia CEO.
“BodyMedia has an extraordinary pipeline of opportunities in growing markets, with world class corporations. Their ability to offer innovative and effective monitoring tools that address important healthcare challenges in the U.S. and abroad make BodyMedia an exciting and compelling company and is the reason for their rapid growth,” said Jay Katarincic, managing partner at Draper Triangle.
“BodyMedia is well positioned to become a very large and profitable company. It continues to be one of our leading investments,” said Mir Imran, managing partner at Draper Fisher Jurvetson ePlanet.
BodyMedia recently received Federal funding to study the effectiveness of its products in the treatment of Type II diabetics. In addition, BodyMedia and Roche Diagnostics, the world's leading provider of diagnostic systems and decision-oriented health information, are jointly working in several clinical healthcare markets and are expected to launch a clinical weight management product in Q3 of 2003.
BodyMedia was represented throughout the funding series by the law firm of Buchanan Ingersoll.
Headquartered in Pittsburgh, PA, BodyMedia develops body-monitoring solutions for clinical and commercial markets, including weight management, fitness, diabetes management, disease management, and assisted living. They offer products and customized solutions that can monitor a broad range of physiological and lifestyle informationÑcontinuously and accurately.
Draper Fisher Jurvetson ePlanet is a Silicon Valley-based venture capital group. Draper Triangle is the Midwest based office of Draper Fisher Jurvetson, focusing on early and seed stage investing. Saturn Partners is a Boston-based venture capital group specializing in early and seed stage technology and life science investing.
UPMC is affiliated with the University of Pittsburgh Schools of the Health Sciences and is the leading healthcare delivery system in western Pennsylvania. UPMC has been named among the best hospitals in United States for the fifth consecutive year by U.S News & World Report magazine.
Buchanan Ingersoll, one of the nation’s largest law firms, was recently named the best corporate law firm in Pittsburgh by Corporate Board Member magazine.
About BodyMedia, Inc.