Withings, the Paris-based maker of connected health devices, has raised $30 million in venture funding, only the second funding round for the 4-year-old company. The round was led by a $15 million contribution from Bpifrance with additional contributions by Idinvest Partners and 360 Capital Partners, and previous investor Ventech. Withings raised $3.8 million (3 million euros) from Ventech back in 2010, so this raise brings the company's total funding to $33.8 million.
"Withings is experiencing a staggering growth phase with devices and applications used in all parts of the world by individuals as well as professionals," the company said in a press release. "Additional financing capacities will allow the company to fuel further growth on overseas markets extending its retail and distribution network. Attached to its innovation‐driven DNA, Withings also aims at strengthening its in‐house R&D teams by hiring best‐in‐class software and hardware engineers and developers."
Withings' first and most iconic product is an FDA-cleared connected weight scale that can transmit the user's body weight to an app or to social media. The scale is available in several retail stores, but also sees quite a bit of use in remote monitoring pilots and employee wellness programs. Withings has subsequently developed a robust product suite including a connected blood-pressure monitor, an app-connected baby monitor, and a second scale which also claims to analyze body fat.
The company's latest offering, Pulse, is a clip-on, smartphone-connected activity tracker which measures pulse in addition to tracking steps and movement. Launched just last month, the device is similar in size and shape to a Fitbit One, and, like that device, also claims to track the user's sleep.
The timing of this funding raise is interesting, since the launch of Pulse throws Withings into the competitive activity tracker market, which was recently shaken up by Jawbone's acquisition of BodyMedia. It's a rapidly growing field that could be radically altered by an entrance from an Apple smartwatch or a fitness play from Google. A significant injection of funding like this could suggest that Withings is committed to being a contender.
