Fitness wearable developer Lemonade Lab has raised an amount of $5.8 million from Foxconn. The Boston and Tokyo-based startup develops sensors for athletes and also a cloud based platform that analyses data from its sensors and gives wearers performance feedback while they are training. Total funding raised by the startup till date is $10.3 million, including the latest round.
Kunihiko Kaji, Co-Founder and CEO said, “Lemonade Lab will use FIH Mobile’s manufacturing platform to brings its devices to market, which will launch in the U.S., Japan, France, and Taiwan later this year.”
Company’s present sensors are designed to be worn on wrist or attached to bicycle handlebars. The startup will also form a strategic partnership with FIH Mobile, which provides manufacturing services for mobile device makers, as per a report by TechCrunch.
The company aims to target professional cyclists and runners with its first batch of products. each wearable will be priced between between $500 to $800.