Wearables company MC10 is quietly raising $40M
MC10, a Lexington-based company that makes wearable technology for athletic and cosmetic purposes, is quietly raising a $40 million investment round.
The new investment round could put the company at about $100 million in total funding since its founding in 2008, with an estimated valuation of $300 million, according to a venture capital research firm.Requests for comment were not immediately returned.PEOPLE ON THE MOVEVictoria ForwardErnst & Young LLPMichael PaquinMonument Group Tax Advisors, LLCJoseph P. QuinnBurns & Levinson LLPSee More People on the Move MC10, which has about 70 employees, makes wearable technology for a variety of industries including cosmetics, health care, sports and defense. In 2014, the company debuted its Reebok Checklight product, which is a wearable device for athletes that uses sensors to capture head impact data during play. MC10 also makes stretchable, skin-friendly stickers that alert consumers via their phones when to re-apply sunscreen.According to an Aug. 28 regulatory filing with the Securities and Exchange Commission, MC10 is seeking to raise $40 million in equity funding. That would bring total funding raised to date to about $100 million. MC10’s valuation after its 2013 Series D funding was about $204 million, according to Seattle-based venture capital research firm PitchBook.Current investors include San Francisco-based Aberdare Ventures, New York-based Braemar Energy Ventures and Waltham-based North Bridge Venture Partners. According to PitchBook, MC10 is generating revenue.In 2014, the company appointed Scott Pomerantz, former executive at California-based semiconductor company Broadcom, as CEO. Another high-profile employee of MC10: Former Seattle Seahawks linebacker Isaiah Kacyvenski, who is the company’s global head of business development for the consumer and research divisions of MC10.