Intel Capital, Intel Corporation’s global investment and M&A organisation, has invested in Performance Lab, a developer and marketer of real-time exercise measurement analysis and virtual coaching software.
While the details of the investment were not released, the funding will be used by the Auckland-based firm to advance product development and to accelerate international expansion.
Performance Lab is a New Zealand headquartered company that designs automated coaching technology for exercise and activity - its ARDA product suite provides the next generation of intelligence for exercise and activity applications.
The technology works across most fitness and wellness devices and provides automated coaching in real-time to optimise a user’s performance based on sensor detection, the user’s changing physiology, classification of their training, history, behaviours and goals.
ARDA transforms readily available data into meaningful, relevant advice for consumers across smartphones and tablets.
“The sports, fitness, health and wellness sectors are fuelling strong global demand for smart gadgets,” says Sudheer Kuppam, Managing Director, Asia Pacific, Intel Capital.
“Performance Lab’s suite of products provides enduring value to the smart gadgets that customers are incorporating into their health and fitness regimen.”
The investment was led by Deepak Natarajan, Director, Intel Capital, Southeast Asia, Australia and New Zealand, who will join Performance Lab’s board as an observer.
This announcement follows investments of over US$100 million in more than 20 technology companies in Southeast Asia, Australia, and New Zealand since 1999. Intel Capital’s focus in the region includes mobility, security, cloud infrastructure and services, wearable technologies, and Internet of Things.
“We are looking forward to working with Intel,” adds Waynne Dartnall, Chief Executive Officer, Performance Lab.
“The combination of funding, together with technology, sales and marketing expertise, will help Performance Lab take our advanced coaching software to a global level.”