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February 01, 2006
Wearable electronics startup zips up new round of VC
UK-based Eleksen, a developer of a new fabric that acts as an electronic sensor, is seeing early adoption of its technology in new iPod jackets and backpacks from brand-name manufacturers. With controls on the sleeve or straps, users don’t have to pull it out to turn it on.
As a result of achieving several design-in wins, it closed a £4M round of financing in a deal that pulled in three new investors, led by MTI Partners (which is raising a new fund and recently opened a US office in Waltham, MA).
It is not apparent how much VC has raised to-date. Eleksen was founded in 2001 and announced raising £4m in 2003, but that was not its first round.
Clothing manufacturer, Kyono says that Eleksen’s product is the next zipper.
We think the Eleksen fabric control technology opens up a vast array of possibilities for how we can effortlessly integrate with our technology. We are looking at how we can use this innovation in all our designs. We consider ElekTex smart fabrics to be the next zipper. Jeff Yoo, CEO Koyono
It has taken the UK-based venture-backed company a few years to find a market for its conductive fabrics
Eleksen had to not only figure out a business model for licensing and distribution, it had to figure out who needs its tech. In one year, it developed more than a hundred prototypes for interested partners (which gives a hint of the potential) without generating a penny in sales, according to press reports. Looks like it has found its niche now.
Read – £4M for Eleksen (GrowthBusiness)
Read – Kyono unveils next
Read – Engadget review of Eleksen keyboard
Posted on February 1, 2006 06:23 AM | Posted to Peripherals | Venture Capital | Permalink
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