BASIS Science, Inc. continues on its successful path as they have recently gained an impressive $11.5 million in Series B funding. This particular round was participated in by DCM and Norwest Venture Partners, and was led by Mayfield Funds.
The company’s CEO Jef Holove shares more about this recent funding in this e-interview with Lead411:
Who are your competitors and how are you different from them?
Others like Fitbit, Nike Fuelband and UP, may have been successful in getting people to start thinking about gathering data from their bodies on a regular basis, but Basis is advancing this category by creating a more comprehensive picture of health and helping people change their behavior for the long term. There are three elements to the Basis system that differentiated from other devices:
Advanced multi-sensor system:
FitBit, Fuelband and Up are good pedometers if you’re interested in tracking a simple metric. Basis is a multi-sensor band, worn like a watch, that collects physiological data including heart rate, perspiration and skin temperature changes, that powers an online dashboard where proprietary algorithms provide unprecedented analytics and insights into your health.
Another key benefit of the Basis band itself is that it automatically detects when you’re sleeping, and when you’re active. While other devices require you to press a button to switch between sleeping and activity, with Basis you can wear it and forget about it.
Healthy habits approach:
While other devices provide some level of data and simple motivation techniques, Only Basis has an approach that helps people adopt and maintain small achievable steps, such as adopting a regular bedtime, or taking a walk at lunchtime.
- Automatically track your progress using physiological data.
- Reward and recognize when you complete habits to keep you motivated.
- Adjust your weekly goals when you get off track to keep you moving.
- Unlock more potential of system including new habits.
What percentage of your marketing budget are spent on the following?
While we can’t share percentages, we can tell you that for now, given our stage and its effectiveness, we are focusing our marketing efforts on PR.
What marketing tactic has given you the highest ROI? What percentage ROI do you get back on this?
Again, while we can’t share ROI data, to-date PR has given us the highest ROI through driving awareness, highlighting our competitive differentiation and through product reviews.
What do you plan to spend your new funding on? Product development? Marketing?
The two broad areas are (a) scaling to meet the demand we are seeing and (b) accelerating development to deliver even more from the sensor and habits platform we have built … which drives hiring for a combination of cloud services expertise, hardware and software. The new funding allows us to fundamentally scale the company and meet the demand from consumers who want to buy the Basis band and experience our online healthy habits approach.
If this is your first round of financing and you’re the CEO, how many hours did you put into working on getting your financing? Was that taking up the most of your day?
This was not our first round of funding. We raised a Series A worth $9m in March 2011.
If you are the CEO, what are your biggest challenges?
A product like Basis is a complex system, from biosensors to consumer device to cloud platform to software interfaces on web and mobile. A company like Basis has to have the hardware engineering and manufacturing talent of a consumer electronics company, all the software and service expertise of a cloud and app company, and the science perspective to build a health product. Yet, we must remain as resource- and cost-efficient as any startup. Fortunately, we are also a company with a mission to help people live healthier lives, and that makes it that much easier to attract great talent to and work a bit harder each day.
How many employees do you have?
When were you founded?
We were founded as BASIS Science, Inc in the US in 2010 when we established the core of the Basis team that we have today – just over 40 employees. We have a phenomenal pool of talent drawn from an interesting cross-section of industries like gaming, health sciences and CE. Together, they are dedicated to building a phenomenal customer experience using our multi-sensor capabilities and a sophisticated online healthy habits approach that would keep people engaged over the long term.
How much did you revenue increase(if any) this year over last year?
As we just launched in November 2012 we don’t have this data to share.
Want to know more about this recent funding? Read about it on this press release here.