IoT device maker Withings has raised $60 million in venture capital as it sets its sights on providing B2B services.
Withings has had an interesting story so far. The company was founded in France in 2008 and went on to build some acclaimed connected health devices, including scales and smartwatches.
In 2016, Withings was acquired by Finnish giant Nokia. The Withings brand subsequently disappeared in 2017 and became Nokia Health.
Nokia Health never really took off. In 2018, Withings founder Éric Carreel finalised a deal which saw the brand become independent again under its original name.
“I strongly believe in technology’s ability to transform society’s health by allowing anyone to regularly monitor their vitals from home and involve health professionals in this process,” Carreel said.
“Today, we are in an exciting time where medicine is becoming personalised, continuous, and based on data analysis, and I am proud Withings is at the heart of this revolution. With funding from like-minded partners, we can scale our efforts globally and continue to invest in new technologies and AI tools that can detect and predict medical conditions.”
Investors clearly remain bullish on Withings’ potential. The $60 million venture capital round was co-led by Gilde Healthcare, Idinvest Partners, and Bpifrance, but other investment firms included BNP Paribas Développement, ODDO BHF Private Equity, and Adelie Capital.
Edwin de Graaf, Managing Partner at Gilde Healthcare, commented: “With telemedicine on the rise, and the wider health industry’s growing need to collect and analyse accurate, reliable patient data, Withings is in a unique position to thrive and is an attractive investment for us. We look forward to working with the Withings team as they continue to redefine how patients and physicians interact.”
Withings now has a chance to regain momentum and return to being the innovative connected health company it once was.
Last year, Withings launched its business-to-business division MED PRO which is focused on serving medical professionals and bringing predictive capabilities into the home using next-generation devices.
Mathieu Letombe, CEO of Withings, explains:
“We have combined technology and medical science during the past ten years to create an unrivaled portfolio of devices that continually and accurately measure a vast array of health parameters. With the healthcare industry increasingly embracing this technology and data, it has enthusiastically turned to Withings as a natural partner.
Our devices enjoy some of the highest retention levels, cover more health vitals and work with more operating platforms than any other player in the business. The new influx of funding and medical expertise will help us bring even more exciting solutions to the market, making the possibilities for the next ten years boundless.”
Withings will use funds from this latest funding round to expand MED PRO and the company plans to add 100 positions in the US and France by the end of the year to support its ambitions.