December 10, 2015

Wearsafe Labs lands nearly $3M investment

PHOTO | Contributed
PHOTO | Contributed
The Wearsafe device is slightly bigger than a quarter and waterproof to make it consumer friendly.

Wearsafe Labs leads nearly $3M investment

Wearsafe Labs, a Hartford-based technology company developing advanced wearable safety products, has raised nearly $3 million in a new round of funding. It has also added two board members with prominent financial backgrounds.

The funding was led by former Goldman Sachs partner Ravi Singh who has also been appointed to the Wearsafe Labs board of directors. In addition to Singh, Andy Stewart, former Managing Director and Global Head of BlackRock Alternative Investments, also participated in Wearsafe's latest round of funding, and the company has named Stewart and former U.S. Secret Service Special Agent Rich Staropoli to its board.

Singh, who spent 19 years with Goldman Sachs, eight of them as a partner, is a private investor and advisor for several start-ups and is on the management teams of YogaSmoga, a yoga apparel company and TruMid Financial, an electronic broker-dealer.

The round comes on the heels of a successful Kickstarter crowdfunding campaign that raised $106,000.

Wearsafe recently started shipping its first product offering, the Wearsafe Tag, which is a small wearable device that can clip onto almost anything. The tag connects to a user's smartphone using Bluetooth Smart (low energy) technology and with one discreet touch of a button instantly connects a user with a selected network of family and friends. When activated, a user's network immediately receives an alert through email, text and their Wearsafe app, a group chat is started and friends and family can see where someone is located with the GPS information provided as well as instantaneously hear audio from their location.

The tag also provides the user with tactile confirmation (vibration) to let them know their alert has been received and help is on the way. If additional assistance is needed, network members can call 911 directly from within the Wearsafe app.

Read more

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