MYO Armband Development Company Thalmic Labs Raises $14.5 Million

Posted Jun 5, 2013

Thalmic Labs
is a company that is known for developing an armband called the MYO.  The MYO armband lets you wireless control your PC, phone, and other devices using gestures.  The MYO control device can pick up electrical activity through your muscles and it uses Bluetooth 4.0 Low Energy to communicate with other devices.  The first version of MYO was able to recognize around 20 gestures.  The MYO hit over 30,000 preorders from 138 countries and brought in over $4 million for manufacturing.

This round of funding was led by Spark Capital and Intel Capital.  The funding will help the company meet the high demand for their products.  They will also use the funding to support growth and product development.

In terms of competition, Thalmic Labs faces off against the Leap Motion controller.  The Leap Motion controller is a gadget that lets users control their computer by using hand and finger gestures.  Leap Motion raised around $44 million in venture capital funding and has deals in place with ASUS and Best Buy.

Based in Kitchener, Ontario, Thalmic Labs was founded by Stephen Lake, Aaron Grant, and Matthew Bailey.  According to VentureBeat, they studied mechatronics at the University of Waterloo in Canada and they are going through the Y Combinator winter 2013 class.  MYO is expected to ship in early 2014 with a price of $149.