Legend re-ups in US sports tech manufacturer Zepp
Legend Capital has re-upped in athlete training technology developer Zepp Labs, participating in a $15 million Series B round of funding led by GGV Capital. Bertelsmann and Cherubic Ventures also committed capital.
US-based Zepp, which received $5 million in Series A funding from Legend in January 2013, is best known for sensors that are worn on the hand when playing golf, baseball or racket sports. Information on an athlete's power, speed and acceleration is gathered by the sensors is then uploaded to an app and used to analyze performance.
For example, the sensors capture a golfer's swing in three dimensions, recording 1,000 data points per second. The app uses these data to track the speed of the hands and club head, the angle and tempo of the backswing, and the movement of the hips.
"Zepp Labs stands out in its commitment to deliver truly meaningful and actionable data that meets the needs of athletes and coaches everywhere. With a new financing partner such as GGV Capital and their understanding of the global markets, Zepp is uniquely positioned to meet the worldwide demand for wearable and connected sports technology," Jason Fass, the company's CEO, said in a statement.
The capital will be used to develop technology, expand product offerings and hire new staff.
Beijing-based Legend Capital was set up in 2001 with support from Legend Holdings, parent company of Lenovo. It currently manages five US dollar-denominated funds and two renminbi funds, with more than RMB13 billion ($2.1 billion) in assets under management.
GGV makes venture and growth capital investments in US and Chinese companies, and is currently investing its fourth fund, which closed at $509.9 million in 2011.
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