Japan's Lemonade Lab raises $5.8m
Japanese sport analytics platform Lemonade Lab has raised $5.8 million from FIH Mobile, a subsidiary of Taiwan-based electronics giant Foxconn International, and several angel investors.
The company was set up in 2012, and launched its first app - which was initially intended as a social network for sports - in November 2013 to coincide with cycling event Tour de Tohoku. It has since pivoted away from the social network aspect to focus on sports analytics across activities such as jogging and cycling.
In a statement, the start-up said it would will use the new funds to develop wearable devices and web services for cyclists and running athletes. It plans to launch new products in Japan, Taiwan, the US and France.
Foxconn's last Japanese tech investment prior to this was in June when it invested JPY29billion ($236 million) in SoftBank Robotics Holding Corp - which manages SoftBank's robotics business - alongside Alibaba Group.
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