A Bristol start-up developing wearable tech for workplace safety has raised £1m in its first investment round.
SpaceBands previously developed a wristband designed to encourage school children to practise social distancing and help prevent the spread of the Covid-19 virus. The bands were designed to light up, vibrate, and beep when users get too close to another person wearing the device.
The company has since pivoted to the wider health and safety market, and has now designed a new wearable device with environmental sensors for possible hazards, such as blind spots, moving vehicles and loud noise warnings.
SpaceBands said its new product could help protect businesses by preventing workplace injuries and reducing staff sickness.
The business - founded by Bath school friends Harry Kimberley-Bowen and Ronan Finnegan - said the £1m raise had surpassed its original seed funding investment round target of £600,000.
US venture capital fund Evergreen Mountain Equity Partners led the round, with more than 25 angel investors from Bristol Private Equity Club, Angel Invest Wales, Southern Angels also participating.
SpaceBands said it would use the funds to “finesse” its new product, which it said was would launch “imminently”. It said it would also look to grow its headcount to a team of six by the end of the current quarter of the financial year.
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