We are happy to welcome InteraXon to the Build Ventures’ portfolio. We recently invested in the company’s $10 million Series B round, which was led by OMERS Ventures with participation from existing investors Felicis Ventures, Horizons Ventures and Flextronics Lab IX. As we dug into the company, we got excited about the product and its potential, the traction to date and the depth of the management team.
InteraXon has developed Muse, a brain fitness tool that measures a user’s brain waves using seven finely calibrated electroencephalography (EEG) sensors – two on the forehead, two behind the ears working together with three reference sensors. While Muse has a number of potential applications, the first is the Muse app, which guides the user through a focused-attention training exercise that generates valuable real-time feedback.
Muse launched in late 2014. Distributing only through its own site, and fewer than 100 retail outlets, Muse already has tens of thousands of users with strong engagement metrics. InteraXon is building on its successful launch by extending its distribution footprint at major retailers including Best Buy, Indigo, Amazon, Marbles, Frys and Gaiam. Muse will be soon be available in over 500 retail outlets throughout North America.
An entire ecosystem is being established around Muse. Software Development Kits for Android, iOS, Windows and Mac platforms are currently available for the developer community. Research tools and support are also available for researchers who require access to full spectrum clinical grade EEG signals in a low cost and easy to use form-factor. Muse is now used in brain research at Mayo Clinic, MIT, Berkeley, UCL, and more than 40 other institutions across North America.
Finally, and most importantly, we think InteraXon’s founding team has the combination of skills needed to build a great company. The CEO, Ariel Garten, has a varied background in neuroscience, psychology and design which is the unique combination of skills required to drive the product vision. Supply chain and distribution are both critical for consumer hardware companies and the Ariel has already added depth in these areas. Derek Luke, the COO, spent 7 years at Blackberry as Senior VP – Manufacturing Excellence, Supply Chain Quality & Global Repair Services. Jacqueline Cooper has 15 years of experience working in senior positions focused on retail sales channels. We are really looking forward to working with this team as they build InteraXon into the leading brain controlled interface platform.