Intel has just announced its acquisition of Basis Science, the hot wearable technology company based in San Francisco. As TechCrunch first reported, the startup went to the chipmaker for around $100 million. The startup will be part of Intel’s new devices group.
As today’s announcement stresses, this move accelerates Intel’s move into the wearable space. At the company’s CES press conference, Intel unveiled a wide range of devices and ambitions. Acquiring Basis puts this dream of embedded chips closer to reality.
The Basis band will continue to be sold and supported.
The Basis team will join Intel’s new device’s group. Founded in May of 2013, this is the division within Intel that focuses on wearable computing and connected devices. Apparently Basis is happy with the arrangement.
Basis notes on its blog that its momentum would be amplified by Intel’s “technical, manufacturing, global reach and support resources.”
“The acquisition of BASIS Science provides immediate entry into the market with a leader in health tracking for wearable devices,” Mike Bell, Intel vice president and general manager of the company’s New Devices Group, said in a released statement. “As we accelerate our position in wearables, we will build upon this foundation to deliver products that bring people greater utility and value. I’m confident that our collective resources and expertise positions us well for the future.”
In early February, TechCrunch had heard that Basis was shopping itself around the Valley for some time and ended up at Intel. Apparently Basis had talked to Google, Apple and possibly Samsung and Microsoft about a potential sale. If it had not sold, sources told TechCrunch that the company would have to close a C round of funding.
Basis was founded by Nadeem Kassam, Bharat Vasan, and Marco Della Torre in early 2011, receiving $32.3 million in funding, including a Series B round of $11.8 million that included funding from Intel Capital.
Source: Matt Burns, TechCrunch