Wearables

The startups making every movement count

Last updated: 16 Mar 2023

Market 101

Wearables have made the leap in recent years from fancy accessories to essential gadgets. Purchases are motivated by consumers’ ever-increasing desire to track and analyse bodily functions and activities — we want to monitor our steps, our heart rate, our sleep cycles and more. The pandemic accelerated this trend and triggered a surge in demand for contactless communication and monitoring from healthcare providers, keen to track us remotely as a way of reducing risks and queues in their clinics.

Meanwhile, the enhanced connectivity of 5G is enabling savvy players to improve software speeds and the quality of data analysis, as well as break into less-obvious spaces like gaming and implantables. The next hurdle for device-makers: privacy. Startups can elbow their way ahead by integrating high-spec security solutions like blockchain technology into their firewalls.

Early stage market map

Key facts

$61.3bn

Size of global wearables market in 2022 — expected to rise 14.6% by 20301

49%

Wristwear’s share of the global market revenue2

82%

Percentage of consumers concerned about the privacy invasion of wearables3

Startups tracked by Sifted

Sifted take

Europe’s wearables market is showing no signs of slowing down, particularly when it comes to medical applications, while the integration of sensors and AI is breaking new ground. Products like smart watches and fitness trackers are already mature and profitable, but it remains to be seen whether consumers will embrace tracking every body metric, or go crazy for niche things like VR headsets and digital implants.

Rising stars

.lumen

Hearing & vision impairments

Total funding

€6,000,000

Cluj-Napoca, Romania
2020

This European Innovation Council-backed startup has a headset equipped with sensory and feedback systems to help blind individuals navigate their surroundings.

Round

Grant

Valuation

Undisclosed


Date

2021

Size

€2,170,000

Playerdata

Sports tracker & GPS

Total funding

€5,200,000

Edinburgh, United Kingdom
2017

Backed by Hiro Capital and Techstars, the company has developed a wearable tracker to analyse sports performance.

Round

Seed

Valuation

Undisclosed


Date

2022

Size

€1,200,000

IDUN Technologies

Medical devices & trackers

Total funding

€5,000,000

Zürich, Switzerland
2017

Designed an in-ear device to analyse brain wave, or electroencephalogram, data, alongside a platform for analysing it.

Round

Seed

Valuation

Undisclosed


Date

2021

Size

€2,000,000

Early stage startups to watch

.lumen

Cluj-Napoca, Romania
2020
Grant

6m

2.2m

-

HackMotion

Riga, Latvia
2016
Bootstrapped

-

-

-

IDUN Technologies

Zürich, Switzerland
2017
Seed

5m

2m

-

Lymphatica Medtech

Lausanne, Switzerland
2017
Seed

4.8m

1.3m

-

OLIVER

Barcelona, Spain
2019
Seed

1.5m

700k

-

PlayerData

Edinburgh, United Kingdom
2017
Seed

5.2m

1.2m

-

Prevayl

Manchester, United Kingdom
2019
Seed

9m

9m

-

Sumondo ApS

Copenhagen, Denmark
2015
Pre-seed

800k

200k

-

Europe’s success stories

Who early stage startups are up against

(Pre-)Seed

SeriesA

SeriesB

SeriesC

SeriesD+

IPO/Exit

Finnish smart ring that keeps tabs on activity levels, sleep and general wellbeing. Became a unicorn in 2022, at a $2.55bn valuation, and surpassed 1m sales.

(Pre-)Seed

SeriesA

SeriesB

SeriesC

SeriesD+

IPO/Exit

Ava’s fertility tracking bracelet helps women get pregnant faster. US company FemTec Health announced its acquisition of the Zurich-based medtech in July 2022.

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