Funding Strengthens Connection between Wearable Technology, Data and Brand Management
(Scottsdale, Ariz. – Jan. 11, 2022) – Sonoran Founders Fund (Sonoran), the seed-stage fund that empowers underserved tech entrepreneurs in Arizona and the Sonoran region, today announces it has invested $335K into PWR Lab’s Series Seed financing. PWR Lab helps athletic product companies leverage wearable technology data – with user permission – to innovate and deepen personalized customer engagement in marketing, sales, R&D and product development. The company is laser-focused on helping brands access Lived Experience (LX) data in a transparent and trustworthy way, by contextualizing the LX data and delivering back targeted products, content and community experiences that enrich the user’s experience.
“As technology veterans, we are 100% behind using data meaningfully, but we’re also adamant about data privacy,” says Romi Dhillon, chief executive officer, co-founder and managing partner of the Sonoran Founders Fund. “We met our match with PWR Lab, whose founders created the company to help athletic product companies access data they had previously struggled to access – all while protecting and championing user privacy and trust. The technology is stellar, and we believe in the balanced, strong management team that PWR Lab has assembled. We’re proud that our investment will play a role in building this product and generating meaningful results for customers.”
The PWR Lab solution functions by accessing data from wearables (with user permission) and providing both the LX data and expertise in analyzing and connecting it to athletic product companies. “If we give individuals the power to choose who has access to their data, and what they want in return for that access, it creates a balanced opportunity for companies and customers alike,” shared Adam Stepanovic, CEO and co-founder of PWR Lab. SoFF believes PWR Lab is well positioned to succeed, given its model of capturing and processing the real-virtual experience dataset and the fact that one in five Americans uses at least one wearable device. PWR Lab is committed to helping brands deliver both hyper-personalization and intense community building experiences for users, thereby forming better business cases, improved products, product recommendations, two-way engagement and stickier outreach. “We’re thrilled by this investment by Sonoran Founders Fund, and especially excited
to have SoFF’s Dan Burns closely involved with PWR Lab given his wealth of experience and passion from his relevant experience leading and growing EXOS,” says Stepanovic.
With LX growing as a category, and smartwatches capturing an increasing share of the global wearables industry, SoFF and PWR Lab expect steady and strong growth. There’s likely to be widespread adoption of solutions that will require forward-thinking organizations to leverage PWR Lab data from wearables with particular success in marketing, R&D and product development. SoFF sees its investment into PWR Lab as an opportunity to catch the next big wave in LX and drive the company’s rapid trajectory forward.
About Sonoran Founders Fund
The Sonoran Founders Fund (SoFF) is a seed-stage venture capital fund based in Scottsdale, Arizona. Led by seasoned technology leaders and investors, the fund is dedicated to investing in underserved technology entrepreneurs across Arizona, Southern California, Nevada, New Mexico, parts of Texas and the surrounding Southwest. SoFF was launched by the same esteemed team that created the Arizona Founders Fund and grew it to its current place as the most active venture firm in Arizona. SoFF is focused on its founders and providing maximum returns to all involved. To learn more, please visit https://www.sonoranfund.com/.