LEHI — Baby sock monitor company Owlet announced a $24 million Series B funding round last week, led by Seattle-area based Trilogy Equity Partners.
The funding, which included participation from Utah venture capital firm Pelion Venture Partners, will help Owlet expand its product line and move into international markets. In a statement, Owlet CEO and co-founder Kurt Workman hinted that the company may be looking to not only expand beyond its $300 Smart Sock 2 but also create new offerings with better price points.
“As a company of parents, it is important to us to bring innovative technology into a family’s everyday life,” Workman said. “This new round of funding will enable us to expand our product line, looking at ways we can support the health and wellness of families at all stages, from pregnancy on, as well as increase the brand’s availability internationally and improve our accessibility and affordability.”
Back in 2013, Workman and his partners began working on a method to adapt pulse oximetry technology — like the thing surgeons attach to the end of your finger to monitor oxygen levels — to be wireless and effective for an infant.