The startup said it plans to use funds to expand its reach in the U.S. and globally, add nutrition recommendation capabilities and support research partnerships.
Lumen, maker of a handheld metabolism measurement device, announced Thursday it had scooped up $62 million in Series B funding.
The round was led by Pitango Venture Capital with participation from Hanwha Group, Resolute Ventures, RiverPark Ventures, Unorthodox Ventures, Almeda Capital and Disruptive VC.
The company previously raised $8.5 million in 2019 as well as a crowdfunding raise in 2018.
WHAT THEY DO
The startup offers a handheld, breathalyzer-like device equipped with a CO2 sensor. Users breathe into the device, and it analyzes whether the body is burning fats or carbs for fuel.
Lumen also provides an app that collects that data and provides nutrition recommendations based on results. It also integrates with Apple HealthKit, Google Fit and Garmin.
The company said it has partnered with research institutions like Purdue University’s Whistler Center for Carbohydrate Research, University of Toronto’s Faculty of Kinesiology and Physical Education and ARU Cambridge over the past year.
“Until now, studying metabolism with the standard equipment was challenging for both researchers and participants. The data collection was minimal and would require participants to come to a clinic for each measurement and a practitioner to analyze the results,” Merav Mor, chief scientist and cofounder of Lumen, said in a statement. “Now researchers can easily collect multiple data points from participants and build more complex research protocols that unveil new physiological findings.”
Lumen said it plans to use the capital to expand its reach in the U.S. and worldwide, add new personalized nutrition and lifestyle recommendations and support its research partnerships.
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MARKET SNAPSHOT
There are a number of other digital health companies focused on nutritional guidance, weight loss or metabolic care.
Twin Health pitches an AI-backed model that aims to provide individualized nutrition, sleep and activity guidelines to help people prevent and reverse metabolic diseases like Type 2 diabetes. It announced a $140 million Series C raise in October last year.
Another company focused on metabolic health and weight loss, Calibrate, announced a $100 million Series B last year.
Connected health tech company Withings has also been expanding into nutrition recommendations with the acquisition of personalized fitness and meal planning app 8fit.
