Thalmic Labs, the Waterloo-based behind the Myo gesture armband, announced today it has raised $120 million USD in Series B funding from Intel Capital, Fidelity Investments Canada and the Amazon Alexa Fund.
The funding news follows one week after Thalmic said it had opened a new office in San Francisco, California and hired Tara Kriese, the former head virtual reality marketing at Samsung, to take on the role of chief marketing officer.
According to TechCrunch, the new funding is earmarked toward helping Thalmic develop new products.
Myo, the company’s first and only product, has been available to purchase since 2014. When asked by TechCrunch‘s Darrell Etherington what products the company plans to release in the future, Thalmic Labs declined to share specific plans, instead saying it will have news to “share soon”.
To date, Thalmic has raised $135-million in venture capital funding.