Kitman Labs, an analytics platform that helps professional sports teams monitor the medical health of their athletes, announced today that it has closed a $52 million Series C round of funding.
This latest round includes backing from Insight Partners, with additional investments from SaaS Growth partners and existing investors Felicis Ventures and Vanguard Ventures.
The new capital will accelerate product innovation in sports performance analytics and optimize athlete health data. Kitman Labs’ software provides teams with comprehensive metrics to track injury trends across their organizations. Combining data science and artificial intelligence technology, the platform helps keep athletes healthy by providing team staff with early warning signs to reduce susceptibly to injuries and optimize recovery times.
Background
Kitman Labs is a leading provider of sports analytics in the industry. Founded in 2012, leading clubs and professional organizations worldwide have used the company’s platform. The company has attracted big investments from leading investors including Liberty Global Ventures and Qualcomm Ventures.
Now, the company is closing on a new round of funding worth $52M. This article will discuss the background of Kitman Labs and the new funding round.
Overview of Kitman Labs
Kitman Labs is a Dublin-based sports analytics startup that helps professional and amateur teams manage their athletes’ performance and reduce their risk of injury. Founded in 2014, the company has raised close to $90M in funding over its lifetime, including a recent Series B of $52M led by Atomico.
The company’s main product is the Kitman Performance Platform. This AI-driven solution provides precise insights into an athlete’s performance levels, helping coaches to understand where a player may be over or underperforming and making suggestions for how they should act or train. Additionally, the platform provides comprehensive injury prevention data such as scouting assessment reports, medical status updates and daily training checks. This data is stored securely on the cloud for easy access from any device.
Analytics outfit Kitman Labs closes on $52M round
Kitman Labs also offers several additional services to help customers make informed decisions about athlete welfare, such as its team performance report service which creates an overview of team strengths and weaknesses that can be used for strategic purposes; the biomechanical analysis service which tracks each athlete’s movements to help identify any potential risk factors; and the nutrition monitoring tool which helps teams assess nutrition intake levels with expert research backed insights. Finally, Kitman Labs has developed new technologies including wearables and VR software products designed to improve rehab efficiency via immersive experiences.
Previous investments
Several venture firms, including Accenture Ventures, Founders Fund and AIB Seed Capital Fund have made previous investments in Kitman Labs. In addition, Accenture added Kitman Labs to its AI Accelerator Program to develop Machine Learning solutions for sports performance.
Founders Fund is a US-based venture capital firm founded by PayPal co-founders and early Facebook investors Peter Thiel and Luke Nosek. It has invested in various companies within the technology industry, such as SpaceX and Palantir Technologies. AIB Seed Capital Fund is a new initiative launched by Allied Irish Bank to invest in small or medium businesses developing technology innovations that have the potential to revolutionize business practices in several fields.
Previous investors include Allianz SE, Atlantic Bridge University Partners (ABUP) II, Frontline Ventures, Optimum Sports, Triangle Peak Partners and UMC Capital. ABUP II is an early-stage startup accelerator through its Dublin office with over 140 investments since 2008. Frontline Ventures partners with exceptional founders from seed stage to series A/B level investments across Europe. Optimum Sports is an athlete engagement company focused on helping athletes maximize their performance from training camps to game day; Triangle Peak Partners focuses solely on high growth companies in the information technology sector; UMC Capital provides venture capital for companies based both locally and internationally in Taiwanese markets.
Funding Details
Kitman Labs, the sports analytics and injury prevention firm, announced today that it has raised $52 million in a Series C funding round.
The round was led by Summit Partners, with participation from Singapore Exchange and existing investors Iconiq Capital, Sands Capital, and Atlantic Bridge.
With this new investment, the company has raised $74.5 million.
Let’s take a look at the details of this funding round.
Amount raised
Analytics outfit Kitman Labs announced that it has raised $52 million from investors, comprising the company’s Series B and Series C rounds. The Series B round, led by Northzone, amounted to $27 million in funding, completed in 2019. The current Series C round was led by Atomico and included participation from Northzone, MMV Financial and Octopus Ventures, who have invested in the analytics firm since its establishment in 2014.
The new funding will enhance Kitman Labs’ AI-driven solutions to address the growing demand for performance monitoring and improvement in professional sport and modern physical activity. Additionally, Kitman Labs will use the funds to further invest and grow its analytics product with augmented data capabilities and extend its partnerships with teams across sports leagues worldwide.
Investors
Kitman Labs, an artificial intelligence and analytics provider for sports teams, has announced the close of its $52 million Series C funding round. The investment was led by Leucadia Ventures, a subsidiary of Jefferies Group, with participation from existing investors Revolution Growth, U.S. Venture Partners, Vulcan Capital and ElevateSports Ventures.
These investors have entrusted their resources to enable the company’s mission to provide teams with data-driven insights to stay healthy and competitive in an ever-evolving environment of sports teams across the globe. In addition, the Series C proceeds will accelerate integration within new sports and expand operations outside the U.S., a huge step in securing Kitman Labs’ position as a global leader in analytics for sports teams.
Impact
The recent closure of Kitman Labs on a $52M round of funding will greatly impact the sports technology industry. This marks one of the largest investments in the industry, which is expected to bring several innovations to enhance performance and reduce injury risks for athletes.
This investment will also lead to the further creation of jobs in the industry and a boost for the economy.
Let’s explore the full impact of this funding and what it means for the industry.
Use of funds
Kitman Labs, the analytics outfit that helps teams better monitor their athletes’ workload, said on Tuesday it has closed on a $52 million investment round.
Premji Invest and Tiger Global Management led the Series C round, with participation from other global investors including Vintage Investment Partners and Goldman Sachs Growth. The round raised the total invested in Kitman to more than $72 million.
The new funds will be used to continue developing its data and analytics platform, which help sporting organizations measure and improve performance by recognizing when athletes
are likely overworked or injured, as well as build out its sales and marketing teams to expand reaches into new markets across the world.
The California-based company currently works with more than 650 elite teams in 50 sports around the globe, including championship winning organizations in both professional leagues and international competitions. It is particularly popular in rugby league countries – its practice of Athlete Load Management has become an industry standard across Japan’s Top League.
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