PlayerData Completes First Funding Round

PlayerData Burness Paull

Law firm Burness Paull helps sports wearable start-up secure first round funding.https://burnesspaull.com/home

PlayerData, the sports wearables firm, has completed its first round of funding, with help from law firm Burness Paull.

The investment came from a number of high-profile individuals, including former Tesco CEO, Sir Terry Leahy and Blackcircles.com founder Mike Welch, who becomes Chairman of the company.

Founded in 2015 by tech entrepreneurs Roy Hotrabhvanon and Hayden Ball, the company has created PlayerData EDGE, a garment with sensors and a removable control module which delivers data on biometrics, performance and technique for individuals and teams in movement-based sports. The investment will help PlayerData develop a market-ready product by late 2018.

This is the second major deal for Burness Paull in Scotland’s rapidly evolving digital technology sector. In December 2017 the company also advised Cortex Worldwide on its management buyout.

Roy Hotrabhvanon, Chief Executive Officer of PlayerData and a former international archer, said: “PlayerData is perfectly positioned to enter one of the fastest-growing markets, wearable technologies. Speed and execution is of the utmost importance and the support of Burness Paull in helping to deliver this first-stage equity investment is crucial in our journey to market.”

Global Growth

The global wearable electronic devices market is forecast to have grown by 50% from the beginning of 2015 to the end of 2017 and industry reports predict the overall smart wearables market will grow in value to over $15 billion by 2021.  CSC Insight estimates sales of over five million wearable devices in the UK alone in 2016, growing to 14 million by 2020.

Peter Lawson, head of corporate at Burness Paull, said: “Roy and Hayden are seeking to develop the next generation of athlete monitoring and Burness Paull is delighted to support them on the next step of their journey. PlayerData is another great example of a vibrant young tech business in Scotland and it is exciting for us to be working with such dynamic young entrepreneurs.”

Callum Sinclair, the head of Burness Paull’s technology sector, said: “Cortex and PlayerData are two very different deals which offer a snapshot of the wealth of tech talent in Scotland. Burness Paull continues to work with a wide range of vibrant tech businesses at all stages of their journeys at an incredibly exciting time for the sector in Scotland.

“The tech sector is all about identifying great ideas and supporting the people behind them to develop those ideas into applications that can make a real difference to people’s lives. PlayerData looks like one of those great ideas – and when investors like Sir Terry Leahy and Mike Welch come on board, that is a real vote of confidence.

 



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