Edinburgh-based PlayerData has completed a $2.3 million (£1.67m) series A investment round led by Hiro Capital.
The funding round, which saw former Tesco CEO Sir Terry Leahy participate, will support the firms’ ongoing growth plans as it looks to expand internationally.
This latest announcement marks the second successful fundraise for PlayerData in the last year.
In May 2020, the firm confirmed it had secured £750,000 in funding from a host of investors.
Founded in 2017 by two University of Edinburgh graduates, PlayerData develops wearable technology which combines data analytics and artificial intelligence to monitor how athletes and sports teams train.
The firm says its AI-powered tech is capable of predicting player injuries before they happen while its tools enable coaches to replay critical moments in a game. This allows coaching staff and athletes to model different outcomes based on variables such as player positions.
In its first year live, its wearable tech has captured more than 10,000 team sessions and 50 million metres of athlete play in grassroots football and rugby in the UK alone.
Long-term, PlayerData hopes to expand the applications of its wearable tech across multiple sports and tap into new global markets.
Commenting on the investment, co-founder and CEO Roy Hotrabhvanon said: “Our mission is to bring fine grained data and insight to clubs across team sports, helping them improve player performance and avoid injury.
“We leverage our platform and data to generate biometric insights applicable at any level – from competitive grassroots to professional. Our ultimate goal is to implement cutting-edge insights from pioneering wearables that are applicable to any team in any discipline at any level.
“As an investment partner, Hiro Capital shares this commitment to our mission.”
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Cherry Freeman, co-founding partner at Hiro, said: “PlayerData ticks all of our key boxes: a huge total available market with over 3 million grassroots clubs; a deep moat built on shared player data, machine learning and highly actionable predictive algorithms; compelling customer network effects; and a really impressive yet humble founding team.”
PlayerData also joins a number of digital sports startups in the Hiro portfolio, including FitXR, Zwift and Nurvv.
Luke Alvarez, Managing Partner at Hiro added: “In a year when lockdown accelerated digital adoption and kept us all out of the gym, companies like Nurvv, FitXR, Zwift and Peloton helped people stay fit, healthy, and biomechanically self-aware.
“2020 super-charged connected fitness and PlayerData is our latest exciting investment in this accelerating macro trend.”