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Misfit (company)

Misfit, Inc.
Subsidiary
Industry Consumer electronics
Founded October 14, 2011; 5 years ago (2011-10-14)
Founder
Number of locations
3
Key people
Products
Parent Fossil Group
Website misfit.com

Misfit is an American consumer electronics company founded in 14 October 2011 by Sonny Vu, Sridhar Iyengar and John Sculley, owned by Fossil Group. It specializes in wearable technology that utilizes sensors and home automation products. Misfit's wearable activity trackers are unique in design, and count sleep, calories, and basic steps that can be synced to a mobile app on a compatible smartphone. Vu and Iyengar previously co-founded AgaMatrix, a company that made the iBGStar, the first FDA approved iPhone medical device.

In November 2015, Misfit was acquired for $260 million by Fossil Group.

Misfit was founded in 14 October 2011. Its name honors Steve Jobs, who died 9 days before the company was founded. It was inspired by the 1997 commercial which debuted Apple's "Think Different" slogan: "Here’s to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes."

Misfit's first product, Shine, launched via an Indiegogo campaign in 2012. The campaign reached its goal of $100,000 within ten hours, and raised $846,675 in its campaign that lasted just over two months. The co-founders used the crowdsourcing campaign to get feedback about the product and the market for activity trackers and wearable technology.

In April 2012, Misfit raised $7.6 million in its Series A funding. In December 2013, Misfit secured $15.2 million in Series B funding for research and development of products that are expected to be released in 2014. The Series B funding round was headed by Li Ka-shing's Horizons Ventures and joined by Translink Capital and The Coca-Cola Company. Previous investors including Founders Fund, Khosla Ventures, Norwest Venture Partners, O’Reilly AlphaTech Ventures, Max Levchin and IncTank also participated in the company’s series B round.


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