Feb. 27, 2015
SOLS, the pioneer of custom mass manufacturing of orthotics, today announced the completion of an $11.1 million Series B funding to bring 3D-printed shoe insoles to consumer market.
Previous investors returned for the round including Founders Fund and Lux Capital, in addition to significant new investments by Tenaya Capital and Melo7 Tech Partners, a fund co-founded by Carmelo Anthony and Stuart Goldfarb.
Founded in 2013, SOLS Systems is the technology company re-engineering the way individuals walk by bringing custom 3D printed orthotics to consumers and athletes. Last April the company raised $6.4 million in Series A funding led by Lux Capital.
With SOLS' technology, customers will be able to use their mobile device's camera to scan their feet and place an order using a downloadable app: the process is 100% digital. The foot scan provides the data to visualize the product and prescription in real time. SOLS then converts the scans to 3D models, from which customized insoles are then created on 3D printers.
The new infusion of capital will be used to prepare for SOLS' direct to consumer launch and further develop its robust portfolio of products that focus on smart technology and responsive real-time products. Just last week, SOLS unveils their vision of the future of footwear, ADAPTIV, at the NBA All Star Weekend event. ADAPTIV is a 3D printed shoe that utilizes a system of gyroscopes and pressure sensors. It is able to move air pressure or fluids throughout the shoe to support your body's shifts and motions.
"As an athlete, I understand the relationship between high performance, skill and proper biomechanical alignment. SOLS is a pioneer in 3D printed, comfort custom orthotics and is changing the dynamics of the category - making wearable technology actionable and relevant for the everyday man," stated Carmelo Anthony. "I believe in the ambition of the Company and wanted to be a part of it at the onset."
Lux Capital's Zack Schildhorn added, "This Company is reinventing footwear and reimagining how personalized products are made. We couldn't be more proud of the team's progress and are excited to support their vision of the future."
In addition, SOLS is also announcing the appointment of Terdema Ussery, Dallas Mavericks' president and CEO, to its board of directors. "With his rich background in performance sport from his time at Nike, to his real-world experience and application with the Dallas Mavericks, his insight will be invaluable as we work to transform SOLS into a recognizable, household brand." stated Kegan Schouwenburg, SOLS founder and CEO.
Kegan Schouwenburg, SOLS founder and CEO
SOLS began selling orthotics last year through a network of 300 medical professionals who can fit patients in-person. The price for custom 3D printed insoles is around $300 to $700.
With the new funding, SOLS has raised a total of $19.3 million in funding, grown to a team of over 45 employees.
Posted in 3D Printing Applications
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