Wave, a subscription app and connected foam cushion for at-home meditation, has launched with $5.65 million in seed funding. CrossLink Capital, Lerer Hippeau Ventures, Collaborative Fund and Ludlow Ventures were named as the company’s backers in this morning’s announcement.
WHAT THEY DO
The core of Wave’s consumer offering is an app-based service ($9.99 per month, $99.99 for a year) that looks to resemble a music platform as much as it does a meditation tool. It features dozens of original music tracks that included guided meditation instructions, with more such “albums” set for release with each month.
Paired with this is a Bluetooth-connected memory foam pad ($199.99 purchase, includes headphones). When either laying on or leaning against the pad, the device vibrates in sync with the audio content being delivered through the app to increase users’ immersion during a meditation session.
WHAT IT’S FOR
Wave kicked off its service today, and will likely be using the pre-launch funds to ensure its business starts off on the right foot. However, the company did not outline any specific plans.
MARKET SNAPSHOT
Calm is often cited as the digital meditation market’s biggest dog, and just this month added $27 million more to an ongoing $88 million Series B from earlier this year. Meanwhile, Simple Habit capped off a $10 million round back in November, while Headspace enjoyed a $36.7 million raise in July 2017.
The space has also seen its fair share of acquisitions as well. In September of last year, Meditation Studio was acquired by EEG headband maker Muse, while Headspace announced its acquisition of voice-enabled AI system Alpine.AI, furthering the former's development in personalization and conversational products.
