LUMOback: A Crowdfunding Success

News
July 6, 2022 - By Sophie Park

What’s slim, sleek, comfortable, helps improve your posture, and recently raised over $100K in sales before it’s shipped a unit?

It’s called LUMOback, a wireless sensor (with a mobile app) that provides gentle vibrations when you slouch, reminding you to straighten up. LUMOback tracks all of your daily movement and gives feedback on how to improve your posture to bring good movement back into your daily life.

After demo-ing for the Health 2.0 Silicon Valley Meetup just last month, LUMOback raised over $100K in less than two weeks to fund production of the device. They used Kickstarter, a crowdfunding website, to obtain the funding and pre-sales.

The trend of crowdfunding is rapidly transferring over to the health care industry. Other health companies have joined in on the crowdfunding trend. The first app-connected toothbrush company Beambrush is using Indiegogo, another crowdfunding site, for their $40K fundraiser. LUMOback’s use of KickStarter to gain pre-sales is only one example that this funding model creates for innovative health care ideas and platforms.

There is already a lineup of crowdfunding health care websites that are launching this summer. Medstartr is launching on July 11th, Health Tech Hatch is planning on going live around mid-August, and WeFundr is following close behind but with out a public launch date at press. These websites focus on raising funds specifically for innovative health technology ideas and platforms.

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  • http://twitter.com/MedStartr MedStartr

    Thank you for the mention Sophie! It is great to see Medical Devices enjoying success in the CrowdFunding space finally! Among the first 60 applicants on MedStartr many are Medical Devices and I think that category will do very well.

    Lumo’s bluetooth connected device to the iPhone is a good model, something the Pebble did too. Eric Migicovsky (Pebble founder) actually is co-sponsoring a free Pebble for the first 5 medical pebble projects on MedStartr, so I think we will see more of this.

    The Health Crowd seems to be pretty excited too. We did a private beta launch on the 4th of July, (Declaring Health Innovation Funding that will be By the People and For the People) and we had people hopping the fence on the 3rd to fund out first seven projects. We think healthcare is the perfect place for crowd funding since the Patients and Doctors have been so removed from the innovation funding process for so long, they are very receptive to finally having a say, being able to fund the care innovations that they care deeply about.

    Thanks to Health 2.0, especially Matt and Indu for all your support for the Health 2.0 NYC chapter, FairCareMD, and now MedStartr!

    Sincerely,
    Alex Fair

  • http://radaris.com/p/Suhail/Tufail/ suhail tufail

    So thanks for giving description of this technology. It will be so helpful I think.

  • Albert Christiansen

    Very interesting!