Recovery tech company Hyperice acquired Core, makers of a handheld meditation device.
Who’s who. Best known for its vibrating massage gun, as well as other thermal and compression tools, Hyperice raised $48M in funding at a $700M valuation last year.
Founded in 2016, Core developed a device that uses biofeedback to help users hone their meditation practice. According to Crunchbase, the company raised $4M in funding.
Why it’s interesting: From its inception, Hyperice has primarily served athletes and serious fitness seekers.
Expanding its product portfolio, the company previously acquired NormaTec and RecoverX, who also played in the recovery/performance space.
Now, with the addition of Core, Hyperice hopes to break into an entirely new market.
According to Hyperice CEO Jim Huether, the acquisition will help elite and everyday athletes optimize their mental wellness:
“Joining forces with Core aligns with our innovative spirit, while investing in the future of wellness and includes a holistic and self-care approach.”
The next frontier. Mental wellness is a massive market going high-tech.
- The global mental wellness economy is worth $121B.
- Funding for mental health startups topped $1.6B in 2020.
- The number of Americans who meditate tripled between 2012 and 2017.
As we detailed in Issue No. 123, connected mindfulness companies will focus on the brain + body connection.
“Connected mindfulness companies are combining hardware, software, and content to create integrated offerings. If it catches on, brain training will give rise to mental fitness, complete with an exercise regimen for the mind.”
Punchline: Combining hardware, software, and mindfulness, the Core acquisition taps this trend perfectly. Whether or not it fits within Hyperice’s product offering or appeals to their core customer (or helps them reach new ones) is what we’ll be watching for.