*Carmelo Anthony turned into a venture capitalist during the Knicks last season. He found interest in sophisticated, wearable sensors that allow players to track their performances.
These devices made by companies like Catapult Sports of Australia weren’t broadly available to consumers, reported the NY Times.
“We started talking about how sensor-based devices available to consumers were really primitive,” said Stuart Goldfarb, a former executive at NBC and Bertelsmann.
He added, “sensors were bound get much better and had the ability to disrupt the whole health care system. But for them to work well and become adopted, they really had to become lifestyle-type products. We wanted to participate in that.”
Goldfarb unveiled what him and Anthony have been working on together on Monday. Their company, M7 Tech Partners, plans to focus on more than wearable technology, but they plan to invest in digital media and consumer technology companies.
The partners are investing in companies like Hullabalu, who makes storytelling apps for children.
They’re using their own money to invest in these companies, but Goldfarb refused to say how much money though.
Like M7, Silicon Valley’s Samsung and Pebble are taking interest in wearable technology as well.
Anthony expressed his interest in wearable technology in a statement. “We are actively looking for ventures with strong leaders creating breakthrough products that resonate with consumers,” he said.
He added, “I particularly have my eye on companies that are involved with wearable technology and connected devices — these will be huge areas for the future.”