Intel on your wrist? On your eyes? Maybe around your waist? Maybe. Wearable technology is the top craze in the industry today with ideas ranging from smart bra, smart diaper, even a smart ring and the computer chip manufacturer does not want to enter the game late.
Intel has announced the completion of its acquisition of Basis Science, maker of fitness tracker Basis Band, on Tuesday. The purchase started earlier this month through a bidding with the deal estimated between $100 and $150 million but the official numbers have not been disclosed.
Basis allegedly shopped itself around Silicon Valley in February, approaching big names such as Google, Microsoft, Samsung, and Apple. The three year old firm received initial funding of over $32 million and another $11.8 million in another series of funding.
"The acquisition of BASIS Science provides immediate entry into the market with a leader in health tracking for wearable devices. As we accelerate our position in wearables, we will build upon this foundation to deliver products that bring people greater utility and value. I'm confident that our collective resources and expertise positions us well for the future," said Intel vice president and New Devices Group general manager Mike Bell.
Intel is playing catch up with its competitors such as Texas Instruments and Qualcomm that already has their sensors inside wearable technology devices but just like its company adage, it wants to pursue its dream of having an "Intel inside" in every wearable device.
With Basis under its helm, the chipset maker now has a team that has the experience of building a good wearable device and the talent that will help it explore the very young niche. The $200 health band of Basis has been praised for having the most number of sensors compared to other fitness trackers available today.
"Intel has a broad wearables strategy and we are now a key part of it. We felt like the momentum Basis had generated on its own would only be greater with the technical, manufacturing, global reach and support resources Intel has to offer," Basis said in a statement.
During CES 2014 in Las Vegas earlier this year, Intel chief executive Brian Krzanich has given the technology world a preview of what to expect from the company. He showcased a smart earbud that can monitor one's heart rate and a smart watch that has a geofencing feature, alerting the user if a child or a tracked individual goes outside of a predetermined region.
Intel's acquisition of Basis is a continuation of its buildup for the wearable technology industry. In 2013, the company injected investments to sports HUD maker Recon Instruments and armband muscle movement sensor manufacturer Thalmic Labs.
Basis will be part of Intel's New Devices Group helmed by Jef Holove, former CEO of Basis.
The Basis fitness tracker will still be available and be supported.
