Intel Capital has made an additional investment of $4 million in Mark One, a company that made the Pryme Vessel smart cup, which tracks water intake and hydration. The chip maker previously invested in Mark One in June 2015.
Mark One uses Intel for its product
An Intel Capital spokesperson told TechCrunch, “As to the additional funding, it’s common for Intel Capital to participate in follow-on rounds to help our portfolio investments bridge to the next level of success. And of course, besides funding, we offer introductions to Intel scientists, customers and partners all over the world.”
To analyze data from sensors, Mark One uses Intel’s Curie hardware module, which is a low-power solution that comes equipped with motion sensors, pattern matching capabilities and battery charging. Using this, Mark One is able to identify certain actions and motions such as lifting the cup to drink fluids.
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It’s likely the next level of success that Intel Capital is talking about is functionality, says TechCrunch. Alan Johnson, CEO of Mark One, joined the company just a week ago and says the additional funding will help the company fix connectivity and reliability issues associated with the product.
For Mark One, execution is a concern
Currently, Mark One is developing version two of the Pryme cup, which will be more “industrial strength.” Johnson, who has served BevMo in the past as CEO, says his next move will most likely be to be a “disruptor with a powerful vision” and “if able to execute, would leave a dent on the earth’s surface.”
Mark One has not been able to execute on much, and for this reason, the phrase “if able to execute” part is key, says TechCrunch. Mark One closed a $3 million seed round last year, and a few months later, it shared its plan to delay the launch date of the Vessyl with its early backers.
The original Vessyl from Mark One was supposed to track the amount of liquid the user consumes in a day to monitor his/her overall nutrition and also tell the difference between various beverages such as sodas, juices, water or other liquids. The target date was sometime in 2015, but that did not happen. For this reason, the company launched a different cup called Pryme in November 2015, meant to track just water and hydration. Under Johnson, Mark One aims to hit sales of over $1 billion.