Irish sports technology company Orreco has raised $3.6 million in funding led by True ventures, a key investor in both Fitbit and Peloton.
The company uses machine learning and data analytics to monitor elite athletes’ health, accelerating recovery. Blending Sports and Data science is the main focus of this upcoming sports analytics company.
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The new round of financing will help grow the company’s headcount across the UK and Los Angeles. The current Orreco team includes 35 Olympic medallists, 16 PhDs and has successfully published more than 300 peer-reviewed scientific papers.
The company also has the backing of some of the key NBA folks, such as Joe Dumars, a board member.
Orreco offers an advanced biomarker analytics service.
Their advanced analytics service is a full blood review of over 50 biomarkers, giving a view ‘under the hood’ of the factors that drive athletic performance.
Periodic blood testing across the season is used to monitor meaningful changes within an athlete, identify increased injury or illness risk, assess nutritional status, and manage training load.
According to Orreco, the insights gained from blood profiling provide an objective means of assessing nutrition status and the capacity to tolerate training load, helping performance staff to make evidence-based decisions that support athlete health and optimize performance.
True Ventures, which has more than $2.8 billion of assets under management, is a long-time backer of Orreco. The Silicon Valley-based venture capital firm was the first institutional investor in Fitbit as well as Peloton.
Wearable players such as Garmin have shown interest in this emerging space. Last year, Garmin had acquired Firstbeat Analytics, which worked with different European sports teams to provide similar services.
“Brian and his team have created best-in-class bio-analytics for athletes and have the customer roster to show for it,” said True co-founder Phil Black. “It’s our pleasure to continue to support Orreco’s growth as the team expands its offerings nationally and globally. It’s such a compelling use of data science.”
Source: Orreco News Release