We are very excited for the entire Basis team with the announcement they will be joining Intel. We are also very pleased that Jef, Marco, Bharat and company will continue to pursue the vision for the device with the support of the innovative folks at one of the most storied technology companies in the world. When we partnered with Basis last year we didn’t expect for the journey to end so soon. However, in joining Intel the company is empowered in its vision of leading the Health and Wellness market of wearable devices.
We have been focusing on the software opportunities that either differentiate a connected device or that is built on an emerging platform, such as Pebble, Android Wear or SmartThings. The former drove our investment in Basis. We strongly believed that Basis had differentiated technology, driven by software, that put it in a different league in the wearable market. Apparently Intel agreed. In a world with a number of players who can quickly and cheaply produce hardware devices it is imperative that there is a differentiation built in the software, brand or distribution.
Watching a company with a hardware device at its core is very different than a pure software play. The logistics of the supply chain, the constant challenges of software integration and reliability in tooling are just a few of the challenges that most technology companies never have to contend with. It was encouraging to see how fast an experienced team around the Basis vision and put the wheels in motion to launch a successful first product. Something not easily done. If not for the leadership and hard work of Chris, John, Spencer and Ethan it is unlikely that Basis would be where it is today. Knowing what they are currently working on has me very excited to see what the future holds at Intel.
Again, congrats to everyone at Basis. We are eager to continue being active investing in wearable and connected devices companies. However, as the saying goes, you never forget your first, and with that Basis will always hold that special distinction for us.