Action camera startup Revl raised $2 million in seed funding on Thursday to make waterproof digital cameras for action sports enthusiasts.
Venture capitalist Bill Tai led the round with participation from Y Combinator, Heavybit Industries founder James Lindenbaum, Google Maps co-founder Lars Rasmussen, Frog Ventures and others. Revl also said it is partnering companies that include Sony and Ambarella, according to the Wall Street Journal.
CEO Eric Sanchez, formerly an engineer with Sikorsky Aircraft, founded San Francisco-based Revl in 2015. The company is in Y Combinator’s Winter 2016 batch, which is doing Demo Days last next month.
The company plans to introduce its first product, the Revl action camera, via a crowdfunding campaign this spring. The camera is designed for fully stabilized instant capture and share, with intelligent features and to provide clear videos, whether the camera is mounted on a snowboarder’s helmet or on a surfboard.
“We are excited to have the support of experienced investors – each industry pioneers that are investing in creating the next generation of sharable video,” Sanchez said in a press release. “This investment will enable our team to finalize product development and bring the world’s smartest action camera to the market.
Revl will compete in a crowded market dominated by notable names like GoPro, Canon and Nikon.
GoPro, one of the most recognizable names in action cameras, has struggled in the sector as of late. The San Mateo-based action camera maker posted an adjusted quarterly loss of 8 cents a share in early February, compared to the 3 cents a share in adjusted profit that Wall Street expected.
GoPro’s guidance for first quarter revenue also came in well below expectations, with the company forecasting between $160 million and $180 million. Analysts had projected $287.2 million. GoPro stock, which was trading close to $64 per share last August, is currently hovering around $11.37 per share, more than 50 percent below the $24 its IPO price in June 2014.
Revl will use the new funds to accelerate production and develop new backend capacity via an iOS app.
Original article on Silicon Valley Biz Journals