Misfit Wearables

The founders brought together a wealth of experience from previous ventures. Sonny Vu and Sridhar Iyengar had previously co-founded AgaMatrix, a medical device company that successfully developed the iBGStar, the first FDA-approved medical device to connect directly to an iPhone. Vu's background includes work at Microsoft and a PhD pursuit in linguistics at MIT, while Iyengar is a serial entrepreneur with a PhD from Cambridge University. This foundation in both medical devices and consumer technology guided Misfit's focus on creating wellness products that were not just functional but also aesthetically pleasing and designed for long-term wear.

Misfit's business model centered on the direct sale of its hardware, including its flagship activity tracker, the Misfit Shine. Revenue was also generated through the sale of accessories and via strategic brand partnerships with companies like Coca-Cola, Swarovski, and Speedo, which helped increase brand awareness without paid media. The company's first product, the Shine, was launched through a highly successful Indiegogo crowdfunding campaign, which validated the market demand for a more fashionable take on activity trackers. The Shine was a small, all-metal, disc-shaped device that could be worn in various ways, from a wristband to a necklace. It tracked metrics such as steps, calories, sleep, and distance, using a halo of LED lights to display progress and the time. A key feature was its use of a standard coin cell battery, which provided up to six months of life, eliminating the need for frequent charging.

The company expanded its product line with devices like the Flash, a more affordable tracker, and entered the smart home market with connected lightbulbs. In November 2015, Misfit was acquired by the Fossil Group for $260 million. This move was aimed at integrating Misfit's technology platform across Fossil's portfolio of watch brands, bridging the gap between fashion and wearable technology. Following the acquisition, Sonny Vu became President and Chief Technology Officer of Connected Devices for Fossil Group. Misfit's technology was subsequently used as the foundation for various hybrid smartwatches under the Fossil umbrella, including brands like Skagen and Emporio Armani.