LOS ANGELES (PRWEB) MAY 16, 2022
SIQ Basketball, creator of the world's first smart basketball approved by the International Basketball Federation (FIBA) for game play, today announced the close of a $3 million funding round. The financing is led by KB Partners based in Chicago with participation from Tera Ventures in Estonia.
Recognizing a gap in basketball equipment and technology where performance data is traditionally tracked manually, SIQ Basketball is transforming the sport one shot at a time with a smart basketball and coinciding app that tracks over 192 data points per shot without sacrificing on shape, bounce, weight or functionality of a standard ball. Founded by former Finnish professional basketball player Harri Hohteri and led by CEO Erik Anderson, SIQ Basketball gives players access to real time shooting data and performance metrics instantly via the SIQ app, available on Apple and Android devices.
The new investment will enable SIQ’s patented technology and coinciding digital platform to continue rapid expansion into untapped markets. SIQ Basketball will also allocate funds towards technological advancements to the product for increased optimization and gamification in addition to game-changing updates to the AI algorithms within the SIQ app, including the launch of a globally connected leaderboard for uniting SIQ users across the world.
“Data and analytics have been transformative in sports,” said Steve Ahern, partner at KB Partners. “By providing athletes with real-time feedback on their performance through data previously unavailable, SIQ is transforming the way in which players approach the game, allowing them to accurately measure performance and further develop their skill set.”
“Today, access to analytics is limited in youth and amateur sports – especially basketball. SIQ sees a world where every player has performance data at their fingertips,” said Erik Anderson, CEO of SIQ Basketball. “We look forward to leveraging this investment for marked expansion and continued feature development to the SIQ experience.”
Since publicly launching out of Beta in January of last year, over four million shots have been recorded on the SIQ app. With the ability to track multiple players’ performance metrics per basketball, SIQ’s analytics platform provides coaches, players, parents and more with real-time metrics on player development and growth. The SIQ basketball is available in men’s and women’s sizes and for indoor or outdoor use.
To learn more about SIQ Basketball, visit http://www.siqbasketball.com.
About SIQ Basketball
Founded by Finnish professional basketball player Harri Hohteri, SIQ Basketball (pronounced “S-I-Q”) has brought the world’s first FIBA-approved smart basketball to fruition, allowing users to access personalized metrics and advanced analytics with a simple tap of their smartphone. In real-time on the SIQ app, players can track over 192 data points, including consistency, quickness, swish percentage and more with every shot they take. With the same bounce, weight and size as a standard basketball, SIQ’s technology allows players to improve shooting skills without compromising on gameplay. For more information, visit http://www.siqbasketball.com