Wearable technology company Jawbone raised $165 million, although its valuation has dropped significantly as investor sentiment in the tech sector shifts.
According to The New York Times, the cash will be used to fund operations, growth and new product development, with no specific plans disclosed.
Re/code said that the round values the company at $1.5 billion, down from as much as $3 billion in earlier rounds.
Other companies are also seeing “down” rounds, and Jawbone is competing in the tough wearables space.
The new cash comes from Kuwait Investment Authority, which Re/code described as a “long-term and stable investor”, alongside existing investors.
According to the reports, the company is set to issue more stock to employees, in order to make up for potential losses resulting from the lower valuation the company has received.
But Re/code noted that there has been one high-profile departure: president Sameer Samat, who is rejoining former employer Google.