A developer of therapy devices for athletes is now worth $700 million thanks to superstar backers like Naomi Osaka

A crew of high-wattage celebrity athletes have teamed up to invest $47.8 million into Hyperice, a developer of medical devices designed to help players and fitness buffs recover after workouts or games.

Backing the company are some of the biggest names in baseball, basketball, football, surfing, and tennis including: Seth Curry, Anthony Davis, Rickie Fowler, DeAndre Jordan, Jarvis Landry, Patrick Mahomes, Christian McCaffrey, Ja Morant, Naomi Osaka, Chris Paul, Doc Rivers, Ben Simmons, Kelly Slater, Fernando Tatis Jr., J.J. Watt, Russell Westbrook, and Trae Young.

The new investment gives the Irvine, Calif.-based company a valuation of $700 million, according to a statement from the company, and will be used for sales and marketing and product development, the company said.

And it wasn't just the players that came on as investors behind the sports medicine tech developer. The investment arms of the nation's biggest sporting leagues are also backing Hyperice. That group includes 32 Equity, which leads strategic investments for the NFL's 32 Member Clubs; OneTeam, an investment group for the players' associations representing baseball, basketball, soccer, football, and tennis; and the NBA itself.

The financial advisory and investment firms, Main Street Advisors and SC Holdings led the round, according to a statement.

Alongside its new cash, Hyperice has inked some key partnerships as the official recovery technology partner of the NBA and UFC leagues.

Image Credit: Hyperice

We started Hyperice not only to help improve athletes' performance and longevity, but to offer the same level of technology to everyday people," said Anthony Katz, the company's founder, in a statement. Over the years, we have developed strong relationships with the athletes that use our products every day. Bringing them into the company as investors was a natural fit because of the authentic connection the athletes have with our brand."

The next big push for the company is a software service to monitor and manage an athlete's performance and recommend optimal rest and recuperation times based on information coming from integrated wearable devices and services like Apple Health and Strava, the company said.

Since I've started using Hyperice, I've realized how crucial recovery is to getting the most out of my training and preparing my body for competition," said tennis superstar Naomi Osaka, in a statement. Hyperice has improved my body and overall health and I know will be fundamental to having a long and healthy career, which is why I invested and want to use my platform to encourage every athlete to take recovery seriously."