On July 13, elegant Bluetooth headset maker Jawbone announced its plans to launch a new health and fitness device - a wristband dubbed "functional jewelry" - that will compete with the likes of BodyMedia, FitBit, Nike+, and DirectLife.

In addition, the company boasted $70 million in new funding to support its plans, and Jawbone's CEO unveiled the new product at this week's TEDGlobal conference in Edinburgh. The company also recently scored $49 million in venture capital. "A $120 million kitty is rather big for a company with 200 employees, but Jawbone is also setting itself up for a big move into the nascent field of personal health," reported Forbes magazine.

The new device, dubbed UP, will feature a flexible wristband packed with vibration and motion sensors and wireless radio chips, to pair with a smartphone app. The device tracks and analyzes exercise, diet, and sleep data, providing users with tips on living a healthier life and challenges to help them get on the right track.

Mobile tech website Mobilhealthnews also cites that UP could be a competitor to an upcoming device called PulseTracer, from startup company Basis, which is also a wrist-worn gadget that measures vital signs such as heartrate.

No news is yet available on how much UP will cost or when it will be available, although a press release states that you can get your hands on one later this year.