Wearable tech startup Actofit has raised INR 5 crore ($750k) in Pre-Series A round from Next Orbit Ventures Fund and serial entrepreneur & angel investor Nilesh Jain. The startup is also ready to commercially launch its much-awaited smart wrist-wear that tracks comprehensive indoor workouts and provides data driven actionable insight.
Actofit is an Indian wearable tech startup with a developed wearable wrist-wear and a complete software algorithm platform that tracks not only your steps & heart rate but goes deeper into advanced motion tracking to track comprehensive & granular workout statistics; creating seamless logs, allowing you to evaluate data to make informed decisions.
Through its versatility and innovation, Actofit is able to auto identify 75+ gym exercises, count sets & reps, measure continuous heart rate, estimate velocity, force and power for every exercise and can also be used for the rest of the day as a regular fitness tracker. It aims to help fitness enthusiasts track their complete workouts, evaluate forms and sessions, maintain optimum heart rate, and use the data to make informed decisions.
“The Wearable Tech Space is still a relatively young industry. With the adoption rate of Wearables already close to 50% in the United States, and the emerging markets catching up, we saw 78 million devices shipped last year. This industry is growing north of a 30% global CAGR and Actofit definitely is ahead of the curve. The potential it has in a global scenario is exciting, let alone the Indian markets” – Ajay Jalan, Managing Partner at Next Orbit Ventures is bullish on the scope and potential Actofit possesses. Next Orbit Ventures earlier funded Actofit in a Seed round in July 2015 of Rs. 1 Crore.
“The funds will be used for the commercial launch of its dynamic products in the markets as well as for marketing, inventory building, team expansions and new product developments & partnerships. To be available in stores by the end of 2016, Actofit is the first fitness tracker that is more versatile and unique than anything that is available in the markets today. It comes out of a direct user requirement and we have been working with fitness experts & professionals while building this product,” said Pratik Saraogi, Cofounder & CEO at Actofit.
Actofit uses 9 axis motion sensors to track movement in the 3D space. Using machine-learning algorithms, Actofit has built an activity identification platform and has multiple pending patents. Although the product is launched in the fitness space, the software platform is capable and allows users to add or customize any kind of motion & track it, which has applications across different sports, yoga, physiotherapy and more.
“Fitness needs to be perceived as fun and games, I have no doubts Actofit, in its own way can create gamification and cause a disruption in the fitness arena. I trust the team, technology and the product, Actofit is the seamless integration of cutting edge technologies that raises the bar of wearable tech” – says Nilesh Jain, who has been mentoring the team and is interested to see how this turns out in a phase “where a lot companies today are focused on creating marketplaces for you to feed in information, and get help from the other side, but very few actually have a sensor network to pull in that information automatically and seamlessly. This would result in an exponentially higher user experience and a better stickiness.”
The Company has partnered up with Indiegogo for the launch its PreOrders which is expected to kick off on 23rd October, 2016, and is expected to start shipping its first batch as early as Christmas 2016.
“The confidence shown by such successful and high quality investors is something that boosts our team’s morale and validates our product. We have been working on developing the core technologies and perfecting the product for more than 2 years and I am sure we will be able to scale up the momentum, not just with their money, but their expertise, guidance and networks,” added Pratik Saraogi.
Actofit is an Indian wearable tech startup with a developed wearable wrist-wear and a complete software algorithm platform that tracks not only your steps & heart rate but goes deeper into advanced motion tracking to track comprehensive & granular workout statistics; creating seamless logs, allowing you to evaluate data to make informed decisions.
Through its versatility and innovation, Actofit is able to auto identify 75+ gym exercises, count sets & reps, measure continuous heart rate, estimate velocity, force and power for every exercise and can also be used for the rest of the day as a regular fitness tracker. It aims to help fitness enthusiasts track their complete workouts, evaluate forms and sessions, maintain optimum heart rate, and use the data to make informed decisions.
“The Wearable Tech Space is still a relatively young industry. With the adoption rate of Wearables already close to 50% in the United States, and the emerging markets catching up, we saw 78 million devices shipped last year. This industry is growing north of a 30% global CAGR and Actofit definitely is ahead of the curve. The potential it has in a global scenario is exciting, let alone the Indian markets” – Ajay Jalan, Managing Partner at Next Orbit Ventures is bullish on the scope and potential Actofit possesses. Next Orbit Ventures earlier funded Actofit in a Seed round in July 2015 of Rs. 1 Crore.
“The funds will be used for the commercial launch of its dynamic products in the markets as well as for marketing, inventory building, team expansions and new product developments & partnerships. To be available in stores by the end of 2016, Actofit is the first fitness tracker that is more versatile and unique than anything that is available in the markets today. It comes out of a direct user requirement and we have been working with fitness experts & professionals while building this product,” said Pratik Saraogi, Cofounder & CEO at Actofit.
Actofit uses 9 axis motion sensors to track movement in the 3D space. Using machine-learning algorithms, Actofit has built an activity identification platform and has multiple pending patents. Although the product is launched in the fitness space, the software platform is capable and allows users to add or customize any kind of motion & track it, which has applications across different sports, yoga, physiotherapy and more.
“Fitness needs to be perceived as fun and games, I have no doubts Actofit, in its own way can create gamification and cause a disruption in the fitness arena. I trust the team, technology and the product, Actofit is the seamless integration of cutting edge technologies that raises the bar of wearable tech” – says Nilesh Jain, who has been mentoring the team and is interested to see how this turns out in a phase “where a lot companies today are focused on creating marketplaces for you to feed in information, and get help from the other side, but very few actually have a sensor network to pull in that information automatically and seamlessly. This would result in an exponentially higher user experience and a better stickiness.”
The Company has partnered up with Indiegogo for the launch its PreOrders which is expected to kick off on 23rd October, 2016, and is expected to start shipping its first batch as early as Christmas 2016.
“The confidence shown by such successful and high quality investors is something that boosts our team’s morale and validates our product. We have been working on developing the core technologies and perfecting the product for more than 2 years and I am sure we will be able to scale up the momentum, not just with their money, but their expertise, guidance and networks,” added Pratik Saraogi.
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