Titan Company Limited, the Indian luxury goods company that is part of the Tata Group, has invested $3-5 million in wearable tech internet of things ( IoT) startup CoveIoT, according to multiple media sources.
The investment deal would be the first its kind by a strategic investor in the IoT space. Cove is the registered brand name of the startup KaHa which is registered and headquartered in Singapore and also has offices in Bengaluru, Gene va and Shenzhen. “The funds are going to be deployed towards product development, as well as research, analytics and so on,“ said one source aware of the developments.
Founded in 2015 by Pawan Gandhi, Sudheendra Shantaram and Justin Tang, KaHa is a smart wearable technology company that provides an end to end IoT platform for brands to launch smart wearable products.
Currently, the startup is focusing on a wide range of sectors within security, from targeting women centric security issues to daily convenience items such as GPS tracking, digital payments through wearable technology and monitoring devices for health and wellness. Sources claim CoveIoT’s security and monitoring features can accurately track the location of an individual wearing the device.
Most recently, the startup has launched PRiSM brand of classic smart watches at Hongkong Watch Fair, in September this year followed by launch of fitness tracking device in October.
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