Belgaum based smartwatch startup Sensegiz has raised $500,000 from Karnataka Semiconductor Venture Capital Fund (KARSEMVEN).
The funds will be used to experiment a new product, expand its team and for marketing purpose. The company aims to sell 1 lakh units of the device by next year, all of which will be manufactured in Mysore. The CEO, Abhishek Latthe seems to be aiming at ‘Make in India’, in a statement he said, “We are manufacturing this completely in India. That’s why we got the funding.”
Sensegiz has been in the B2B market from past two years but now they seem to be tapping the B2C zone.
The company currently makes two products, STAR and FIND. FIND, a device tracker which has already sold 20,000 units while STAR is a smartband which has sold 3,000 units. The products are made in India but sold in the American and Japanese market. According to Allied market research, the smartband market will reach $32.9 billion by 2020.
The devices can pair with any smartphone via Bluetooth low energy protocol and can send signals to concerned people in case of emergency. In case of mishaps, the watch automatically records audio clips of one-two minutes.
Sensegiz faces direct competition from companies like Jawbone, fitbit and misfit wearables. Misfit was recently acquired by Fossil for $260 million, while Jawbone got funding of $300 million from Blackrock. Fitbit has gone a step further by going public in June. Among Indian hardware startups, Goqii (which manufactures fitness wearables) raised an undisclosed amount of funding from Vijay Shekhar Sharma in July this year.