Thu. Mar 28th, 2024
CoveIoT

CoveIoT, which is a Singapore-based startup that develops wearable technology products, has got backing from Titan — which is a watch and jewellery retailing arm of Tata Group. However, the amount invested remains undisclosed.

The funds will be primarily be used for the product development as well as for the research and analytics. The deal seems to be a part of the company’s efforts to build and expand its presence in the smartwatch, wearables and IoT space.

Titan has already entered the wearable technology space, with the launch of Titan Juxt. However, the company is yet to register significant sales growth or buyers interest. With this investment, Titan is surely hoping to up its smartwatches game.

CoveIoT, founded by Pawan Gandhi along with Justin Tang and Sudheendra S, is headquartered in Singapore and has offices in China, India and Geneva.

The company aims to bring wearable technology in everyday life to make it more enriching, safe & fun. It is a wearable technology and Internet of Things platform that enables brands to launch smart products. The startup uses wearable technology to enable GPS tracking, digital payments and monitoring of health and wellness.

The smart wearable space in India is already crowded with a lot of players trying to grab the majority market share. The companies include Apple, Samsung, Xiaomi, GQii, Garmin, Asus, etc.

As on June 30 2017, GOQii held the first position in terms of wearable shipments in the country with about 20.8% market share for the Q1 2017, while Xiaomi stood second with 10.1% market share in terms of shipments.

By Jeet