Singapore-based IoT solutions company KaHa has raised a US$4.5 million funding from Jungle Ventures, Metals International, YourNest, and SPRING SEEDS Capital (SSC), which is a co-investment arm of the Singapore government’s enterprise development agency, SPRING Singapore.
The company will use the newly-raised financing to bankroll its expansion across markets in Asia, Europe and the US.
Founded in 2015, the company, which also has offices in Switzerland, India and China, develops customisable IoT wearable platforms for companies under its brands COVE and COVENET.
These white label solutions include electronics design, printed circuit board assembly, application framework for iOS and Android, cloud services, data analytics and smart after-sales service tool.
COVE and COVENET primarily target consumer verticals such as health, wellness, sports and fitness, safety, smart payment, sensor-based gaming, smart fashion, home automation to smart automobile.
Some examples of the products it has developed include smart bracelets, Smart bands, full touch smart watches, smart watch buckles, smart belts and smart wallets.
“As an enterprise, we are unique in that we provide complete end-to-end solutions to our brand partners to achieve world-class smart products. Our IP in both software and hardware come with a state-of-the-art social platform,” said founder and CEO, Pawan Gandhi, in an official press statement.
According to a Analyst Gartner report, the global wearables market expected to grow 17 per cent this year with US$30.6 billion in revenues. Gandhi said his company is primed and ready to meet the growing needs of this market segment.
“Consumers across Asia, Europe and North America are some of the most tech-savvy in the world, and our R&D is focused on anticipating their needs and wants in this fast-developing field. What sets us apart as a brand is our obsession with redefining the consumer experience, solving everyday problems and creating delightful social journeys,” he added.
Image Credit: KaHa