Witworks raises seed funding from Fireside Ventures, Investopad
Latest News »
- Eisai Pharma launches new anti-epilepsy drug in India
- Everstone Group names Ajay Kaul to lead its fast food business
- Parties hail Triple Talaq verdict, PM Modi calls it powerful measure for women’s empowerment
- Bandhan Bank preparing to launch IPO
- Market roundup | EM funds post biggest weekly outflow of 2017
New Delhi: Bengaluru based, Witworks Consumer Technologies Pvt. Ltd that operates under the brand Witworks, received an undisclosed amount of seed funding, the company said in a statement on Thursday.
The funding was led by Fireside Ventures, Investopad and Manish Singhal, founding partner pi Ventures, who has invested in his individual capacity. The round also saw participation from P39 Capital along with a group of angel investors including Anupam Mittal (Shaadi.com, founder), Pranay Jivrajka (chief operating officer, Ola), Maninder Gulati (chief of strategy, OYO Rooms), Abhinav Sinha (chief operating officer, OYO Rooms), among others.
A consumer technology company, founded by Somnath Meher, Ankit DP and Chandrashekhar Iyer in 2014, Witworks makes connected devices in the home and lifestyle segment.
The company will use the funds raised for the development and launch of its wrist-wearable device called Blink.
“The technology (for smartwatches) is in place, and there’s enough eagerness amongst consumers. But lack of relevant used case, ease of interaction and genuine design-empathy have prevented them from taking off. With a blend of technology and design, we are looking to solve that and make smart-wearables ubiquitous,” said Meher in a statement.
The company has developed both—the hardware and the software of the device. The voice-enabled operating system of Blink, called Marvin, is developed on Android.
The device, due to be launched by the end of September, will have use cases beyond fitness and push notifications, said Meher in an interview. It will work as a contextual device that shows customized information relevant to the user.
In addition, it can be used for making offline payments (without a network connection).
“Not being a mobile manufacturer gives us the liberty to start ground-up instead of replicating the features and design of a mobile phone on the wrist.
Marvin, being a watch-first OS, has a “completely re-imagined interaction and features for a small 1.4 inch display screen”, said Ankit.
Workwit aims to bring at least 20,000 units of Blink to the market by December, make it available only through Witworks website and pricing it around $200, Meher said.
Currently a team of 20, working across India, Hong Kong and Shenzhen in China, the company plans to scale production of Blink in next one year, along with working on its next device.
Meher expects the team size to increase five-fold, owing to a majority increase in the technology team.
Moreover, since devices are manufactured in China, company also plans to set up offices and teams in Shenzhen and Hong Kong by next year.
Witworks is looking to close its series-A round of funding in next six to eight months and targeting to clock revenues of Rs.30-40 crore by August 2017.