Home > companies > Intugine raising up to $100,000 from angel investors

New Delhi: Intugine Technologies Pvt. Ltd, a Bangalore-based company founded by three Indian Institute of Technology (IIT), Kharagpur dropouts, is in the process of raising between $80,000 and $100,000 from a group of angel investors to help it commercially launch its motion-control wearable device called Nimble.

“We have raised a part of it (the money) already, and will be able to close (the rest) in next few days," co-founder Harshit Shrivastava said over the phone.

Intugine, he added, also has an ongoing campaign on Indigogo Inc.—an online crowd funding platform—to raise an additional $50,000. It has “raised 6% of its target amount in the last 45 days".

The money will be used to complete the basic prototype of Nimble. The company hopes to ship the developer version in April, after which it will launch a consumer version, said Shrivastava.

Priced at 5,499 in India, including shipping and all other extra charges, the product comprises two Nimbles—one for the tip used for better gaming experience and other in the shape of a ring for long term computer and home automation usage—a USB sensor and software.

A user needs to plug in a USB sensor in the computer, get the nimble (ring) on one’s finger and leave the rest to the software.

There are two such rings—one each for the index finger and thumb. The software starts tracking the rings as soon a users wears them. These two rings, the company claims, can effectively replace the mouse and keyboard. These devices are rechargeable.

Currently, the system is compatible with Windows. “We’ll be launching on other platforms quite soon," the company says on its website.

The three co-founders—Shrivastava, Vivek Kumar and Abhishek Sharma—met during their first year of graduation at IIT Kharagpur in 2012. They developed the technology and applied for a patent with the Indian Patent Office and filed a PCT (patent cooperation treaty) application for an international patent in January 2013.

In early 2014, while in the third year of college, they dropped out and moved to Bangalore to set up their own company, which they had registered in October 2013.

“Hardware start-ups are in nascent stage in India.The risk is much higher in these cases as compared to a software start-ups," said Ravi Gururaj, serial entrepreneur, chairman and co-founder of Frictionless Ventures Pvt. Ltd and chairman of Nasscom’s product council.

“It is harder to sell an idea to an inverstor than to sell a vision to prospective consumers. The crowdfunding platform brings you that advantage. It is easy to put in $50 or $100 than putting in a million dollars. On a crowdfunding platform, you sell the vision, you get the visibility, you validate and market the product. But to succeed, you need more than funding and marketing," said Gururaj.

“Investors may think a product is ‘cool’ , but it is still high risk (project) for them," said Gururaj, adding that such companies “need to have 30-40 IPs (intellectual property) to be able to sell IPs smoothly".

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