With the world making a rapid shift towards wearable smart devices, more and more firms are joining in the Internet of Things (IoT) bandwagon. The country’s premium luxury goods company, Titan Company Limited, is a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO). Recently, the Titan Company Limited invested a whooping $3-5 millions in IoT startup CoveIoT. This is a very important move as it marks the first such investment by any strategic investor in the IoT space. This investment will provide the firm the funds necessary for product development, analytics and research.
CoveIoT is a wearable technology and IoT 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. Cove is the registered brand name of the startup KaHa. Registered in Singapore, KaHa has its offices in Shenzhen, Geneva and Bangalore. CovoIoT’s security and monitoring features can accurately track the location of an individual wearing the device.
It is interesting to note that although Indians have taken to smart phones really well, the drift towards smart watches hasn’t been that smooth. With Titan entering into the market, it is expected that the price barrier will break and it will establish its place in a price sensitive market. Indeed better times are approaching, we only have to wait and ‘watch’.