Hyderabad-based HUG Innovations has raised $5 Mn in Series A funding round during a live instant funding event organised by TiE Hyderabad – The Guardian Angel. The round was led by Mohit Srivastav (NRI Startup India ), Kishore Ganji ( Angel Investor), Venkat Vallabhaneni (Parampara Capital), and Rajeev Menon (Anthill).
Founded by Raj Neravati in 2014, HUG Innovations is a technology startup developing gadgets for fitness lovers which work on gesture recognition mechanism. Raj Neravati comes with 17+ years of experience in the IT industry and has worked in diverse industries, ranging from financial services and insurance to healthcare.
The startup has developed a gesture control smartwatch weighing 46 grams. It lets users make calls, track physical activity and nutrition, play music and find devices. The smartwatch also offers personal safety features and comes with an SOS button, it provides continuous heart rate monitoring, fatigue detection ensuring personal safety for consumers.
The funds raised in this round will be used to develop four different application areas including fitness, virtual reality, industrial automation, and drones. This was the second edition of TiE-Hyderabad – The Guardian Angel. As stated in an official statement, during its first edition, two startups raised funds to the tune of $271k.
Source: Inc 42
