Tata Group’s luxury goods brand Titan has invested $3-5 million in wearable tech internet of things (IoT) startup CoveIoT, according to The Economic Times. The deal would be the first such investment by a strategic investor in the IoT space.
“The funds are going to be deployed towards product development, as well as research, analytics and so on,“ said one source aware of the developments.
COVE, a registered brand of KaHa, is an end to end smart IoT wearables platform. The company is registered in Singapore and also has offices in Bengaluru, Geneva and Shenzhen.
According to the ET report, the startup is focusing on a wide range of sectors within security, from targeting women centric security issues to daily convenience items such as GPS tracking, digital payments through wearable technology and monitoring devices for health and wellness.
“Our vision is to bring wearable technology in everyday life to make it more enriching, safe & fun. That is what drives our R&D strategy and defines our focus,” described the website.
The Internet of Things (IOT) platform market is expected to hit $1.6 billion by 2020 globally, growing at a rate of 35 per cent year-on-year, according to a Verizon report.
According to the report, there are 8.4 billion connected “things”, up 31 per cent from 2016.
IoT is at the core of digital transformation in the enterprise. They are reaping IoT benefits such as saving money, finding new efficiencies, improving customer service and driving business growth.
Besides, it’s also changing the playing field for organizations in every sector — helping them increase operational efficiency and grow their businesses.
In healthcare, it’s helping pharmaceutical companies track and trace medicines from production to patient. In agriculture, sensors on the ground are providing near-real-time data about the health of crops. Drones are already being tested by Energy and Utilities companies to monitor remote infrastructure and check for leaks, and being used by insurance companies for claims work.
Besides, the industry is also poised to create job opportunities.
Recently, telecom secretary Aruna Sundararajan in a conference said that Internet of Things (IoT) is expected to create 10-15 million jobs in the economy.