Hardware startup Sensegiz catches fancy of KARSEMVEN, raises $500,000

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That’s why we got the funding,” said Abhishek Latthe, CEO at Belgaum-based Sensegiz.

“For many hardware startups, getting the initial amount is more difficult than getting subsequent rounds of funding. This round will help us get to the next level,” said Latthe. Two-year-old Sensegiz has two products: FIND, a device tracker, which has sold 20,000 units so far, and STAR, a smartwatch that has sold 3,000 devices through US-based retailers such as Target.

BENGALURU: Sensegiz, one of the earliest makers of smartwatches in India, has raised $500,000 from Karnataka Semiconductor Venture Capital Fund(KARSEMVEN), making it one of the first hardware companies to get commitment from a venture capital firm. This also KARSEMVEN’s first investment outside of startup capital Bengaluru. The device maker plans to sell 1 lakh units by next year, all of which will come from manufacturing facilities in Mysuru. “We are manufacturing this completely in India.

“Sensegiz did its sourcing, assembly, research, all out of Karnataka, and has a proven global product. This was a right fit for us,” said Manish Kumar B, assistant VP at Karnataka Information Technology Venture Capital Fund (KITVEN), of which KARSEMVEN is the third fund. This is KARSEMVEN’s third investment from the Rs 96.15 crore fund and it has taken convertible preference shares in the company. Set up in 2014-15, KARSEMVEN invests in sectors such as semiconductor, electronics system design & manufacturing (ESDM) and embedded systems in Karnataka.

“Till date, we have gone through the B2B (business-to-business) route,” said Latthe, who has a Masters in Mechatronics from University of South Hampton. “Now, we want to tap the B2C (business-to-customer) segment.”

Sensegiz is targeting the smartwatch market, which is poised to reach $32.9 billion by 2020, according to US-based Allied Market Research.

Courtesy- Indiatimes

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