In July last year, Next Orbit Ventures had invested $150,000 in Actofit in a seed round.
“The latest funds will be used for Actofits commercial launch in the markets as well as for marketing, inventory building, team expansions and new product developments and partnerships,” Pratik Saraogi, CoFounder & CEO told DEALSTREETASIA.
Actofit is a wearable tech and fitness startup with a developed wearable wrist wear and a complete software algorithm platform. It offers a fitness band that automatically tracks complete workouts identifying exercises, counting reps, measuring heart rate, among other features. The Mumbai-based firm plans to launch its fitness tracker in the next few days.
“We’ve been under development for more than 2 years now and will be initiating our pre-orders this weekend in an exclusivity (for a month) with Indiegogo,” Saraogi said. The company expects to start shipping its first batch by the end of the year.
According to The International Data Corporation (IDC) Worldwide Quarterly, worldwide shipments of wearable devices are expected to reach 101.9 million units by the end of 2016, representing 29 per cent growth over 2015. It predicts that the market for wearable devices will experience a compound annual growth rate (CAGR) of 20.3%, culminating in 213.6 million units shipped in 2020.
Wearable technology is also gaining traction in India. Recently virtual fitness coaching platform GOQii, US-headquartered with offices in Mumbai and China raised an undisclosed amount of funding from Ratan Tata.
“The Wearable Tech Space is still a relatively young industry. With the adoption rate of Wearables already close to 50% in the United States, and the emerging markets catching up, we saw 78 million devices shipped last year. This industry is growing north of a 30% global CAGR and Actofit definitely is ahead of the curve. The potential it has in a global scenario is exciting, let alone the Indian markets,” said Ajay Jalan, Managing Partner at Next Orbit Ventures
Mumbai-based venture capital firm, Next Orbit Ventures invested in Actofit from its first $100 million fund. The company has been making investments in MSME companies in consumer products and Services and internet and technology support services that will create the demand for the chips in India.
Last year the company had launched their second fund of $750 million aimed at investments in the electronic system design and manufacturing sector.