HAX, a China-based accelerator focussed on hardware startups, has reportedly invested $100K (INR 66 lakhs) in Bengaluru-based baby monitoring solutions provider Ray IoT. This is HAX’s maiden investment in India.
As a part of the deal, Ray IoT has relocated to Shenzhen for around three months to be a part of HAX’s Accelerator Programme.
Founded in 2015 by Ranjana Nair, Kannan Natarajan, Aardra Kannan Ambili, and Sanchi Poovaya, it is an early-stage, AI-based startup that creates non-contact sleep-monitoring solutions for babies that uses a baby monitor by utilising sensors to keep track of the baby’s well-being.
Talking about the funding, Ranjana Nair, co-founder, Ray IoT said, “We hope to get the manufacturing and design expertise (of HAX community) to assist us. We are also getting a lot of inputs and help on our business model, positioning, branding, and product design from seasoned experts all the way through launch and manufacturing.”
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Hax Accelerator organises a four-month programme for around 12 early-stage hardware startups in China’s Shenzhen district and Silicon Valley. Towards the end of the accelerator programme, startups pitch their ideas and business plans to potential investors and partners. Since it’s launch in 2012, it has invested in over 160 startups in fields such as IoT, robotics, and health.
Commenting on the investment, Benjamin Joffe, Partner, HAX said, “We believe that the Ray IoT team has the perfect combination of talent, technology, and ambition. India’s Internet of Things (IoT) scene is growing fast and now is the time to connect with the world’s best resources.”
In July this year, China’s Hax Accelerator had announced its intention to invest $100K each in Indian startups working in the hardware segment. According to Hax, India lacks the ecosystem to bring products to market faster and this needs to be addressed.
In April 2016, Bengaluru-based hardware accelerator Revvx announced its plans to set a dedicated fund for startups. A batch of this programme has also been invited to a six-week Hax Boost programme.
Some of the Indian startups that have made a name in the hardware space include – Fin, Dosamatic, Ather Energy, GOQII, Teewe, and Absentia among others.
This development was reported by ET.