Singapore wearable tech firm gets $4.5m for global expansion

Photo credit: maridav / 123RF.

Singapore-based startup KaHa – also known as CoveIoT – has raised US$4.5 million in funding from investors, including SPRING Seeds Capital and Titan.

KaHa designs and builds wearables such as smartwatches and fitness trackers. It provides manufacturing services such as electronics design and printed circuit board assembly, as well as app development, cloud storage, data analytics, and after-sales services.

Its “internet of things” (IoT) platforms – its Cove and Covenet brands – enable connectivity between these wearables and other consumer tech devices, allowing third parties such as watchmakers and sports equipment manufacturers to incorporate smart wearable technology into their existing product offerings.

KaHa CEO Pawan Gandhi claims this “white-label,” platform-based approach is what separates the startup from the substantial number of companies working in the wearables space, including big-name players such as Apple and Xiaomi.

“As an enterprise, we are unique in that we provide complete end-to-end solutions to our brand partners,” he said in a statement.

Among the investors to have backed KaHa are SPRING Seeds Capital – the investment arm of Singaporean government enterprise agency SPRING – and VC firms Jungle Ventures and YourNest. Watch and jewelry retailer Titan, part of India’s Tata Group, recently invested US$500,000 in KaHa.

“We want to accelerate the development of IoT as part of our ‘Smart Nation’ initiative,” said SPRING deputy chief executive Ted Tan in reference to Singapore’s digital connectedness drive. “KaHa presents a new value proposition to the market by enabling conventional watch and accessories companies to develop smart wearables.”

Founded in 2015, KaHa currently has offices in Singapore, Bengaluru, Geneva, and Shenzhen. Gandhi said that the startup plans to use its recently raised funds to expand its presence in Asia, Europe, and the US.