HUG Innovations has raised $5 Mn in Series A funding at the second edition of Live Instant Funding organized by TiE Hyderabad and The Guardian Angel. Hug Innovations raised this round of funding at a $15.5 Mn valuation.
Out of the four startups (GoLive Gaming, Voltus Wave and Cargo Exchange and HUG Innovation that were shortlisted from 125 applicants) that pitched their idea to investors, Mohit Srivastav (NRI Startup India), Kishore Ganji (angel investor) , Venkat Vallabhaneni (Paramparas) and Rajeev Menon (Anthill) HUG Innovations succeeded in raising funding from NRI Startup India.
The second edition of TiE-Hyderabad- The Guardian Angel follows its successful and highly acclaimed debut in 2016 where 2 startups raised funds to the tune of Rs 1.75 Cr.
“We believe startups could add several million to the economy with the right support and finance to scale-up. Our instant live funding initiative is designed to tackle this funding gap. Such opportunities also open a new window of hope for these young startups and raise their spirits to newer levels. It will also encourage them to bring exclusivity and innovation on to the table.” Pradeep Mittal, President, TiE Hyderabad said.
HUG Innovations is a technology startup founded by Raj Neravati in 2014. The startup develops gadgets for fitness lovers which work on gesture recognition mechanism. The three functionalities that differentiate the product from a smartphone include personal safety, IoT gesturing, and integration with nutrition, health, or fitness regimes.
The funds raised in this round will be used to develop four different application areas including fitness, virtual reality, industrial automation, and drones.
Rakesh Bhatia, Chair, The Guardian Angel said, “We are overwhelmed, The 2nd edition of The Guardian Angel brought rejoicing number of innovative startups and great stories to the platform. We are confident the tale of these successful startups will create new benchmarks in the ecosystem and drive entrepreneurship in the coming generation.”