Titan invests $5 million in wearable IoT firm CoveIoT

BENGALURU: Titan Company Limited, the Indian luxury goods company that is part of the Tata Group, has invested $3-5 million in wearable tech internet of things (IoT) startup CoveIoT, according to multiple sources aware of the development.

The deal would be the first such investment by a strategic investor in the IoT space. Cove is the registered brand name of the startup KaHa which is registered in Singapore and also has offices in Bengaluru, Gene va and Shenzhen. “The funds are going to be deployed towards product development, as well as research, analytics and so on,“ said one source aware of the developments.

ET's emailed queries to Titan and CoveIoT went unanswered. Sources claim that the startup is focusing on a wide range of sectors within security, from targeting women centric security issues to daily convenience items such as GPS tracking, digital payments through wearable technology and monitoring devices for health and wellness. Sources claim CoveIoT's security and monitoring features can accurately track the location of an individual wearing the device.