Startups

Hyderbad-Based Wearable Tech Startup Hug Innovation Is Acquahired by Titan Company Limited

Hyderbad-Based Wearable Tech Startup Hug Innovation Is Acquahired by Titan Company Limited 1

Bengaluru, NFAPost News Service: Hug Innovations, Hyderbad-based next-generation Wearable and IoT (Internet of Things) platform, is aquahired by consumer goods manufacturer Titan Company Limited, earlier known as Titan Industries Limited.

The company was awarded patent on Safety Monitoring of Individual using gestures on a wearable device. This patent gave Hug Innovations exclusive rights to build their ability to develop wearable devices which can raise safety alarm using Gesture control technology.

Tata owned Titan decision to acquisition the startup founded by Raj Neravati, will help the company to increase its experties in the smart wearable category. Raj Neravati will also be inducted as the Assistant Vice President and Head of Technology for the Wearbles business.

Commenting on the development, Titan Watches and Wearable Business CEO S Ravi Kant said the HUG’s capabilities will help Titan Watches to come up several new products with its right hardware, software, firmware and cloud technologies.

“The acqua-hiring of the company will help us to access their consumer platform and IPs that are extremely relevant for our wearable journey. Titan will come out with several new products in a year to increase our presence in the wearable market. The 23 employee team will be inducted to our team,” said Titan Watches and Wearable Business CEO S Ravi Kant.

According to sources, Raj Naravati will continue to operate from its Hyderbad Development Centre with 23-member tech team. HUG Innovations technologies are also used in X-Box or PlayStation where a camera recognises interprets human body motion. The company’s technology is built with ability to track hand movements based on relative motion combined with Artificial Intelligence, Machine Learning and Contextual Intelligence.

Hyderbad-Based Wearable Tech Startup Hug Innovation Is Acquahired by Titan Company Limited 2

Commenting on the company getting pattents, Raj Neravati the copany is delighted to get a patent awarded on Safety Monitoring of Individual using Gesture Technology.

“Wearables is a crowded space and Innovation is the only way to survive and grow. In addition to safety alarms, this innovative gesture control technology can control any IoT based devices (Smart Appliances, Drones, Computer, etc). We are the only company in the world who can perform touch less interactions in Virtual Reality and Augmented Reality based applications. This technology can be used in controlling drones without losing line of sight,” said Raj Neravati

He said Hug Innovations has built 16 unique gestures and can control over 20 applications and plans to build healthcare and military defense applications using this technology.

“In future, Hug would like to create a developer platform and create a community of developers to extend the applications and features of this technology,” said Raj Neravati.

Titan Company Limited commenced operations in 1984 under the name Titan Watches Limited. In 1994, Titan diversified into jewellery with Tanishq and subsequently into eyewear with Titan Eyeplus. In 2013, Titan entered the fragrances segment with the brand Skinn and later that year, it ventured into the helmets category under its brand Fastrack.

Titan Company is Tata Group’s largest consumer company. Titan  reported a growth of 12.9% in profit to Rs 470 crore for the third quarter ending December 2019. Total sales during the same period grew by 9.4% to Rs 6206 crore.  Among the leading three vertical business like jewellery, watches and eyewear, the jewellery business recorded a growth of 10.6% in Q3 over last year and had an income of Rs 5,409 crore in Q3 as compared to Rs 4,890 crore in the previous year.

 

 

 

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