Bengaluru-based hardware startup Ray IoT has today announced that it has raised $100,000 from Shenzhen and San Francisco-based HAX, which is claimed to be the world’s first and one of the largest hardware startup accelerators and seed investors.
Post funding, the startup has relocated to Shenzhen, China for 111 days to be a part of the HAX Accelerator. The money that has been received by the company, will be used to create a working prototype of company’s first product – a baby monitoring device.
Founded in 2015 by Ranjana Nair, Kannan Natarajan, Aardra Kannan Ambili and Sanchi Poovaya, Ray IoT is developing an a patent pending, IoT enabled and AI-powered non-intrusive device capable of monitoring respiratory patterns and sleep quality among patients suffering from epilepsy. The startup has earlier tried to raise $20,000 via Indiegogo crowdfunding campaign. However, they managed to raise only 22 per cent of it.
Speaking about recently raised funding, Ranjana Nair, co-founder of Ray IoT said,
We hope to get 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.
Startups that are inducted into HAX Accelerator get help in building and refining their prototype product, launching to an initial group of customers (generally via crowdfunding), and in testing their delivery and business models.
Part of the US-based SOSV global fund, HAX has invested in more than 160 hardware-focused companies across five borad categories -robotics, health, lifestyle, infrastructure and fabrication technologies.
Benjamin Joffe, partner at 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.