Our Bureau
IIT Madras-incubated technology start-up Muse Wearables has raised $3 million (₹22 crore) in funding from its existing investors and new investors led by Bhaskar Rao Bollineni, Managing Director of Kims Hospitals.
The funding will enable Muse Wearables to launch a new wearable tracker by August, which can detect Covid-19 a few days before the symptoms appear. It will also increase its production cycles and scaling sales, targeting 200,000 product sales this year with plans to achieve 10,00,000 product sales by 2022 across the world, according to a press release.
Previously, Muse Wearables had raised ₹6.85 crore from Keiretsu Forum, Lead Angels and other HNIs, including noted film director SS Rajamouli of Baahubali movie fame between 2017 and 2019.
Muse Wearables — founded by KLN Sai Prasanth and KA Yathindra Ajay, graduates of IIT Madras, and K Prathyusha, an NIT Warangal Graduate — sells the world’s first payment-enabled hybrid smartwatches across 70 countries with its wearable payments service live in 29 countries.
Based out of Bengaluru, Muse Wearables currently caters to nearly 70 countries through ‘Direct to Consumer’ Business Model (selling products through online platforms directly to the consumer).
In the next five years, Muse Wearables aims to be a leading innovative technology company in India and build a global consumer brand with cutting-edge innovations across consumer electronics, consumer health tech, digital id and cashless payments, the release said.