Delhi-based Cube26 has raised 50 crores in seed funding round led by Tiger Global with minor investment from Flipkart. The company will use 85% of the funds for technical up-gradation and R&D and remaining funds for expanding its team.
Launched in 2012 as PredictGaze in California, Cube26 was bootstrapped till now with a 65 member staff and is now planning to have a 500 member team by 2016 out of which 100 members will be added in the next two quarters.
The company makes gesture based technology and customises the operating systems of OEMs such as Micromax, Karbonn, Panasonic and Intex by enabling gesture, voice and camera-enabled features in their smartphones.
It has developed gesture based technologies such as “Blink to Capture” and “Look Away to Pause” for Panasonic and Micromax respectively. Now the company plans to develop technology for Internet of Things ecosystem by making affordable connected devices and has already announced its first device which will be a smart bulb releasing in November.
We focused a lot on gesture earlier, but then we moved onto utility-based application so that was when we realised that gesture is just one part of the equation, and we saw that. A lot of services are there but integration of these services into products was missing and that is where we said that we’ll focus on this market,
said Saurav Kumar, CEO, Cube26. He further added,
We are elated at the trust showcased by our investors so early in our journey and glad to be associated with global leaders.
The company also plans to set up a laboratory in Bengaluru. It already has two in-house labs with one lab focussed on data science and other on consumer electronics. It claims to be present on more than five million devices which makes it 4% of all mobile users in India and claims to earn about 1 crore in revenue each month. According to the industry estimates, the company is valued at about $75-80 million.
On their investment in Cube26, Nishant Verman, Head of Corporate Development at Flipkart, said,
Technology innovation will be key to India’s growth and we are looking for the next big software innovation from India, and this investment is a step towards the same. We believe Cube26 has the potential to transform user experience across devices with its software expertise.