Innovative Connovate Acquired By Binatone
Innovative Connovate Acquired By Binatone
Connovate Technologies, the manufacturer and innovator of multifunctional piece Gecko is being acquired by a consumer electronics firm from Hong Kong called Binatone. The acquisition is for an undisclosed amount. This is being reported as a massive breakthrough for the IoT or Internet of Things space. Connovate has acquired the distinction of being the first Indian start up to exit in the IoT domain. IoT is a specific field of technology where devices can communicate with each other and it is a symbol of the ultimate height of connectedness.
"Binatone complements my weakness in funding, and manufacturing. I can now concentrate on what I am best at--technology," CEO Bahubali Shete, 46 who is a graduate of electronics engineering from BVB College of Engineer ing (Hubli) said to the media. This 2 year old company will merge with a subsidiary of Binatone named Hubble Connected.
It will embed the technology from the IoT platform of this subsidiary for all devices. In 2013, Connovate was crowned for having run a phenomenally successful crowd-funding campaign. Wearable technology is a field which is still growing in India and the IoT domain here is in its nascency, ET reports. Large firms such as Samsung have shown some interest in this type of Indian technology, the economic daily also indicates.
The present deal between Connovate and Binatone is mutually beneficial for both. The former will get access to Binatone shelves in 1500 stores across the US and 1000 stores in Europe. Media reports are projecting that sales will boost by at least 10 times. Gecko is the coin sized electronic device which is manufactured by Connovate and it will be bundled with Binatone solutions for mutual benefits to both companies.
Connovate was founded in the year 2012 by Shete along with Kirankumar Rajarao and Sundaraparipurnan Varadrajan. This product solution and design engineering company has a strong focus on electronics and home automation. Gecko is its flagship product, according to reports. Gecko also works as a track-and-find leash for Android platforms and supports Andriod 4.3 devices.
It is also operational on iOS devices. Connovate raised USD 54,000 last year from the Indiegogo crowd-funding platform online. Co-founder of Apple Inc, Steve Wozniak also supported this initiative. Massive opportunities in wearable technology exist as innovation is coming to India in many fields such as these.
Shete had earlier indicated that such wearable technology especially for ladies and senior citizens has the potential to gain taction and it will have a positive impact on the evolution and growth of IoT technology as well. Binatone is headquartered in Hong Kong and London. It was formed in 1958 by siblings Gulu and Partap Lalvani. This firm is best known for selling televisions and it is diversifying with this latest acquisition.
