Wearable fitness coaching device maker startup, GOQii has gotten $13.4 million in Series A round of funding that was led by New Enterprise Associates (NEA) and China-based Cheetah Mobile. A group of Chinese and American Investor, Great Wall Club (GWC) and Singapore based DSG Consumer Partners have also invested in this Series A round of funding of GOQii.
GOQii was founded by Vishal Gondal in 2014 and deals with wearable fitness coaching device. This startup has raised total of $20 million in risk capital after this Series A round of funding. The company will use this investment to expand its reach in China and some other mobile platform like Mi user interface of Xiaomi. Jun Lei, the chairman of Cheetah Mobile is also the founder of Xiaomi.
Currently, there are not many hardware startups in India. We have a very few selected hardware startups like GOQii and TeeWee, but the number doesn’t even stand if we compare it with the startups in China and Silicon Valley. This new fund of GOQii will certainly boost the hardware startup section of India.
Founder of CEO of GOQii, Vishal Gondal said, “We are looking to expand overseas in countries such as China but for that we will need local Mandarin content which we are working upon. Our band agnostic approach and virtual delivery model has received tremendous reception globally and we are now planning to replicate this success in key markets.”
Wearable device market has been growing very fast. Though, India is not a very popular market for wearable products, but it may also see some growths in near future. The main sector of Wearable device is health care.