Kochi-based RHLvision Interactive LLP, a Startup Village incubatee that has developed a gesture-based wearable device called Fin, has raised over $200,000 through Indiegogo, arguably the highest amount ever raised by an Indian startup through a crowd-funding platform.
RHLvision pooled in $202,551 from 1,161 individuals. Last October, Bangalore-based Connovate Technology, which offers a Fin-like device called Gecko that can add gesture control to smartphones, raised a little over $135,000 through Indiegogo, although the target was just $50,000.
RHLvision, which had originally targeted $100,000, revised its target twice â€“ first to $150,000 and then to $250,000 - as people from across the world queued up to invest in the firm in exchange for Fin (the investors will get the product and merchandise based on the size of the investment starting September this year). However, the company fell short of the stretched target.
RHLvision (RHL stands for Robotic Human Logic) was founded in 2012 by Rohildev N, who holds a bachelor's degree in computer science and engineering. The company had raised an undisclosed amount in funding from Delhi-based healthcare services provider Malik Radix Healthcare last year.
How Fin works
Fin is a Bluetooth-enabled device which helps one control any smart devices by moving his/her thumb over other fingers. One can assign each activity of the connected devices such as smartphones and TVs to each segment of his/her fingers which can then act as hot keys. For instance, one can swipe his finger to control TV sets, music systems & A/C inside the car without moving his/her hands off the wheels, and to take photos and share files.
Crowd funding in India
Crowd-funding is relatively a new concept in India. There are not many companies in the country - except Gecko, RHLvision and Appy Pie - that have taken the crowd-funding route to raise capital. Appy Pie, a cloud-based do-it-yourself (DIY) app developing platform, had raised $10,000 from Kickstarter in August last year.
As per US SEC rules, a company would be able to raise a maximum of $1 million through crowd-funding in a 12-month period. However, there are no specific set of standards being followed in India. RHLvision's achievement is expected to inspire Indian entrepreneurs to take the crowd-funding route, as it is relatively easier process than raising the time-consuming angel/VC funding.
(Edited by Joby Puthuparampil Johnson)