Titan steps into IoT

The luxury watch brand Titan has reportedly invested between three and five million US dollars in the start-up business CoveIoT marking its first foray into IoT (Internet of Things) technology.

Titan has invested in CoveIoT - Titan- Facebook

Although Titan has not yet made an official statement on the deal, reports are circulating that the Tata Group watch making business has invested a large sum of money in CoveIoT, an IoT start-up. CoveIoT is a registered brand of KaHa Pte Ltd and they focus on IoT technology specifically pertaining to smart watches. “Our vision is to bring wearable technology in everyday life to make it more enriching, safe, and fun. This is what drives our R&D [research and development] strategy and defines our focus,” wrote the brand in an official statement.

IoT technology is a system of interrelated computing devices, machines, objects, and even animals and humans that are given unique identifiers and are able to transfer data over a network without the need for human to human or human to computer interaction. This technology is in its infancy, especially in India and Titan’s move to invest in it is a first of its kind for a strategic investor in the space. As CoveIoT specialises in wearable applications of the technology, Titan may well be expected to incorporate it into their watches in the near future.

Titan was founded in 1987 and is part of the Tata Group business conglomerate. Present in 35 countries worldwide, Titan produces around 13 million watches a year according to their own data and the brand describes itself as the fifth largest integrated watch manufacturer in the world.

Copyright © 2018 FashionNetwork.com All rights reserved.

Fashion - AccessoriesWatchesInnovations