Wearable Tech is a Hot Crowdfunding Market

One Smartwatch Raises over $5.5M in 6 Hours

crowdfunding wearable techIt’s no secret that wearable technology has become a trend here in the United States and worldwide. People are obsessed with the capabilities and data storage of these devices and have made them a part of their daily life. Being able to monitor your health and other personal attributes provide several advantages and the future of this industry is looking exceptionally bright.

How bright? Well, one research firm, Juniper Research, estimates that the wearables market with be worth approximately $80 billion annually by 2020. The “fashion-first” wearables will be more coveted than their tech-centric counterpart, but in the next five years we are confident the beauty of the hardware will catch up with the brains of the software. It’s only a matter of time and a variety of wearable tech companies are already off to a blazing start toward the top of the mountain.

Even if you aren’t one of the millions wearing some sort of technology on your person, these three stories will make you take notice. Please enjoy the following reports on the hot crowdfunding market that is wearable technology:

Pebble Time Raises $5.5M in 6 Hours – Almost $10m by Day 2

The newest version of the Pebble Smartwatch, Pebble Time, is fast on its way to not only breaking records but destroying them. Pebble Technology launched the campaign yesterday, Tuesday February 24th at 9:44 a.m. EST. 32 minutes later they hit their goal of $500,000 and the project was successfully funded. By 10:32 a.m., they surpassed $1 million which made Pebble Time the fastest project ever to reach $1 million. At 2:26 p.m. they exceeded the $5 million mark making them the fastest to $5 million as well. The previous record holder (Coolest Cooler) took 7 days and 6 hours to hit $5 million. Pebble Time did it in less than 5 hours.

By the six hour mark they raised over $5.5 million and gathered a community of over 27,000 early adopters. As of 2:50 p.m. EST on Wednesday, February 25th, the campaign has almost $9.3 million from more than 43,000 backers. The mobile device industry is well aware of the upcoming release of the Apple Watch and it seems Pebble Technology is taking the offensive. Shattering two records and raising more than 1800% of your original funding target in three days is one way to do it.

Wearable Tech for Tracking Pets, Children, Bikes and More

Losing a pet is a fear that crosses every pet owner’s mind at some point. Yes, you can get your animal chipped, but some people want an easier and less invasive way of knowing their pet’s whereabouts. Getting your bike stolen leaves you with your own sense of personal invasion and down at least $500-$1,000. There has to be a way to track things like pets, bikes and even children without a huge GPS monitor – and now there is.

pet wearables crowdfunding Enter Iota, who offers what they say is the smallest, longest-lasting GPS tracker in the world. The tiny monitors come as pet collar, key chain and bike accessories and can even be used for windows and doors. Their estimated communication range is four miles around your Home Base.  Iota promotes a battery life 10X better than cellular devices and months between recharging.

Iota announced today it closed a $1 million financing round that will supplement the $280,000 it raised through crowdfunding in July 2014. Service will kick off in the San Francisco Bay Area, Los Angeles, New York City and other large metropolitan areas first. The system uses a unique crowd-sourced wireless network which makes it attractive for remote areas with low to no cellular coverage as well. Iota CEO Ben Wild offered this statement:

“There are multiple markets that our technology can serve today, but to begin with we are focused on the pet tracking application with our tiny GPS tracker that has 10x improvement in battery life compared to any other product we are aware of. While pet tracking is our first key application, we are already seeing consumers interested in using our technology for other applications such as tracking children, elderly, cars and bicycles. We are excited by how quickly this application is driving total coverage of key cities in the US.”

Wearable Tech for Children’s Toys

How many of you made ninja sword noises and drum sounds with your hands as a kid? I am guessing a lot of you. A child’s imagination is important to personal development and should always be encouraged. In the same breath, a child should also be active and get the required daily exercise he/she needs to set the stage for a healthy lifestyle.

The Moff Band was created to satisfy both of these very important needs. Marketed as a wearable smart toy that turns a child’s every movement into realistic sounds, the Moff Band is a dream for kids and an awesome toy idea for parents. Its April 2014 crowdfunding campaign was successfully funded in 48 hours and reached $78,871 ($20,000 goal) from 1,157 backers. The app offers more than 30 sounds including Ninja, Air Drums, Magic Wand, Golf and more. New sounds and activities can also be downloaded weekly as free updates. Co-founder and Chief Discovery Office Joanne Domeniconi said the Moff Band “…encourages, and enhances, playtime imagination” and by the looks of things we are taking her word for it.

Whether it’s your child fighting off a pack of 100 ninjas, the peace of mind knowing where your pet is or having the most advanced and stylish smartwatch on the market, wearable tech is hot right now. Scorching hot. If raising $1 million in 48 minutes and $5 million in 4 hours and 42 minutes isn’t proof enough, I don’t know what is.

Thank you for reading and please leave your questions and comments below!

Posted in crowdfunding, Entrepreneurs, Intrastate Crowdfunding, Investors, Start-ups, Uncategorized

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