HUG Innovations Raises $5 Mn Series A Funding At $15.5 Mn Valuation At A TiE Event
Summary
Kishore Ganji (Angel Investor), Venkat Vallabhaneni (Parampara Capital), and Rajeev Menon (Anthill) were also present during the event. Founded by Raj Neravati in 2014, HUG Innovations is a technology startup developing gadgets for fitness lovers which work on gesture recognition mechanism. It lets users make calls, track physical activity and nutrition, play music and find devices. The funds raised in this round will be used to develop four different application areas including fitness, virtual reality, industrial automation, and drones. Cargo Exchange a platform for cargo-owners, truck owners and intermediaries to trade easily was offered $207K (INR 1.4 Cr) in funding, though the deal on the stage did not go through due to a differential opinion on valuation.