Mobile technology Startup Cube26 Pvt Ltd shuts down their operations of Internet Of Things (IoT). In October 2015, the startup raised $7.7 Million of seed funding from Tiger Global Partner and Indian E-Commerce giant Flipkart.
The Delhi-based startup has its headquarters in Santa Clara, California. Cube26 was founded in the year 2012 by Abhilake Agarwal, Akash Jain and Saurav Kumar. It was previously known as PredictGaze. Cube26 has developed the next generation of technology that allows devices to recognise users, interpret human gestures and understand their emotions. Cube26 software solutions are scalable across various platforms including mobile phone, tablets, PC and SmartTV.
The CEO, Saurav Kumar, explained: “In India, accessibility is a problem. Being early in this space has helped us understand this market and the money a consumer is willing to pay. Moreover being a B2C company, it allows us to get to consumers quickly, which can either be a hit or miss. If you are very early in the market, you can make multiple mistakes because the risk of losing market share is low. Having said that, the most important part is building the right product.”
Cube26 have developed white-labeled applications for manufacturers like Micromax, Panasonic, Karbonn, Lava and much more. The manufacturers can also customise their Operating Systems (OS) and Users Interference (UI). The startup is responsible for hand gestures, Blink to Capture for selfies and Quicklook for many original equipment manufacturers.
Cube26 launched its first IoT product, a Bluetooth-controlled colour-changing smart bulb, IOTA and introduced a new IoT brand, Reos. The company claims to sell 10,000 units of IOTA and aims to sell 50,000 units for Reos Lite. Due to heavy competition from Phillips Hue, this is priced at around Rs 4,000 which failed to attract the Indian consumer.
According to the article in VCC Circle, the startup is expected to close by FY17 with around Rs 15 crore in revenue, compared to Rs 6-7 crore in the previous fiscal. Read more about Indian Startup Ecosystem.