Connovate Technologies, maker of the multifunctional piece Gecko, has been acquired by Hong Kong-based consumer electronics company Binatone for an undisclosed amount, heralding a breakthrough for Indian startups in internet-of-things (IoT) space.
Connovate becomes the first Indian startup to have an exit in the IoT domain, a technology that represents a truly connected world, where all devices talk to one another. The deal will give Connovate access to Binatone’s shelves in 1,500 stores in US and 1,000 in Europe and boost sales at least ten times.
Gecko, its coin-sized electronic device, will be bundled with home, pet and baby monitoring solutions of Binatone, which are sold under Motorola’s brand. “Binatone complements my weakness in funding, and manufacturing. I can now concentrate on what I am best at — technology,” said CEO Bahubali Shete, 46, a graduate of electronic engineering from BVB College of Engineering in Hubli.