Flipkart and Tiger Global invest in mobile technology startup Cube26
Ecommerce giant Flipkart along with venture capital firm Tiger Global has invested in a Delhi based tech start-up Cube26. Together they have raised a whooping amount of Rs.50 crore. Cube26 will use this investment to double its team strength and set up operations in Bengaluru. Earlier in October, the company had announced an investment from Tiger Global, however it did not disclose the amount.
“With our software focus and product-led monetisation approach, we are confident of providing unique user experiences across form factors and devices to Indian consumers. We want to bridge the technology gap in India and build products and solutions which are accessible and intuitive in nature,” Saurav Kumar, co-founder and chief executive officer of Cube26, said in a statement.
Before shifting its base to Delhi, Cube26 formerly known as PredictGaze, had started its operations in 2012 in California. The company makes gesture technology for smartphone manufacturers. This Delhi-based startup develops applications for original equipment manufacturers (OEMs) and software-based user experience for e-commerce companies to drive traffic and app downloads. Gesture technology – Blink to capture was developed by this company for Panasonic. What the app does is that it maps the face, detects the eyes of the user and sends out a click command when the user blinks his eyes. It has also developed the QuickLook application for Micromax which integrates feeds from social media accounts, weather updates and the latest news on a single screen. Cube26 has partnered with other companies like Intex Technologies (India) Ltd and Karbonn Mobile India Pvt. Ltd and helps them customise their operating systems and differentiate in a crowded market with the help of gesture, voice and camera-enabled features. With the newly raised funds this 65-staff company is planning to open an office in Bengaluru to focus on data science and hire about 100 more people in 2016.
Flipkart on an investment spree!
In a statement by Nishant Verman, senior director and head of corporate development at Flipkart, he quoted “Cube26 has a deep understanding of user behaviour on smartphones. Understanding the device experience is critical for flawless user experience on small screens”
This is not the first time when e-tailer Flipkart made such an investment. Earlier in June, Flipkart, together with Accel, had invested Rs 38 crore in Bengaluru-based freight booking service Blackbuck, renamed as Zinka Logistics, showcasing the company’s appetite to invest in ventures that are complementary to its offerings.