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Firms in Startup Village Take to the Crowdfunding Route

Crowdfunding is a new concept in India. Globally, several startup ventures are adopting the route for early stage funding

Published: 04th November 2014 06:04 AM  |   Last Updated: 04th November 2014 06:04 AM   |  A+A-

Startup

KOCHI: Raising money through crowdfunding route seems to be catching on with companies incubated at the Startup Village, Kalamassery.

SectorQube Technologies, a startup founded by six youngsters in 2011, has collected $48,000 (about `29.5 lakh) through crowdfunding platform ‘Kickstarter’ for its flagship product Microwave Android Integrated Device (MAID), said Sabarish Prakash, co-founder of SectorQube.

All the founding members of SectorQube - Sabarish Prakash, Nibu Alias, Ani Abraham Joy, Arjun S, Midhun Skaria, Biniyas V L and Ashwin Saju- were students at Toc H Institute of Science and Technology, Kochi.

Recently, Mindhelix Inc and RHLvision from Startup Village raised $120,000 and $200,000 respectively through crowdfunding route, a new concept in India though globally several startup ventures are adopting the route for early stage funding.

Both SectorQube and Mindhelix are registered in the United States and used the platform ‘Kickstarter’ platform for the crowdfunding route.

Prakash said the minimum amount targeted by the company through the crowdfunding route was $50,000 and it could go up to $200,000. The funding platform would be open till December 3, he said, hoping to collect $150,000-200,000 by that time.

According to him, MAID stood for ‘Make All Incredible Dishes’ and was a smart kitchen assistant and microwave oven that knows every recipe and cooks every dish.

Connected to a recipe store in the internet, MAID has access to an unlimited number of recipes. MAID was created to make cooking simple, social and fun. MAID is the first oven that brings crowd-sourced recipes directly to your kitchen. You can search for recipes based on ingredients, type of dish or just ask MAID to recommend a dish.

SectorQube’s website said: “MAID learns your calorie requirements based on continuous learning of your cooking habits and your daily activities. Thus it plays the role of a personal dietician recommending a healthy balanced diet for you.”



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