This smart bracelet which turns everything you touch into a toy has raised $1.3 million in funding.
Tokyo-based Moff, the Japanese startup developing sensor-embedded wearable smart toy Moff Band, has fundraised $1.3 million from Japanese gaming giant Bandai Namco Entertainment, mobile gaming developer Orso, investment company TomyK, and other angel investors. Since its launch in October 2013, the company has fundraised 210 million yen.
Moff began selling the Moff Band device on Amazon last fall, attracting many users in Japan and the U.S. The device adopts the company’s original posture recognition and data analysis technologies. The company has also been planning and developing the active gamification platform that converts actions into user experiences such as emitting a sound based on a user’s action.
Moff will use the funds to strengthen its structure to focus on developing the gaming platform, users’ action and activity-based analysis technologies using artificial intelligence and machine learning, as well as business development with partnering companies.
Coinciding with the funds, Moff established a wholly-owned subsidiary called Moff USA in the US. Albert Chu, former vice president of Apple, AT&T, and Access, was named as CEO of the U.S. subsidiary for business development in the U.S.
In a previous interview with The Bridge, Moff CEO Akinori Takahagi said that there is huge potential for the smart toy market in the U.S. Hence, the establishment of the US-based subsidiary is a natural move for the startup.
Moff said that they will focus on inventing gamified fitness solutions by developing sensor devices and the gamification platform, looking to expand beyond the smart toy vertical to vaster markets.
See Moff in action:
This post was originally published on The Bridge.
Featured Image Credit: The Bridge.