Startups HUG Innovations raises US $5 million in Series A funding in Hyderabad TiE event

Hyderabad: HUG Innovations, a technology startup has raised US $5 million in Series A funding at the Live Instant Funding organised at the second edition of The Indus Entrepreneurs (TiE)- The Guardian Angel here. “Out of the four startups which pitched their idea to pin-up investors HUG Innovations succeeded in raising US $5 million (Rs 33 crore) series A Funding,” a release said on Saturday. HUG Innovations founded by Raj Neravati is a technology startup developing gadgets for fitness lovers works on gesture recognition mechanism. [caption id=“attachment_3239170” align=“alignleft” width=“380”] ThinkStock[/caption] The other startups which pitched their ideas were GoLive Gaming, Voltus Wave and Cargo Exchange, it said. “The 2nd edition of The Guardian Angel brought in 125 applicants. We are confident these successful startups will create new benchmarks in the ecosystem and drive entrepreneurship in the coming generation,” said Rakesh Bhatia, Chair of The Guardian Angel. “Our instant live funding initiative is designed to tackle funding gap. Such opportunities also open a new window of hope for these young startups and raise their spirits to newer levels. It will also encourage them to bring exclusivity and innovation on to the table.” TiE Hyderabad President Pradeep Mittal said.