E-paper smart watch project breaks record for crowdsourced funding

An electronic paper watch designed by a Canadian to work alongside smartphones has raised more than $3.4 million in less than a week on online crowdsource funding site Kickstarter.

 

Eric Migicovsky in the process set a record for the site, which crowdsources cash to fund start-ups, the British Broadcasting Co. reported.

 

Migicovsky's smart watch, which initially sought $10,000 over a five-week period, is the fifth Kickstarter project to make more than $1 million, the BBC report added.

 

The BBC report said the project, dubbed "Pebble watch," reached the $1-million mark in 28 hours.

 

It said the watch has an electronic paper screen and connects via Bluetooth with iPhones or Android devices to let users customize the watch face and download apps.

 

Also, it can display distance and speed for cyclists and runners. The display is always on and is backlit for night viewing, with its rechargeable battery lasting a week.

 

The watch can display distance and speed for runners and cyclists, control a smartphone’s music, and show emails, messages and reminders.

 

It is expected to go head to head with an Android-compatible device released in April by electronic giant Sony Corp. Sony's Smartwatch costs $149.99.

 

Turning to Kickstarter

 

BBC noted the firm behind the device, which has been designing smartwatches for three years, said it was “blown away” by the support.

 

Under the Kickstarter model, a project’s developer must set a deadline for reaching its funding goal.

 

If time runs out, no money changes hands which Kickstarter says protects both parties as buyers do not pay until developers have adequate funds to develop their project.

 

Migicovsky said he turned to Kickstarter after failing to raise interest among Silicon Valley investors.

 

“We tried to raise money, it was impossible. No-one really wants to fund hardware projects right now, except for the people that want to buy them,” he said.

 

He said he needed the extra cash to bring in more engineers to develop new features for the watches.

 

Pebble is to go on sale to the general public at about $150, according to the firm, although those pledging cash will get discounts. — TJD, GMA News