Russian venture fund Titanium Investments has injected $1 million in MUV Interactive, an Israel-based developer of innovative technologies for wearable interfaces. The investment, which will help the startup start serial production of Bird, its first product, took the form of a convertible loan, Russian business daily Kommersant reported today.
The transaction brings the total amount raised by the startup to date to $5 million, including “a few millions” from Titanium.
Attached to your finger, Bird uses your gestures to communicate with your smartphone, PC, tablet touch, “and all software you already use.” Thus you can push, pull, swipe and grab content on virtual screens, from anywhere in a room location. The device features an accelerometer with motion and proximity sensors to track the location and movement of the finger.
Thus the device “makes any space interactive” and demonstrates “the true meaning of being free,” the startup claims.
The company plans to serve its first clients next spring.
MUV Interactive was established by Rami Parham in 2011, who aims to “free ourselves from our devices, and control digital content and Internet-connected things naturally.”
Launched in 2013, Titanium Investments focuses on mobile marketing/advertising, special social networks, mobile games, online financial services, augmented reality. The fund is seeking startups from Russia, the USA, Germany, Israel, Belarus, Ukraine, Spain, Poland and France, in which it intends to invest “$47,867,000 till 2016.” Earlier this year, Last year, the fund co-invested in Drippler, another Isreaeli startup which provides personalized recommendations on apps, features, and accessories.
Israel is a popular destination among Russian investors who seek international opportunities. Among the Russia-connected players having invested in this country are Flint Capital, Maxfield Capital, Mail.ru Group, Titanium Investments, Yandex, in addition to Russian billionaires Roman Abramovich and Vyacheslav Mirilashvili with his fund Vaizra.
