Technology startup HUG Innovations has raised $5 million

Hyderabad, June 24:  Technology startup HUG Innovations has raised $5 million (Rs 33 crore) at live instant funding of TiE-Hyderabad - The Guardian Angel held here on Saturday.

Out of the 4 startups which pitched their idea to pin-up investors, HUG succeeded in raising the money in series A Funding.

They were among 125 applicants at the second edition of the funding event.

HUG Innovations founded by Raj Neravati is a technology startup developing gadgets for fitness lovers working on gesture recognition mechanism. The other startups which pitched their ideas were GoLive Gaming, Voltus Wave and Cargo Exchange, said a release from the organisers.

"The second edition brought rejoicing number of innovative startups and great stories to the platform. We are confident the tale of these successful startups will create new benchmarks in the ecosystem and drive entrepreneurship in the coming generation," said Rakesh Bhatia, Chair, The Guardian Angel.

"We believe startups could add several millions to the economy with the right support and finance to scale-up. Our instant live funding initiative is designed to tackle this funding gap," said Pradeep Mittal, President, TiE Hyderabad.

Cargo Exchange, a platform for cargo-owners, truck owners and intermediaries to trade easily, came very close to a closure as they were offered Rs 1.4 crore as funding, though the deal on the stage did not get through due to differential opinion on valuation.