VELDT Inc. (Headquarters: Shibuya-ku, Tokyo, CEO Jin Nonogami), a developer of IoT products and services, focused on connected watches, and CITIZEN Watch Company, Ltd. (Headquarters: Nishi Tokyo-shi, Tokyo, CEO Toshio Tokura) have entered into a mutual business partnership. The agreement aims to develop, market, and operate new services on mobile applications and IoT products and to manufacture and sell connected watches. VELDT will receive around 300 million JPY in funding from CITIZEN, and VELDT will issue shares through the third-party allocation of shares on the 21st of January, 2019.
Now that almost everything people own is connected to the Internet, an increasing number of companies are rushing into developing more IoT products and services. VELDT started developing IoT products and services in 2012 and has integrated luxury watches with technology to produce items and services that are connected to cloud systems. VELDT has been praised worldwide for its detailed design and technique, while be able to integrate the latest technology and still preserving its beautiful texture and look.
As CITIZEN is entering the IoT platform services business with a focus on watches, VELDT and CITIZEN have signed the partnership agreement to expand the worldwide reach and scale of the new collaborative business.
The two main points of the agreement are shown below.
1. Development of IoT Platform “Riiiver”
CITIZEN is releasing its new service Riiiver in the summer of 2019, and VELDT is responsible for part of the planning and the whole development and operation. Riiiver is an open IoT platform that connects people, things, and actions while offering a new experience of “time”. By connecting various IoT devices and services to lifestyles, users can create their own new “time (= lifestyle)” that does not fit in with the established common sense.
2. Manufacture and Sales of New Connected Watch “VELDT LUXTURE”
CITIZEN is partially manufacturing and marketing VELDT LUXTURE, the connected watch model that will be released in 2019 by VELDT. VELDT LUXTURE is a new connected watch that recreates and organizes relaxing time for people today who do-it-all. It was inspired by the idea of “LIGHTS, RATHER THAN WORDS”. Apart from the traditional smartwatches that display a variety of digital data on faces, VELDT LUXTURE looks like any high-end analog watch with three hands. VELDT FLARE, embedded with indirect lightings on the watch face, is inspired by natural light like a warm fireplace flare or sunlight that shines through the leaves of a tree. VELDT FLARE elegantly displays your notifications, whether it’s from the people who are most important to you or daily lifestyle information such as your next appointment or the weather forecast.
Riiiver is going to be fully available on VELDT LUXTURE. On Riiiver and VELDT original app, users can create functions and evolve them as they wish. The product name LUXTURE is a mix of LUX and FUTURE, the two words indicating the major characteristics of VELDT product.
At South by Southwest (SXSW) in Austin, USA, one of the world’s largest conglomerates of film, interactive media, and music festival, CITIZEN is going to officially announce Riiiver on the 10th of March, and VELDT LUXTURE is going to be showcased there at the same time.
VELDT Inc. was established in 2012. With a theme “CONNECTED & BEAUTIFUL”, VELDT has been developing and offering IoT products and services. VELDT is specialized in products that inspire beauty, such as its collection of elegant watches. VELDT also develops and produces a wide range of items and services, from analog precision machines to software and system. Let the worlds of “time” and “lifestyle” wonderfully merge together with VELDT’s beautiful connected products. VELDT’s goal is to become an innovation company that benefits people’s lives with a spiral of positive energy.