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Security device startup Rico raises $120K in crowdfunding via Kickstarter

31 October, 2014

Kochi Startup Village incuabtee Mindhelix Inc. has raised under $120,000 through crowd-funding platform Kickstarter for its product ‘Rico’ that converts one’s spare smartphone into a home security device.

The startup, which was actually targeting $100,000 via kickstarter, got backing from more than 750 people from across the world.

“We are planning to use the funds for manufacturing the product. We expect to ship the products by November next year,” Kallidil Kalidasan, CEO of Mindhelix, told VCCircle. “A part of the funding will also be used to develop the software.”

What is Rico?

Rico is a multi-coloured robot-like device that can convert one’s old smartphone device into a home security device. Rico combines the power of an in-built processor with the features of a smartphone to create an entirely new device. The company claims that anyone with a spare smartphone gets access to affordable smart-home security by plugging it into Rico, removing the clutter of heavy and expensive home security hardware.

Using the device, you can monitor your home from anywhere with the Rico app. Using the current smartphone, you can also live stream video of your living room as well as receive critical alerts at the touch of a button.

The app also allows you to track all the data from various sources in your home, and over time, help you see trends in the way your home environment changes, allowing you to make decisions about optimising how it is run.

Rico has the capability to detect smoke and temperature changes at home, monitor carbon monoxide, control smart sockets and adjust humidity levels. The device is available at $99 apiece.

Set up by two young entrepreneurs Christin Emmanuel George and Kallidil Kalidasan, MindHelix became operational in 2011. George quit the company last month.

Headquartered in California, the startup had earlier developed two products — a personal security app called Sentinel and a GPS-based auto fare calculator called Tuk Tuk Meter. The firm has an office in Kochi as well.

Early this year, RHLvision, another Startup Village incubatee, had raised $200,000 in funding via crowdfunding platform Indiegogo.

(Edited by Joby Puthuparampil Johnson)


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Security device startup Rico raises $120K in crowdfunding via Kickstarter

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