Singapore: A Singapore-based NRI businessman has claimed that his company is developing a set of wearable devices that would use artificial intelligence in chip-embedded clothes to reduce the usage of hand-held tools.
Niraj Goel's group of companies under Clone Algo has been prepared for a mega launch of the devices across the world, said officials who are monitoring recent breakthrough in technologies.
Though Goel is keeping his plans confidential for the second generation technology releases, financial and industry observers say the technologist is set to leap ahead of competition with wearable devices which includes chip embedded into body wears such as clothing, strap-on and belts, shoes, rings among others.
"We believe Clone Algo would be making a fashionable statement for chip-embedded technology in clothing, disrupting hand-held devices," said a technology focus venture capitalist on anonymous condition.
Clone Algo is raising $250 million by selling 20 million shares at $12.50 per piece through a share placement which would value the tech company at $11 billion.
The company would use the proceeds to support the launch, marketing and R&D of a series of apps for mobile phones and wearable devices.
He cited the recent phenomenal growth in artificial intelligence in algorithm technology.
Goel's artificial intelligence in algorithm technology dominates trading in the US and European markets, an official said.
It is estimated that over a third of the total trade in the leading stock markets in the US and the EU are conducted with the help of Clone Algo's algorithm-based software tools.