Thursday, August 11, 2016

Oyokey Update

This is our third year running Oyokey and our journey has been an amazing roller-coaster ride. We have had ups and downs, and many many eureka moments. As some of you have pointed out to me, I have not been very regular on my updates or not had many opportunities to meet you over the past year, so I apologize. This past year, especially the last six months, our priorities at Oyokey have changed greatly as you will see below.

Our Work
Oyokey is bringing the Web to Emerging Devices. At Oyokey we are developing, first of its kind technology, so Web information - websites, webpages, can be created for display and use on Mobile Devices, Emerging Devices and Voice based platforms. Emerging Devices are Smart Watches, Connected Cars, AR VR and Connected Home Devices - basically any IoT device with a screen. We not only have an advanced rendering system but also add a layer of Voice which will allow you to navigate your Website using Voice commands. It is very exciting working with newer devices such as Smart Watches, Connected Cars and VR. Earlier in May, we got our patent approved and issued, so that was a huge milestone. We have a few more applications pending. We have also been selected/invited to various startup events and accelerators, from Silicon Valley to around the country and have been recognized as one of the top tier startups out of thousands of others from around the world at these events. We have also done couple of use cases and integration with industry leaders in our space. Over the past few years we have done a lot of research, development, trials and testing around advanced UI/UX design, voice, accessing and navigating information using voice and search, this will continue as we get access to more funding and partnerships with industry players.


Oyokey vs Naya Ventures
Lawsuit (O yokey Prabhakar Reddy Lawsuit, Oyokey Dayakar Puskoor Lawsuit, Oyokey Motivity Labs Lawsuit)           Some of you may already know, in April 2015 Oyokey filed a lawsuit against Naya Ventures (our incubator investors), Prabhakar Reddy, Dayakar Puskoor (Partners and founders of Naya Ventrues and past-Directors on Oyokey Board) and Motivity Labs (their software development and services company). The Oyokey - Naya Ventures lawsuit is still pending in Dallas County, Texas, and we are expecting to go to trial around the end of the year. Due to the nature of the case, I cannot provide additional information, although the pleadings are publicly available online. Now what I can tell you without any reservation is that as an entrepreneur I had to quickly learn and realize that a startup is not just made up of technology, product and business development. A startup should have good attorneys as part of their team — legal is as important as any other areas of your business.

9/6/2016 Update to our Update - The trial for the lawsuit filed by Oyokey against Naya Ventures, Prabhakar Reddy, Dayakar Puskoor and Motivity Labs is finally set for early next year(end of January). I have full faith in our legal process and after spending months of hard work, time, effort and money, we are now looking forward to our day in court.

 
Funding
In March 2013, Oyokey completed it’s first formal round of funding (Incubator Round) with Naya Ventures, an early stage VC based here in Irving, Texas, investing $100,000 on a convertible note. In July 2014, Oyokey and Naya Ventures parted ways. In August 2014, Oyokey completed it’s next round of funding (Seed Round) with Dallas-based private investors who invested $1,000,000 in Oyokey for an equity position. As a startup that is early stage, Beta Development and pre-revenue, we have found that there is value in innovation and creating our own space in this world. Being ahead of the curve is one way that a startup can justify its existence and value. Now this obviously cannot happen if you are not backed by investors and funding. For us this remains our key vision, keeping our focus on innovating and creating intrinsic value for Oyokey. This we feel needs to continue and so we are eager to work with such like minded investors, we are open to meeting potential partners anytime.


As always, I look forward to your continued support and feedback.

Thank you
Nitin Anand
Founder CEO 
Oyokey Inc.
Tags - Oyokey Web Emerging Devices, Next Round Funding, Collision Conference, Oyokey Naya Ventures Lawsuit, Prabhakar Reddy Lawsuit Dayakar Puskoor Lawsuit Oyokey Motivity Labs Lawsuit, Oyokey Seed Round,