After launching its inPulse watch, which is compatible with the Blackberry smartphone, Allerta Inc. took just over one day to secure more than a million US dollars in pledges to fund its new “Pebble” watch, which will be compatible with the iOS and Android operating systems. And the company only needed 100,000 dollars of backing to finance the project.

The watch uses an “electronic paper” display similar to that used for e-book readers, which can be read in any light conditions. It will also benefit from numerous applications, such as a cycle meter or golf range finder, that can be downloaded via Pebble’s own watch app store. This video explainsthe features of the watch.

The innovative funding model is attractive to individuals, especially early adopters, who can secure one of the watches (whose retail price is expected to be in excess of $150) for $125 or less. But special “distributor” packages are also available, which offer up to 100 watches for a $10,000 dollar pledge.

A special package has been made available for developers, who will receive a prototype watch in August in order to develop applications ready for the product’s launch in September 2012. The fact that this developer package has already sold out with 100 backers is an indication of the potential popularity of the Pebble.

For more information on the Pebble, visit the crowd-funding website Kickstarter.