Pebble is not their first watch. They've already sold a first generation of watches (http://www.getinpulse.com/ http://www.getinpulse.com/) and I would speculat

Pebble is not their first watch. They've already sold a first generation of watches (http://www.getinpulse.com/ http://www.getinpulse.com/) and I would speculate they are likely using the proceeds from these sales.