Smartwatch company Pebble has broken crowdfunding records by raising over $1 million after just 49 minutes since listing its new smartwatch, the Pebble Time, on Kickstarter.

Pebble Time's goal of $500,000 was reached in just 17 minutes, over $6 million over its first day, and at the time of writing, has already amassed over $7.5 million in funds with 30 days to go in the smartwatch's crowdfunding campaign.

In comparison, Pebble's first smartwatch was able to reach $1 million in funding in 27 hours, and in total, raised $10.26 million in over a month.

Pebble Time, which uses technology similar to the e-ink used in Amazon's Kindle, has a focus on the smartwatch's timeline.

"You already plan your day around time, so it makes sense for your Pebble to be organized around the same principle," the Pebble team wrote on Pebble Time's Kickstarter page.

Pebble Time, instead of separating notifications across different apps, now organizes them according to time. The smartwatch has three distinct buttons at the side that represent the past, the present and the future.

The present button at the center reveals the current time and all current notifications, the past button on top allows the wearer to review past notifications and the future button at the bottom allows the wearer to read through future events.

The e-paper that Pebble Time uses allows the device to boast of a battery life that can last as long as seven days. Compared to the first Pebble smartwatch, however, Pebble Time is thinner by 20 percent and also features a color display, as opposed to the black-and-white display of its predecessor.

The Pebble Time also features a microphone that will allow wearers to dictate their replies to received text messages and emails and to record voice notes.

According to the Pebble team, all of the 6,500 current apps for the Pebble smartwatch will be compatible with the Pebble Time. This includes apps such as ESPN, RunKeeper and Weather Channel.

Users that choose to become backers of Pebble Time can have one smartwatch for as low as $159 for Early Bird backers. After the Early Bird period, one Pebble Time will require a $179 funding, which is still a discount on the planned retail price of the smartwatch of $199. Backers can also choose to provide funding to receive up to 30 Pebble Time smartwatches for $5,000.

Pebble Time will work with the iPhone 4S and above on iOS 8 and all Android-based smartphones with Android version 4.0 or higher.