Update (8.30am - Thursday, 26 February): Pebble Time has now attracted more than $10m in crowdfunding in less than two days, matching the entire funding the original managed - and there is still 29 days to go.
Pebble Time, a new smartwatch with a colour e-paper display, seven-day battery life and a new Timeline interface, has passed $2m (£1.3m) in funding on Kickstarter in just 56 minutes.
Pebble Time is the company's second smartwatch and follows the successful crowd-funding campaign of the original three years ago.
The new smartwatch is significantly different from the original, featuring a colour display and an all-new Timeline interface which will allow users to organise their notification by time.
The funding target of $500,000 on Kickstarter was passed within minutes, the $1m milestone reached in just 34 minutes, and over $2m have been raised before the first hour was over. The company raised over $10m through Kickstarter for its original smartwatch.
The new Pebble Time is 20% thinner than the previous model and comes in three colours - red, black and white.
The company said it will ship the watch to those who fund it through Kickstarter by the end of May 2015, with the smartwatch due to be on sale generally by the end of the year for $199. To tempt early adopters, a limited number of Pebble Time watches are available from $159.
"Pebble was first brought to life by 69,000 backers and people who supported our vision three years ago. We could not think of a better way to share our new watch," said Eric Migicovsky, chief executive of Pebble.
"With Pebble Time, we're launching completely new hardware and re-imagined software."
Unlike the Android Wear smartwatches currently on the market, and the up-coming Apple Watch, the Pebble Time boasts a week-long battery life thanks to its low-power e-paper display.
The original Pebble smartwatch (and the more premium Pebble Steel version) have sold more than 1 million units in total and there have been more than 6,500 apps developed for the watch which works with both Android and iOS.
The new Pebble Time smartwatch also includes a microphone to allow you quickly respond to notifications or take short voice memos. The smartwatch remains waterproof however and Pebble has added a smart accessory port which it hopes will "enable hardware developers to build sensors and smart straps that connect directly to the watch".