San Francisco startup, Olio Devices, has begun accepting preorders for it upcoming Model One luxury smartwatch that will take on the Apple Watch due to go up for sale next month. This follows recent announcements by Tag Heuer and other luxury watchmakers to launch high-end Android Wear smartwatches that will also compete with the Apple Watch.

Co-founded by former Apple and HP product designer, Steven Jacobs, along with Evan Wilson and AJ Cooper, Olio Devices has spent the last two years developing its own hardware and software from scratch. The Olio Model One doesn't need to use the Android Wear operating system and Snapdragon application processors, but instead runs its own time-based proprietary software that is compatible with both iPhones and Android handsets.

The Olio Model One luxury watch comes with a case made from traditional stainless steel as well as black steel, while the face and back is made from hardened crystal. There is a variety of leather straps and even a stainless steel bracelet available to match the case.

Olio's custom operating system delivers notifications and suggestions based on the wearer's current location and activity. Wearers can respond to a call or text message through a series of swipes, including replying with a custom message. A microphone also allows the wearer to interact with the phone via Siri and Google Now. The Olio Model One's cloud-based system is designed to offload most of its processing to the cloud and display minimal data on the screen. So the luxury watch only shows important messages as defined by the people with whom the maximum interaction takes place through the device.

According to the company, the smartwatch should last between two and four days on a charge, making it longer than the Apple Watch and most Android Wear devices. The Olio Model One is priced at $595 for the stainless steel version and $745 for the black steel version with leather straps. Shipments begin this summer, but the Olio Model One will be released in very limited numbers with only 1,000 pieces being available for sale initially.