It certainly has been a long time coming, but the first Asian internet of things (IoT) accelerator has been launched in Hong Kong: the bombastic-sounding US-Pan Asia IoT Superhighway.
The call for an IoT accelerator in Asia has been a long time coming, after all, given that we’ve been hearing reports for the last year, at least, that industry alone could be missing out on trillions of dollars by failing to adopt IoT for their businesses.
This new accelerator aims to focus particularly on the consumer side of IoT, with wearables and emerging technologies as its focus, with the Hong Kong government firmly behind the venture.
According to the accelerator’s announcement, it has closed a funding round of $4.5m, led by Radiant Venture Capital with additional funding from TEEC Angel Fund and wCapital.
To be housed in Hong Kong’s digital cluster – the Hong Kong Cyberport – the accelerator will be the second run by Wearable IoT World (WIoTW), which was credited with being the first true IoT accelerator in the world, and which will now aim to tap into the market in mainland China.
Expanding into mainland China
Created with Asian start-ups in mind, the accelerator will last for 15 weeks and will cover all the expected needs of an IoT company, including office space and mentoring for IoT and wearable devices.
WIoTW also announced its plans to open another accelerator in mainland China in Q3 of this year, in the city of Shenzhen, at the same time as another accelerator in Singapore.
“Asia is arguably leading the way when it comes to wearable technology, and the development of IoT in the region shows equally promising signs,” said Duncan Chiu, managing director of Radiant Venture Capital. “We are excited that WIoTW sees this potential in the Asian marketplace, and that we share the same vision of driving innovations that will shape our future.
“Above all, their proven ability to create a viable ecosystem for both game-changing entrepreneurs and existing corporations gives us high conviction that the accelerator will serve as a springboard to bring success for Hong Kong and Asian start-ups in today’s globalised world.”
Hong Kong skyline image via Shutterstock