News: Government cash to help IOT firms
Innovate UK has selected Startupbootcamp IoT, a dedicated accelerator to distribute £1m to UK Internet of Things start ups.
Managing Director of Startupbootcamp IoT and Connected devices, Raph Crouan said: “There are some great hardware startups and IoT technologies being created in the UK at present. Now we’re looking to really develop this ecosystem, and government support will help us to take our program to the next level.”
The UK’s innovation agency, Innovate UK has revealed that the accelerator will receive a portion of almost £1 million in DCMS investment as part of the government-funded IoTUK programme.
This investment is said to help companies develop an early IoT market advantage, making it possible to bring the gap between the development of a hardware prototype and commercial viability.
The Startupbootcamp’s IoT programme, which starts in October, has seen the selection of a diverse range of ten start-ups- all working on IoT devices ranging from the connected home to smart manufacturing, to join the programme.
During the first year of the programme, each start-up is to be provided with €15,000 cash, office space within London connected to a full fast prototyping lab, as well as access to a global network of IoT and hardware experts and investors.
Matthew Hancock, the Minister of State for Culture and the Digital Economy, says: “Government investment in the IoTUK programme is helping develop the next generation of technology which will power our economy and transform peoples’ lives.”
“The latest funding boost will help companies bring their fledging Internet of Things ideas to market and take advantage of emerging global opportunities.”