The program is co-launched by Innovation Point, The Accelerator Network, Barclays Eagle Labs, Inspire Wales and the Development Bank of Wales. The program’s main aim is to help fund and grow small IoT startups looking to bring their products to market or grow their startup.
The program will select 10 companies per cycle and inject £50,000 against 10% equity in the startup.
Each startup also gets access to paid mentors who will guide them towards product/service commercialization and other important milestones. Each of the admitted startups also receives engineering support from Sony Manufacturing and Cardiff University, test-bed and gateways from Pinacl, and membership of Tech UK.
Apart from initial support in kind and cash, the startups will also get a chance to raise follow-on funding in April, 2018.
+ IoTA Wales will accept applications from startups working in niches such as Connected Vehicle entertainment and infotainment solutions, wearable tech and data driven health-tech innovations, and cyber security solutions for connected hardware.
+ Apart from £50,000 investment, each chosen company will receive over £70,000 of support.
+ The startups will be housed at the Barclays Eagle Lab during their tenure with IoTA Wales.
The Internet of Things is transforming #business in every sector.— Pinacl Solutions (@PinaclSolutions) December 8, 2017
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