The Government has pledged its ongoing support to Internet of Things technology as part of a £1 million investment.
Connected devices accelerator Startupbootcamp IoT has been selected by Innovate UK – a business-focused innovation agency – to receive a portion of this year’s funding.
Startupbootcamp was founded in 2010 in Copenhagen to support entrepreneurs worldwide as they grow their start-ups.
The cash will be used to help make products commercially viable.
“Government investment in the IoTUK programme is helping develop the next generation of technology which will power our economy and transform peoples’ lives,” said Matthew Hancock, minister of state for culture and the digital economy.
“This latest funding boost will help companies bring their fledgling Internet of Things ideas to market and take advantage of emerging global opportunities.”
The IoT market is expected to be worth $3 trillion (£2.3tn) by 2025 as the number of connected devices grows almost five-fold.
Ten start-ups working on IoT devices, ranging from the connected home to smart manufacturing, have been selected to join Startupbootcamp’s programme, which begins this October.
The programme provides each start-up with €15,000 (approximately £12,600) in cash as well as office space in London connected to a ‘fast prototyping’ lab and access to a global network of IoT and hardware experts and investors.
Raph Crouan, MD of Startupbootcamp IoT, said: “There are some great hardware start-ups 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 programme to the next level.”
At the end of the three-month acceleration period, a public ‘demo day’ will be held, with each of the start-ups pitching in front of investors, angels and VCs for funding.
Startupbootcamp IoT has 14 programmes in Amsterdam, Barcelona, Berlin, Eindhoven, Istanbul, London, Miami, New York, Rome and Singapore.
A tech expert told a recent BusinessCloud conference on Big Data that wearable technology will be replaced by implantable technology in the future.