Wearable IoT (Internet of Things) World launched Monday its Hong Kong operation. The San Francisco-based accelerator launched the expansion after receiving $4.5 million worth of funding from China-based investor Radiant Venture Capital, along with TEEC Angel Fund and W Capital.
According to Venture Beat, Wearable IoT World will run its Hong Kong-based US-Pan Asia Superhighway, which will help Asian start-ups develop IoT and wearable technologies. WIoTW partnered up with Hong Kong-based Cyberport Management Company to house its labs and offices.
"We are thrilled to be able to extend our expertise from the U.S. to this region through a full suite of services for startups and enterprises to excel in IoT, wearables and emerging technologies," said WIoTW CEO Redg Snodgrass in a report by Tech Zulu. "This marks a long-awaited milestone in our continued quest to build the easiest pathway to product creation, market awareness, investment and distribution for related start-ups around the world."
Meanwhile, Radiant Venture Capital Managing Director Duncan Chiu said, "Asia is arguably leading the way when it comes to wearable technology, and the development of IoT in the region shows equally promising signs."
South China Morning Post reported that IoT is a network of connected gadgets. Through IoT, people can easily exchange data using smart devices and wearable. It uses embedded sensors and software, which means it could work even without human commands and directions.
IoT devices are becoming increasingly popular. The numbers of devices that are connected with each other are expected to hit 30 billion by 2020. Meanwhile, the global market for this technology is expected to reach US$1.7 trillion in 2020. This is a big increase from 2014's US$665.8 billion.
Meanwhile, WIoTW's launch in Hong Kong follows the city's Chief Executive Leung Chun-Ying's announcement to pledge HK$2 billion matching fund for startup investments. He promised to turn Hong Kong into a smart city with efficient IoT functions.
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