Robert Bosch Venture Capital GmbH (RBVC) and State Farm have partnered with Plug and Play for their newest program, Plug and Play Internet of Things Accelerator (IoT), to engage with startups aligning with their developing technology initiatives. Plug and Play IoT is a startup accelerator bringing together a round-table of complementary partners to guide the direction of the program and help decide which startups are accepted.
“We are pleased to announce the Plug and Play partnership with RBVC and State Farm with plans to leverage their deep industry knowledge and expertise to advise our investment strategy in the IoT space,” said Plug and Play CEO and Founder Saeed Amidi. “With their guidance, we will look to invest $25,000 to $100,000 in up to 30 IoT-focused startups from around the world.”
The IoT Accelerator is a 12-week program designed for early and growth stage startups. Qualified companies are developing solutions in areas like wearable computing, augmented reality, robotics, healthcare & well-being, unmanned aerial vehicles (non-military), gaming, smart connected car and smart connected home. Through tailored deal flow, themed workshops, and face-to-face interaction, Plug and Play IoT enables corporations to engage with startups that may complement their respective suite of offerings or create new potential revenue streams. Startups accepted into the program receive funding from Plug and Play Ventures, weekly mentor sessions with industry thought-leaders, and opportunities for potential pilot projects, all culminating at the Plug and Play quarterly demo day. Dedicated startups will additionally get access to the complete sensor portfolio from Bosch Sensortec.
“Through our commitment to innovation, Bosch is investing in new technologies, platforms and partnerships that will enable us to realize our vision of a connected world,” said Claus Schmidt, Managing Director of Robert Bosch Venture Capital GmbH.
“In the last years Bosch Sensortec has become a leading MEMS sensor supplier for the smartphone and tablet markets. Bosch MEMS sensors can be found in every second smartphone sold today. The upcoming market for MEMS sensor will be the market of wearables and IoTS and it will be huge, though diversified. By partnering with capable and experienced players like Plug and Play and their innovative startup partners we sow the seed of tomorrow’s MEMS sensor business,” said Stefan Finkbeiner, CEO and General Manager of Bosch Sensortec GmbH.
“At State Farm, we are interested in how the Internet of Things can help our customers manage the risks of everyday life and recover from the unexpected” said State Farm Operations Vice President Jack Weekes. “State Farm is proud to support the Plug and Play Internet of Things Accelerator, along with RBVC and we are happy to be a part of this exciting program which is focused on such a rapidly evolving space.”
Candace Denton, Co-Founder and Program Manager for Plug and Play IoT states: “While the concept of a connected world isn’t new, we feel the time is ripe to focus our early stage investment strategy in the space. There are many technology gaps that can be filled by our startup community and with our robust corporate network, we will make connections and create value for all involved.”
Plug and Play IoT will be accepting applications until August 1st and the program begins in early September. To learn more about the program and the corporate partners involved, visit: http://www.plugandplayaccelerator.com/programs/iot.
About Plug and Play
Plug and Play Tech Center is a global investor and technology accelerator that specializes in growing tech startups. Headquartered in Sunnyvale California, Plug and Play’s network includes over 300 tech startups, 180 investors, and a community of leading Universities and corporate partners.
About Robert Bosch Venture Capital GmbH
Robert Bosch Venture Capital GmbH is a fully owned subsidiary of Robert Bosch GmbH and invests worldwide in innovative start-up companies at all stages of their development.
Its investment activities focus on technology companies working in areas of business of current and future relevance for Bosch, above all automation and control, energy and environment, enabling technologies, and healthcare.
Robert Bosch Venture Capital GmbH also invests in services/business models as well as new materials that are relevant to the above-mentioned areas of business. For more information, go to http://www.rbvc.com.
About Bosch Sensortec GmbH
Bosch Sensortec GmbH is a fully owned subsidiary of Robert Bosch GmbH, dedicated to the consumer electronics world offering a complete portfolio of micro-electro mechanical systems (MEMS) sensors and solutions that enable mobile devices to feel and sense the world around them. Bosch Sensortec develops and markets a wide portfolio of MEMS sensors and solutions for smart phones, tablets, wearable devices and IoTS (Internet of Things & Services) applications.
The product portfolio includes 3-axis acceleration, gyroscope and geomagnetic sensors, integrated 6- and 9-axis as well as environmental sensors and a comprehensive software portfolio. Since its foundation in 2005 Bosch Sensortec emerged as the technology leader in the addressed markets. The Bosch Group has been the global market leader for MEMS sensors since 1998 and has to date sold more than 4 billion MEMS sensors. For more information, go to http://www.bosch-sensortec.com.
About State Farm®:
State Farm and its affiliates are the largest provider of car insurance in the U.S. and is a leading insurer in Canada. In addition to providing auto insurance quotes, their 18,000 agents and more than 65,000 employees serve 81 million policies and accounts – more than 79 million auto, home, life and health policies in the United States and Canada, and nearly 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is also available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 41 on the 2014 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com or in Canada http://www.statefarm.ca.