Smart city: riding IoT boom, Ingdan.com sets up US$50 million fund for start-ups in Hong Kong to boost hardware ecosystem
Pundits predict company, owned by e-commerce platform Cogobuy Group, will focus more on teams and projects at local universities
Ingdan.com, operator of China’s largest online supply chain platform for internet-of-things devices, plans to create a US$50 million fund this month to invest in hardware start-ups in Hong Kong.
The fund will focus on young companies developing hardware for smart devices or related technologies. Software companies and those that make other consumer devices will not be considered, according to Shenzhen-based Ingdan.
It said that only start-ups registered in the city will be eligible to apply for the fund, but founders and employees can come from anywhere in the world.
READ MORE: Boom in Internet of Things devices draws more hardware start-ups to Hong Kong as connected gadgets take off
“We think there are too few hardware start-ups in Hong Kong and we hope to change that through our funding,” the spokesperson said.
“The problem for us is not the lack of money but the lack of good companies and teams to invest in.”
There are 497 start-ups listed on startbase.hk, an online database. Among those, only 22 focus on hardware.
Ingdan currently supports a number of hardware projects on the Chinese mainland, including a smart face mask that automatically disperses the heat and moisture that gets trapped between the mask and the wearer’s face, and a smart mat for babies that detects their position and monitors their breathing.