Networking technology producer Cisco, telecommunications firm Deutsche Telekom and semiconductor technology provider Intel jointly launched an accelerator this week that will fund internet of things (IoT) technology startups.
Challenge Up aims to help startups in Europe, the Middle East and Africa get to market more quickly through joint projects, mentoring, networking and the provision of corporate assets, and it could also invest cash in the companies.
Startups developing technology centred on connected and smart technology such as smart home and city, connected cars and wearables will be targeted together with information security, big data and analytics, connectivity and cloud computing.
Marcin Hejka, vice president and managing director of Eastern Europe, Middle East and Africa for Intel Capital, Intel’s corporate venturing unit, said: “Through Intel Capital, Intel is one of the biggest investors in new IoT technologies globally and we’re excited to see what new talent and technology will emerge in Europe, the Middle East and Africa.
“Intel Capital has a track record of helping entrepreneurs to find lasting business partners; we can’t wait to find the next IOT breakthrough.”