internet of things & hardware industry report 2016

SparkLabs Global Ventures is a new seed-stage fund founded by entrepreneurs. We are a global fund that believes exceptional entrepreneurs can be found anywhere, and have invested in 54 companies across the globe since December 2013 including 6 Internet of Things / Hardware companies.

About SparkLabs Global

Definition

Internet of Things (IoT) The Internet of Things is to connect physical objects over an IP or other network, to exchange/store/collect information to consumers and businesses via a software application. Nearly every person has encountered or used a particular IoT application with 4.9 billion predicted to be connected through 2016. Through this phenomenon, new market opportunities have formed with industries harnessing the IoT potential to further benefit consumers or companies and gain a competitive advantage. Data Flow of IoT The chart below illustrates the data transformation from a smart object to the end-user consumers.

Share useful information with other people

Controls the analyzed data and provides service to end-user

Store and analyze data transported from connected machines

Senses surroundings and collects data

Mobile, router, wearable,

thermometer, etc.

Sensors in Machines

Data Center (Cloud)

Application (Software) Consumer

Definition

Layers of Internet of Things The IoT industry can be broken down into 3 Layers: IoT applications, IoT platforms, and building block providers. Each plays a vital role, integrating with each other to allow the IoT phenomenon. All 3 layers have many market players in each, however some companies can be categorized into two or more layers.

Building Block Providers

IoT Platforms

IoT Applications IoT layer which enables products & services to end-users

Service Providers, Device Manufacturers (Apple, Google, Samsung, Fitbit, August, etc.)

Software systems & clouds that allow applications to function and connect. Platform Vendors, Middleware/Analytics Vendors, Connectivity Providers

(Cisco, Qualcomm, Intel, Apple, Google, Arduino, etc.)

Physical hardware that lay the foundations of IoT. Infrastructure Manufacturers, Component Manufacturers

(Qualcomm, SIMCOM, Sierra, Vodafone, T-Mobile, etc.)

Landscape: Consumer vs. Industrial

Consumer vs. Industrial We see the landscape generally divided between consumer and industrial applications whether hardware, software or both. The consumer innovations are primarily hardware products and industrial have been primarily software (i.e. artificial intelligence, data analysis). Most connected home, wearables and robotics/drones products have been consumer facing while healthcare has been split with a leaning towards with more hardware-focused products.

Connected Home

Wearables

Healthcare

Industrial IoT

IoT Applications

Robotics & Drones

Landscape: Battlegrounds

Consumer Battlegrounds Our view is that there are 5 major battlegrounds for IoT and hardware innovation and market growth in the consumer space: •  Connected Home (Security, Central Appliances & Home Hubs)

•  Wearables •  Healthcare •  Robotics & Drones •  Transportation

For this report, we will not cover transportation since we believe it is a very expansive industry and will cover it in a future report.

Landscape: Industrial IoT

“Industrial IoT will dramatically change how many Fortune 500 companies operate. This is not only about environmental sensors and sensors integrated into the manufacturing processes, but we believe real-time visualization along with all of this new data is essential to companies making the best and right decisions at critical moments.”

Jimmy Kim, Co-founder & President of N3N and Co-founder of SparkLabs Global Ventures

N3N was Cisco’s first internet of things investment in the world. The company is an IoT visualization company based in Seoul and San Jose, CA. Their clients include Samsung Electronics, LG Display, Posco (3rd largest steel company in the world), Hyundai Motors, and others.

Landscape: Industrial IoT

Industrial Internet of Things Industrial IoT has the potential to be bigger than the consumer space. With over 13 billion connected devices in the world and millions more coming online every week, the amount of data that we are collecting is amazing. From street signals to manufacturing plants to construction cranes to jet engines, the aggregate data companies collect will be overwhelming and exciting at the same time as they try to figure out what to do with it and how best to analyze and apply the knowledge gained from all of this new data.

The SparkLabs Global team identifies 3 current areas of innovation and growth in the industrial IoT space: •  Artificial Intelligence /

Machine Learning •  Security •  Sensor Driven Computing

Portfolio Profile

“The partners at SparkLabs are amazing people and have been a motivating force since the early days of Petnet. They are forward thinking in the way they think about the internet of things and how it will shape they way people shop for consumables.

They have an expansive global network of executives, advisors, and investors who are ready to help in any form necessary. SparkLabs is an essential team member for companies who are looking to expand their brand globally.” - Carlos Herrera, Co-founder & CEO of Petnet

Source : BI Intelligence Estimates Source : Verizon’s IoT 2015 Report

•  The number of IoT devices connected will increase to 25 billion by 2020.

•  Connected homes seems to be the leading sector, however, all sectors are expected to exponentially grow.

•  Number of B2B IoT connections will greatly increase to 5.4 billion by 2020.

•  Organizations that utilize IoT technologies in their products/operations are expected to be 10% more profitable.

Market Overview

More Machines are Going Online As prices for semi-conductors fall and connectivity technology develops, more machines are going online. Appearance of smart objects is the main driver of IoT industry’s development.

Global IoT Market’s Rapid Growth With the growth of connected devices, the global IoT market size is expected to also flourish. The chart below represents the IoT market forecast from various noteworthy research firms.

Market Overview

Source : IoT Analytics

Increasing Mergers & Acquisitions With the rapid consumer interest of IoT products, the tech giants and investors are looking to have a piece of the future trillion dollar pie. The movement has projected many M&A and investment opportunities with industry leaders preparing for an IoT boom.

Mergers and acquisitions related to IoT continued to shatter records. Buyers so far this year (2015) are spending $14.8 billion to purchase 39 IoT-related companies, according to a report from 451 Research. That surpasses the $14.3 billion spent for 62 such companies in all of 2014, which itself was a record-breaking year.

In 2014, IoT M&A spending increased fortyfold from the previous year. Almost eight times the total spent by acquirers in 2012 and 2013 combined.

Technology companies including Google, Intel, Cisco, Samsung Electronics, and major telecom players, including Vodafone and Verizon, are betting heavily on the connected homes sector.

Market Overview

Round Wearables Healthcare Industrial IoT Connected Home

Series A Vuzix $24.8M

Pebble $20.3MMoov $4M

Sensoria $5MiHealthLabs $25M

Tachyus $13MWearable Intelligence $7.87M

LIFX $12MRachio $9.8M

Series B Oculus VR $91M Scanadu $49.66MZepp Labs $15M

Withings $33,83M

GroundMetrics $2.73MAPX Labs $13M

Bit Stew Systems $17.2M

August $38MCanary $30MRing $28M

Series C Misfits $40M Misfits $40M Matterport $30M Anki $55M

SimpliSafe $57MJasper $50M

Later Stage N/A Jawbone $725M N/A View $258.71MSonos $130M

IPO / M&A GoPro (IPO)

Oculus (by Facebook)Misfit (by Fossil)

FitBit (IPO) BodyMedia (M&A)

Deepmind (by Google)Jasper Technologies (by Cisco)

Dropcam (by Nest Labs)Nest Labs (by Google)

SmartThings (by Samsung)Alarm.com (IPO)

Source : IoT Analytics & SparkLabs Global

Major Funding of Each Sector Below is a table displaying the investment trends of IOT companies. Comparing the different industries and the various levels of investments received by its players. From our gathered data, there seems to be a strong leaning towards connected homes.

Market Overview

Rank Company Sector Aggregate Investment

Investment 2014-2015

1 View Energy Efficiency(home & office) $460.24M $258.71M

2 Proteus Digital Health Healthcare $315.35M $203.60M

3 Jawbone Wearable $818.80M $447.00M

4 Sonos Home Automation $453.95M $130.00M

5 Jasper IoT Platform $205.30M $50.00M

6 SigFox IoT Platform $144.47M $131.37M

7 Trilliant Energy Efficiency $146.00M -

8 Alarm.com Home Security $261.00M $98.00M

9 Anki Home Entertainment $105.00M $55.00M

10 Inrix Transportation $143.10M $75.00M

Source : CB Insights, Crunchbase

Top 10 Internet of Things Startups Below are the top 10 funded IoT startups between 2014-15 listed by CB Insights. We added total amounts raised from Crunchbase data to make this chart more confusing for you. As highlighted, the Connected Homes space seems to be garnering the most interest from investors.

Market Overview

Market Overview

•  Connected-home device shipments will grow at a compound annual rate of 67% over the next five years

•  Connected-home device sales will drive over $61 billion in revenue this year. That number will climb at a 52% compound annual growth rate to reach $490 billion in 2019.

•  Smart Appliances are comparably less significant in the Connected Homes industry. This may be due to the long service life of smart appliances and expensive prices.

•  Energy, safety and security systems will become popular first, leading the way to broader consumer adoption.

Forecast of Connected Home Market Below are two tables illustrating the growth in device shipments for the Connected Homes industry.

Forecast of IoT Healthcare Market Healthcare IoT market projected to hit $117 billion by 2020 at a CAGR of 38.1% (MarketResearch.com 2015).

Source : IDC

Market Overview

$32.47 billion

$117billion

2015 2016 2017 2018 2019 2020

IOT HEALTHCARE MARKET

Graph generated from MarketResearch.com data

Market Overview

Robotics Robotics market has taken a tangent from roughly 2010, where Cloud Robotics was first coined. From there it has sky-rocketed into strong interest from investors, with predictions to hit around $40 billion in investments by 2020 (Marketsandmarkets.com, 2015).

Market Overview

Drones UAV production will soar worldwide from $6 billion to $14 billion annually, and totaling $93 billion in the next ten years. The civilian sector is expected to jump from $0.5 billion to $3 billion in a decade.

Source : BI Intelligence

Market Overview

Increasing Attention to Industrial Internet of Things Investment into Industrial IoT almost tripled from 2013 to 2015, and the number of investment deals increased from 59 in 2013 to 94 in 2015.

Market Overview

Active Investment in Industrial Internet of Things To some people, the deal share of industrial IoT companies might be surprising since the numbers seem high relative to the general knowledge of this IoT vertical. Others might question how broadly “industrial IoT” has been defined. Regardless, this is an important sector to follow for innovation and tracking the next “unicorns.”

“The more interconnected our homes become the more we are unknowingly inviting unwelcome guests in. Product manufacturers weren’t focused enough on security and privacy, as a design priority, exposing consumers to a new forms of attacks in our digital age. The challenge to manage and protect a variety of different devices enforces us to adopt a new approach in securing and protecting consumers. We are facing a new reality where the home network is central to our lives. �With this network-first security strategy in mind, SAM is launching an enterprise grade security product to the home environment and giving back people control of their�digital lives.”

Sivan Rauscher , Co-founder & CEO at SAM Seamless Networks

Portfolio Profile

Connected Home We look at the connected home with 3 primary entry points to influence consumers and we believe these are the current battlegrounds between incumbent corporates, new corporate entrants and startups.

•  Security •  Central Appliances •  Home Hubs

Connected Home

Our team believes all of these are legitimate entry points to capture mindshare and control of the connected home.

ADT is the leader in home security in a fragmented market. This $6.7 billion market cap company with $3.5 billion in revenues has 25% of the residential market and 13% of the SMB market. Comcast has been working to penetrate this market along with low cost solutions from companies such as Google’s Dropcam to startups such as August (Smart Lock), Canary, and Notion.

Whether Nest’s Thermostat or LG’s smart refrigerators, these are companies are seeking to bring the conveniences of online connectivity to daily household tasks or functions. Simplicity and ease of use is important for these plays to build trust and expand their presence into other parts of the household. Other targeted areas are sprinkler systems, washers, lighting, power meters and others. There are various approaches to the home hub market whether focusing on audio features to advanced home controls. With the shut down of Quirky/Wink, it seems most consumers still do not have a compelling reason to purchase such advanced devices. SmartThings, acquired by Samsung, has the benefit of being housed now with a larger entity since this is long-term battle for the home.

Security

Central Appliances

Home Hubs

Connected Home

3 Battlegrounds for the Connected Home Our team believes there are 3 primary battlegrounds between incumbent corporates, new corporate entrants and startups.

Company Product / Service Activity

Tech Giants

Apple Homekit (Platform)

Google Brillo (Platform)Nest Labs’ Products (Monitoring and Tracking) Acquired Nest Labs

Samsung ARTIK (Platform)SmartThings’ Product (Hub, Smart Appliances) Acquired SmartThings

Amazon Amazon Echo (Hub)

Start-ups

View Architectural Dynamic Glasses (Energy Efficiency)

Sonos Wireless Music System(Smart Appliances)

Alarms.com Security Solutions(Security and Safety) IPO (June 26, 2015)

Nest Labs Thermostats and smoke detectors(Monitoring and Tracking) Acquired by Google

SimpliSafe Wireless Home Security System(Security and Safety)

Major Players of the Connected Homes Sector The Tech Giants seem to be at a race to dominate the Home Hub sector of the Connected Home.

Connected Home


Startups in the Connected Homes Sector Below are some of the startups in the connected homes space.

Connected Home

Company Founded Sector Location Agg Funding 2010-15 Funding News

View 2006 Energy Efficiency U.S. $460.24M $437.54M

Sonos 2002 Home Automation U.S. $453.95M $414.00M

Alarm.com 2000 Home Security U.S. $261.00M $234.00M IPO (June 26, 2015)$98M Raised

Nest Labs 2010 Monitoring and Tracking U.S. $80.00M $80.00M Acquired by Google on January 13, 2014

SimpliSafe 2009 Home Security U.S. $57.00M $57.00M

Enlighted 2009 Energy Efficiency U.S. $55.63M $55.40M

Digital Lumens 2008 Energy Efficiency U.S. $49.30M $44.30M

August 2012 Home Security U.S. $48.00M $48.00M

Dropcam 2009 Monitoring and Tracking U.S. $47.80M $47.80M Acquired by Nest on June 20, 2014

Canary 2012 Monitoring and Tracking U.S. $41.20M $41.20M

Ring 2011 Home Security U.S. $39.00M $39.00M


“Whether for Pets, Pools or Beers, data can be sold anonymously to the industry and serve as an additional source of revenue for the company. And while not all data can or should be sold, it can provide valuable insights to usage patterns that can be leveraged for future product development and new services. So product, subscription and data, these are the three things that I am looking for when considering our next IoT investment…” (The Holy Trinity of IoT on Medium)

Net Jacobsson, Co-founder & Partner at SparkLabs Global Ventures

Market Overview

Wearables

Wearable Technologies An IoT wearable can be defined as any sensory electronic device which is able to be worn or carried. Wearables have exploded into interest, growing in sales by 129% of $22M in 2014 (CCS) and revolutionizing industries such as fashion, healthcare and fitness. There are strong trends suggesting an exponential increase of investment over the next several years and new market opportunities.

Wearables Upward Growth IDC estimates wearables will grow with a CAGR of 42.6% over the 5-year period. By 2019, over 155 million units will be shipped.

Source : IDC

Wearables

Wearables

Wearables Leaders Players Product /

Service News

STARTUP

FITBITSmart Fitness Band/ Smart

Watches Recently acquired FitStar and went IPO in 2015

PEBBLE Smart Watches Conducted another crowd fundraising, raising $20.34M

OCULUS VR VR Glasses Acquired by Facebook 2015

GO PRO Smart Camera Recently acquired Kolar in 2015, company went IPO in 2014.

XIAOMI Smart Fitness Band/ Smart Watch

Xiaomi as swept the Taiwan market, predicted to sell over 500K devices.

ESTABLISHED

APPLE

Apple Smart Watch Rumored release of Apple Watch 2 early 2016

GARMIN Smart Watches Recently acquired iKubu.

SAMSUNG Smart Watches and VR Glasses, Smart Earphones

Samsung Gear VR expecting to sell 5 million units in 2016.

GOOGLE Smart Glasses Google looking to launch their smart glass in 2016.

Major Players in Wearables


HEALTHCARE

Industry Overview With the emergence of IOT devices, the healthcare industry will benefit from always-on connectivity, increased data and information, and decreased unnecessary interactions between healthcare professionals and patients.

Complimenting the rise of IoT in healthcare, the Food and Drug Administration (FDA) reported that approximately 500 million smartphone users around the world will be using a mobile medical app this year. This number is expected to grow to 1.7 billion smartphone and tablet users by 2018.

From hospitals testing “smart beds” to connected electrocardiograms and connected patient badges, there are endless efficiencies that the Internet of Things can provide to hospitals, doctors and many other players in the healthcare ecosystem.

HEALTHCARE

Growth Areas We believe it is too early in the innovation cycle to choose or rank the greatest impact that the Internet of Things will have on the healthcare industry, so here are just a few of the areas that we have identified:

•  Tele-medicine / Patient Monitoring Even though the promise of tele-medicine has been discussed since the first internet boom 20 years ago, we really believe it is here. No, really.

Where IoT can really make an impact is improved patient monitoring, especially remote patients since single inpatient costs can be over $1,800 per day. IoT can dramatically reduce these costs.

•  Better drug delivery / management From supply chain management of drugs to consumer safety to “smart pills,” there are many areas where IoT can eliminate fraud, waste and improve the lives of patients.

•  New data / new discoveries With increased connectivity of glucose monitors, heart monitors and so many other tracking devices, there are bound to be new discoveries from the data that we collect, analyze and benchmark against patients around the world. We only expect the amazing to occur when IoT in healthcare is ubiquitous.

Industry Overview Worldwide spending in robotics expected to reach $67 billion by 2025 (International Federation of Robotics). The global commercial drones market is expected to reach $5.5 billion by 2020 (MarketandMarkets).

Robotics & Drones

Industry Overview Investment in 2014 to the nascent drone industry topped $108 million across 29 deals. Year-after-year funding increased 104% for venture firms. There are now at least 10 drone companies with Series A funding and a handful of companies have raised Series B financing or later.

Robotics & Drones

Robotics on the Rise Consumer and office robot units are expected hit over 6 million by 2019 with iRobot leading the way.

Robotics & Drones

Consumer Robotics Market Map

Robotics & Drones

Source : Tracxn

Major Moves in Robotics From corporate giants, such as Google and Intel, to smaller private companies, such as Xiaomi, have been very active in the robotics space.

Robotics & Drones

Asustek and Xiaomi are looking to move into robotics potentially for elderly and children. (RBR, 2015)

Canon has spent $3.2B to widen focus on robotics. (RBR, 2015)

Samsung has launched a new $100M robotics lab. (RBR, 2015)

Intel has invested $67M into 8 Chinese robotics startups to give them an competitive edge. (China Daily, 2015) Google since 2 years ago acquired 10

companies for its new robotics division. Looking to produce consumer robot technology by 2020. (Business Insider, 2015)

Service Robotics Industry Service robotics refers to robotics that can be used for service purposes, such as assistance, human autonomous chores, and entertainment. Service bots are expected to account for $18 billion of the Connected Robotics sector. (MarketsandMarkets.com, 2015).

Service Robotics Players Product / Service News

STARTUP

Jibo Social “Jibo” Bot Sold out preorder and expected to launch consumer shipping from next year.

Aldebaran/Softbank

Social “Pepper” Bot Sold out in one minute with its release in Japan.

Savioke Relay Hotel Service bot Savioke charges a fee per robot each month, instead of robot purchase.

Neato Smart Vacuum bot Neato has recently launched a new range of robotic vacuums.

Somabar Smart Robotic Bartender World’s first automated cocktail maker funded through Kickstarter looking to launch soon.

KnightScope Smart Security Bot Looking to be deployed in public areas such as shopping malls, schools, campuses etc.

ESTABLISHED

iRobot Smart Cleaning bots Went Public in 2005, and acquired Evolution Robotics for $74M.

LG LG Hom-bots Recently included security and augmented reality features into the cleaning bot.

Amazon Amazon Echo Amazon’s Echo now can read Kindle books out loud.

Robotics & Drones


Service Robotics Startups

Robotics & Drones

Company Founded Sector Location Agg Funding

2010-15 Funding Lead/Noteworthy Investors

Rapyuta Robotics 2014 Security bot JAPAN $2.9M $2.9M Cyberdyne (Series A)

Savioke 2013 Hotel Service bot U.S. $17M $17M Intel Capital (Series A)

Neato 2005 Vacuum bot U.S. $43.8M $43.8M Noventi Ventures (Series E) Vorwerk Ventures (Series E)

Jibo 2012 Social bot U.S. $52.3M $52.3M Fenox Venture Capital (Series A)RRE Venture ( Series A)

Aldebaran (Softbank subsidiary)

2005 Social bot FRANCE $20.3M $13M Intel Capital (Series C)

KnightScope 2013 Security bot U.S. $5.3M $5.33M NTT DOCOMO Ventures (Series A)

PetNet 2012 Pet Feeder U.S. $5.1M $5.1M Amazon Alexa Fund, iRobot Corp, SparkLabs Global (Seed)

Evolution Robotics 2001 Vacuum bot U.S. $13.8M ACQ Acquired by iRobot in 2012


Active Sectors for Drones Described below are the industrial sectors where drones are currently being utilized.

Robotics & Drones

Drone Industry

IT & Telecom

Film & Journalism

Agriculture

Insurance

Logistics Scientific Research

•  Investigation, fraud management, and drone vehicle insurance.

•  There is an increase in take-off clearance request by insurance companies like State Farm

•  Providing free network connection through solar-powered transmission.

•  Many acquisitions by Google and Facebook over drone companies .

IT & Telecommunication

•  Unmanned delivery, automated inspection.

•  Amazon, DHL have succeeded in UAV delivery and getting ready for commercialization

Logistics

Insurance •  Used for aerial and high angle filming being cost reductive.

•  Allows diverse expression on motion picture/ journalism with new approaches of shooting video.

•  Undertakes difficult filming that is too risky for humans like volcano eruption, natural disasters, and radioactive areas.

Scientific Research

•  Spraying pesticide and monitoring over vast areas.

•  Estimated 80% of market share for civilian drones.

Agriculture

Film Production & Journalism

Industrial IoT

Industry Overview The Industrial IoT market size was $181.3 billion in 2013, and it is expected to reach $319.6 billion in 2020 at a CAGR of 8.15% (MarketsandMarkets).

Growth Areas in Industrial IoT Our team identified 3 current areas of innovation and growth in the industrial IoT space: Artificial Intelligence / Machine Learning, Security, and Sensor Driven Computing.

Industrial IoT

•  AI & Machine Learning This might be the most critical aspect of industrial IoT since gathering all the data from millions or billions of sensors is useless without insights and learning.

•  Security Most of the IoT space is relatively unsecured, so this is a high priority for private and public sector leaders. From Jeep hacks to baby monitors, people have been shown how unsecure connected devices really are.

•  Sensor Driven Computing While very early, the potential of sensor driven computing is enormous. Think Google Now for manufacturer, industrial robots and smart cities. It could be an automated world beyond our current imagination.

Major Players

Industrial IoT

Category Company Sector News

Tech Giants

Cisco

Infrastructure

Hosted Internet of Things World Forum that shows 250+ real-world deployment examples of companies and

municipalities around the world are applying the Industrial Internet to drive efficiencies.

GE Realized more than $1 billion in incremental revenues in

2014 by helping customers improve asset performance and business operations through Industrial Internet capabilities

and services

Siemens Launched a new $100 million “Industry of the Future Fund”

to fund early-stage start-ups in industrial automation and other digital technologies that can transform future

manufacturing

Huawei Telecommunication The acquisition of Neul, the UK-based Industrial Internet

startup, that was one of the key supporters of the weightless standard for low-power M2M Communications

Startups

RetailNext Retail Enables retailers and manufacturers to collect, analyze, and visualize data about in-store customer engagement.

DeepMind(Acquired by Google)

Artificial Intelligence

Models eschew pre-scripted forms of artificial intelligence and instead rely on experiential learning based on

rudimentary capabilities using deep learning

Airware Aerospace/Drones The aerial information platform for the rapid development

and safe operation of commercial drones, providing hardware, software and cloud services

Matterport 3D printing Enables create a realistic 3D model and share over the Internet using sensor technology.

“My team at Cisco and I are excited to be working with SparkLabs on their new Internet of Things program and look forward to helping those entrepreneurs bringing new innovations to ‘Changing the Way We Work, Live, Play, and Learn’ by the connected home, cities and industries across the globe.”

Ben Chung Center Lead at The Global Center of Excellence (GCoE), Cisco Innovation Center in Songdo, South Korea

SparkLabs IoT Accelerator

•  SparkLabs Accelerator SparkLabs (www.sparklabs.co.kr) accelerator is a separate but affiliated entity of SparkLabs Global Ventures based in Seoul, South Korea.

•  Launching a new IoT program This summer 2016, SparkLabs is launching a new IoT/hardware focused accelerator program.

•  Interested? Contact Alex Namkung at [email protected] and go to the next slide!



SparkLabs IoT Accelerator 6-month long Internet of Things program for seed to early-stage entrepreneurs from anywhere across the globe. This program will be located in Songdo, South Korea. Also selected startups will benefit from support by the Cisco Global Center of Excellence (GCoE), Cisco Innovation Center at Songdo to further mature their solutions with local technical support available under the GCoE’s Solution Incubation Program.

Songdo: Smart City of the Future

•  $35 billion smart city built from ground up.

•  2nd largest private real estate development in history.

•  80,000 apartment units

•  Currently over 35,000 residents

•  50 million square feet of office space and 10 million square feet of retail space

•  SparkLabs is the exclusive IoT test bed partner


Exclusive Startup Partnership Songdo will be an amazing test bed for consumer, industrial, hardware, and other IoT startups!


“SparkLabs already has extensive experience in IoT, having invested in a wide range of companies with innovative business models. IoT consumer adoption depends very much on companies that create an ecosystem, have multiple revenue streams, and can implement subscription models by connecting humans with technology making daily life much easier and simpler. We know how to do hardware, create a software ecosystem and drive multiple revenue models. Join our program to find out.”

Frank Meehan, Co-founder of SparkLabs Global Ventures and former CEO & Founder of INQ Mobile (INQ Mobile won Best Handset at Mobile World Congress 2009)