State Farm and Venture Capital Robert Bosch tie-up as partners for Internet of Things (IoT) startups accelerator programme

Country: United Statesstate farm
Year: 2014

Concept

State Farm is supporting start ups to develop IoT:

  • Objective of the IoT Start Up Programme
    • The objective is to develop products and services that apply the data network in a wide range of areas, from wearable computing, augmented reality and robotics to healthcare, unmanned aerial vehicles, gaming, smart connected cars and the smart connected home
  • Planning for selected Start Ups
    • Startups will 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
  • Connecting Start Ups to the Industry
    • Plug and Play IoT will enable corporations to engage with startups that may complement their respective suite of offerings or create new potential revenue streams through tailored deal flow, themed workshops, and face-to-face interaction
  • Funding from State Farm & RBVC
    • State Farm and Robert Bosch offer between $25,000 and $100,000 in funding* for startups to 30 IoT-focused startups from around the world
    • (* Details of the funding have not been disclosed publicly)

State Farm Participation:

  • “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” – State Farm Operations Vice President Jack Weekes

Plug and Play:

  • Plug and Play plans to leverage the deep industry knowledge and expertise of RBVC and State Farm in order to advise the investment strategy in the IoT space