Silicon Valley technology accelerator and venture funding group Plug and Play IoT has selected 24 startups to join its fifth batch of candidates. The program is running until December 31.
The 12-week program connects startups to some of world's largest corporations that are working and innovating in the IoT space. The anchor partners in this batch include Philips (News - Alert), Panasonic, SC Johnson, Honeywell, Fujitsu, Henkel and Caterpillar.
Plug and Play's venture arm initially looked at over 800 startups and narrowed that list down with the help of participating corporate partners. The remaining 31 startups attended Selection Day where they pitched their ideas in-person. Out of those finalists, 24 have been chosen to join the program for business development and the possibility of pilots, POCs or strategic funding.
Plug and Play Tech Center is a global innovation platform that is designed to connect startups to corporations. It invests in more than 100 companies every year. Since inception in 2006, its programs have expanded worldwide to include entrepreneurs from 24 countries, providing necessary resources to succeed in Silicon Valley. With over 6,000 startups and 126 official corporate partners, it has created the ultimate startup ecosystem in many industries. Plug and Play provides active investments with 180 leading Silicon Valley VCs, and more than 365 networking events per year. Companies taking part have raised more than $3.5 billion in funding so far, with successful portfolio exits including Danger, Dropbox, Lending Club, PayPal, SoundHound and Zoosk (News - Alert).
Every year, it reviews 4,000 startups, invests in over 100, and runs industry-specific accelerator programs. Alongside 180 leading Silicon Valley VC partners, Plug and Play helps 300 corporate partners to license, pilot and co-invest.
For more information about this organization, or how to take part, visit: http://www.plugandplaytechcenter.com