The investment of 30 million euros into Imec's IOT fund is meant to underline the Flemish government's ambition to spark the internet of things industry. \
ImecXpand wants to push the startup envelop and make sure these young companies are moving in the right direction. “ImecXpand will provide support to startups in our field that want to develop technologies and take it to the market. However, due to the high-risk factor they usually do not have the means to access existing funding methods”, stated Imec CEO, Luc Van den hove.
Flanders government officials are hoping the initiative pans out the way they envision: “The internet of things can be used for the betterment of the quality of our lives and professions almost immediately”, economy minister Muyters said. He also added that there are still massive amounts of opportunities in the fields of smart health, smart manufacturing and smart cities.
Imec, a Leuven-based nanotechnology company, is looking to achieve its goal of raising 100 million euros by attracting private as well as European Union partners.