Tsing Capital, SVC Angel back US-China IoT platform
China cleantech-focused VC firm Tsing Capital and US-based SVC Angel Fund have formed a partnership with IngDan, an internet-of-things (IoT) platform that aims to connect hardware start-ups with supply chain resources in China.
Under the partnership, IngDan can capitalize on both venture funds to help entrepreneurs seeking capital, while Tsing and SVC Angel can leverage IngDan's supply chain resources to support their existing portfolio companies.
Founded in 2013, IngDan is a subsidiary of Hong Kong-listed Cogobuy Group, a leading e-commerce platform for electronic components. The group received HK$2 billion ($258 million) investment from Indeman Asia Investment, China Reinsurance and People's Insurance Company of China in September.
IngDan aims to be a one-stop IoT platform for hardware start-ups. Leveraging a network of 6,000 suppliers, it enables entrepreneurs to purchase components from manufacturers at an affordable cost. IngDan has US offices in San Francisco and Santa Clara, and recently opened a Silicon Valley experience center to help promote start-up products, such as robotics and smart toys, to the public.
US investments in IoT are expected to grow from $230 billion this year to $370 billion in 2018, according to IngDan. By 2025, total global IoT revenue from sales and services is expected to reach $3 trillion, dominated by the US and China.
Established in 2001, Tsing Capital focuses on the areas of new energy, energy efficiency, environmental protection, cleaner production, sustainable transportation, new materials and sustainable agriculture. SVC Angel Fund invests in US early-stage start-ups, specifically those concentrating on intelligent systems, artificial intelligence, big data, robotics and low power devices.
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