Bengaluru: China-based Hax Accelerator, a startup accelerator dedicated to hardware ventures, is looking to invest in India. Launching a global report on the hardware space, Benjamin Joffe, general partner at Hax Accelerator, said the platform is planning to invest around $100,000 each in Indian startups in the hardware space that it identifies.
Joffe, who was at an event organized by IoT Bangalore, a meet-up group for internet-of-things (IoT) startups, noted that India is far behind China in the manufacturing space, but said “India has a great opportunity if there are more incubators and resources.”
The accelerator, which has opened offices in Silicon Valley and New York, holds a 4-month programme for around 12 early-stage hardware startups in China’s Shenzhen district and Silicon Valley. It has invested in over 160 startups in the IoT, robotics, and health spaces since it started four years ago.
Calling Shenzhen the “Silicon Valley for hardware,” Joffe said that China had the cost advantage, scalability, and the speed conducive to manufacturing. The hardware report finds that, after the US, it was China and France that have raked in the most investments in the hardware space.