SparkLabs, one of Korea's leading accelerators, has signed a partnership agreement with the company behind South Korea’s $35 billion Songdo International Business District to launch their new Internet of Things (IoT) Accelerator in Songdo in early 2015.

Songdo International Business District (Songdo IBD) is a $35 billion “smart” city built on 1,500 acres (6 sq km) of reclaimed land.  Located adjacent to Incheon International Airport on the western coast of the Korean peninsula, Songdo is widely viewed as one of the world’s most technologically advanced and environmentally responsible cities, featuring almost 14 million SF of LEED-certified space.  In partnership with Korean and U.S. companies such as Cisco Systems, LG CNS and ADT Caps, the city is already serving as as a test bed for both public and private “smart” city solutions, services, and technologies.

HanJoo Lee, Co-founder and General Partner at SparkLabs said, “We believe a critical component of the IoT accelerator will be to provide a test bed for our companies.  Songdo IBD provides a robust test bed of more than 35,000 residents, and within one of the most technologically advanced and wired cities in the world." The new Internet of Things program from SparkLabs will be open to any startup in the world and plans to be housed in both Seoul and Songdo.

“We are thrilled to partner with SparkLabs to continue bringing the most innovative technologies, services and solutions to Songdo’s businesses and residents.  This partnership builds on our existing ecosystem of  world-class corporate, governmental, and academic partners.  With the IoT accelerator pioneering cutting-edge technologies in Songdo IBD,  we are confident that our population of early adopters will embrace the new technologies that are developed by SparkLabs,” said Stan Gale, Chairman of New Songdo International City Development (NSIC).

About Songdo IBD

Songdo International Business District (Songdo IBD) is a $35 billion “smart” city built on 1,500 acres (6 sq km) of reclaimed land.  Nearly 60% complete, the masterplanned city has garnered global acclaim for its environmentally sustainable design, engineering, and construction practices, in adherence to the U.S. Green Building Council’s LEED certification system. Songdo IBD has also been widely recognized for its cutting-edge technological infrastructure, the foundation upon which smart city-wide services and solutions are offered to its residents.   New Songdo International City Development, the company developing Songdo IBD, is a joint venture of New York-based Gale International and Korea-based POSCO E&C.  For more information, please visit www.songdo.com.

About SparkLabs

SparkLabs is a startup accelerator founded by entrepreneurs for entrepreneurs in South Korea.  The focus will be on startup companies from the Internet, online gaming, mobile, ecommerce, digital media, and healthcare sectors.  The mentorship-driven program will be three months in length and provides funding, office space, a structure program and access to a top-tier network of entrepreneurs, venture capitalists, angel investors and executives. For more information, please visit www.sparklabs.co.kr

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