The company behind the 'Internet of Things' platform for precision agriculture has been selected as Vietnam’s best startup, and will represent the country at a global competition where equity investment of up to US$1 million is up for grabs.
MimosaTEK was named the best startup in Vietnam for its innovative solution for agriculture during the Vietnamese round of Seedstars World in Ho Chi Minh City on Sunday.
Mimosatek was founded in November 2014 with only two members, but has since expanded its staff to 12, according to the company’s website.
The firm aims to apply the 'Internet of Things' trend to agriculture, by developing apps and hardware products that help farmers maximize productivity at minimal cost and crop risk.
The company will represent Vietnam at the Seedstars Summit in Switzerland next year to compete for up to $1 million in equity investment, the Geneva-based Seedstars World said in a press release later the same day.
Seedstars World, a global seedstage startup competition for emerging markets and fast-growing startup scenes, is traveling to 60 countries this year to identify the best seedstage entrepreneurs for the summit event.
During the Seedstars Ho Chi Minh competition, eight selected startups were invited to present their ideas in front of the local jury panel, with MimosaTEK eventually named winner of the Vietnamese round.
“We provide data, advice, and remote control for farm optimization through our sensor network, cloud platform and mobile application,” MimosaTEK CEO Nam Dang said of his business.
As a part of the prize, MimosaTEK will participate in the Seedstars Summit in March 2017, a week-long training program with the opportunity to meet the other 60 winners, as well as investors and mentors from around the world.
The final day of the Summit is traditionally dedicated to pitching in front of an audience of 1,000 attendees to win maximum equity investment of $1 million, according to Seedstarts.
As the Seedstarts Ho Chi Minh City winner, MimosaTEK has also secured a prized booth at the HATCH! Fair, taking place in October in Ho Chi Minh City.
In December 2015, MimosaTEK won the 'Startup Fund' category, meant to support newly-founded startups, at the Go Live! Vietnam Venture Cup, a Samsung-backed competition that sought to find, fund and build entrepreneurial talent.
The Seedstarts Ho Chi Minh City event attracted interest from more than 70 startups, and over 80 attendees.
Sunday’s event saw the eight best seed-stage startups in Vietnam, namely Hiipoz, MimosaTEK, Saloneses, Umbala, Efaisto, Cognito, Ma Belle Box and Song Khoe+, compete to be the Vietnamese representative at the Seedstars Summit.
Ma Belle Box, acting as personal beauty adviser, won the second prize, while Efaisto, which connects users directly to the makers of unique clothes and accessories, came third.
The previous Vietnamese representatives at the Seedstarts Summit are Triip.me and ezCloud.
Triip.me is a startup that allows anybody with a tour idea to create a limitless number of unique tours rooted in personal travel experiences and local knowledge.
EzCloud is a complete solution of hotel management with an integrated property management system, channel manager and website booking.
Seedstars is a global organization based in Switzerland with activities in more than 50 countries around the world.
Its mission is to impact people's lives in emerging markets through entrepreneurship and technology.
The company's goal is to develop and foster startup ecosystems by connecting, building and investing in driven entrepreneurs.
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