Siemens, one of Bind 4.0’s partner, is setting up its own startup accelerator called Next47. The engineering giant will provide this unit with €1 billion in funding over five years in order to develop new technologies in the fields of Industry 4.0 (Artificial Intelligence and autonomous machines), e-mobility, blockchain and decentralized electrification.

The new unit will be given the necessary independence but can nevertheless leverage the advantages offered by Siemens. It will have offices in Berkeley, Shanghai and Munich and cover all regions of the world from those locations.

Next47 will build on Siemens’s existing startup activities. The new unit will be open to employees as well as to founders, external startups and established companies if they want to pursue business ideas in the company’s strategic innovation fields.