Liu Yunjie, an academic at the Chinese Academy of Engineering, addresses the WIOT Financial Summit which opened in Wuxi, Jiangsu province, on Sept 11. [Photo provided to chinadaily.com.cn] 

The WIOT Financial Summit held on Sept 11 in Wuxi, East China's Jiangsu province, witnessed new progress in the city's internet of things industry with a 5-billion-yuan ($764 million) industry fund established.

The fund, initiated by Wuxi Capital, Wuxi Liangxi Ventures Investment Co, Cybernaut and Wuxi Municipality, will back IoT projects to boost the development of the IoT industry.

Hosted by the people's government of Wuxi, the summit is aimed at attracting internet of things (IoT) projects and boosting regional economic growth. It invited experts and leaders in the industry including Liu Yunjie, an academic at the Chinese Academy of Engineering, and Zhu Min, president of Cybernaut.