Utah's Bold Move Into Sports-Tech: Ryan Smith’s $1 Billion Bet
Sports and tech have collided in a big way, and Ryan Smith isn’t sitting on the sidelines. The owner of the Utah Jazz and the brand-new NHL Utah Hockey Club is teaming up again with Ryan Sweeney—his longtime collaborator and an Accel partner—to launch HX One LP, a huge $1 billion fund fueling the next wave of sports technology. Their target? Growth-stage startups that blend tech with the thrill of live sports and entertainment, all managed under the new corporate entity Halo Experience.
HX One LP isn’t just writing checks—it’s about hands-on innovation. Smith plans to use his sports franchises as living labs, giving startups a real-world environment to test their latest ideas. Think of a basketball game where cutting-edge fan engagement tools get a trial run in front of a roaring crowd or new payment systems rolling out where it matters most. That’s the big play here: marrying Smith’s ownership of major league teams with the speed and risk-taking of Silicon Valley.
This isn’t Smith’s first shot at game-changing business moves. He helped build Qualtrics, a customer experience titan snapped up by SAP for $8 billion. The company went private in a $12.5 billion deal not long after. Sweeney, who led Accel’s breakthrough investment in Qualtrics back in 2012, is sticking by Smith’s side with Accel now providing the back-office muscle for HX One LP.
The sports technology industry is heating up fast. Numbers don’t lie: market analysts see the sector jumping from $14.7 billion in 2023 to a staggering $55 billion by 2030. Where is all this growth coming from? HX One is looking particularly closely at startups in digital media, payments, cybersecurity, and health wellness—the very spots where sports events make a big impact on daily life. According to recent filings with the U.S. Securities and Exchange Commission, HX One LP has already locked in a big chunk of its $1 billion goal, signalling serious momentum.
- Digital media: From augmented reality in stadiums to interactive apps, fan experience is getting a serious upgrade.
- Payments: Contactless, secure transactions are now part of the playbook for teams and fans.
- Security: Whether it’s in digital ticketing or data protection, keeping fans and operations safe is a top priority.
- Health and wellness: Tech that helps monitor athletes or fans—think wearables and smart recovery tools—has a home here too.
Sports as Tech Testbeds—A Changing Industry
Smith isn’t alone in seeing stadiums as proving grounds for breakthrough tech. He wants sports venues to be where next-gen ideas get their big break—like how Formula 1 became famous for turning races into showcases for innovation and entertainment. Sweeney, the venture capital pro, sees this as more than a business play. He says sports connect to every corner of the economy, giving new technologies the kind of exposure and real-time data you can’t just simulate.
This move comes as more leagues and team owners hunt for new revenue streams and look to level-up fan experience using technology. If Smith and Sweeney are right, we’re not far from a time when new apps, payment gadgets, and wearables are tested on NBA courts and NHL ice before hitting the wider market. The secret sauce: using sports to unlock the next wave of tech innovation, giving fans and athletes tools that could change the game—literally and figuratively.
