As the IoT revolution in business and daily life creeps closer and closer, the companies seeking to be part of this change expand. Obviously, some companies are more established than others, and this is reflected in their offerings and target areas. Yet, with the industry still very much being a one banking on the potential – realized and growing – landscape is rapidly expanding with a number of startups finding a niche to which they can apply IoT solutions to. Verified Market Research project the global IoT market to reach an astounding valuation of $1,319.08 billion by 2026, with its potential economic impact estimated to be even higher. The potential of IoT solutions are therefore, staggering, and so it’s no a wave of innovative IoT startups have risen. Which, however, are the top startups to keep an eye on in 2024? Using a few key metrics, we have compiled a list.
Latent AI
Established in 2018 in Menlo Park, California, Latent AI is transforming the integration of AI in IoT. The startup is dedicated to making AI deployment in IoT devices more efficient and adaptive, a crucial need in the era of smart technology. The company’s impressive 2,000% search growth and $22.5M in Series A funding underline its significant impact and potential in the IoT sector. Latent AI is reshaping how enterprises integrate AI into their operations, ensuring optimal performance and energy efficiency across a wide array of applications.
Zypp Electric
Zypp Electric, emerging from Gurgaon, India, is at the forefront of sustainable urban mobility. Since its inception in 2017, the company has focused on eco-friendly logistics solutions, providing electric vehicles for cargo, scooters, and bikes. With a 1,425% increase in search growth and $70.6M in Series B funding, Zypp Electric is a testament to the growing importance of sustainability in logistics. The company’s mission to reduce carbon emissions while enhancing efficiency and affordability positions it as a pioneer in the transformation of urban transportation.
Nanit
Nanit, based in New York and founded in 2016, is revolutionizing infant care with smart monitoring technology. The company’s advanced baby monitors use computer vision and machine learning to offer insights into infants’ sleep patterns, setting new standards in the IoT healthcare sector. With a 376% search growth and $74.6M in Series C funding, Nanit exemplifies innovation in smart health technology, enhancing care and peace of mind for parents.
Sight Machine
Based in San Francisco, CA, Sight Machine, founded in 2012, specializes in enterprise productivity software for manufacturing companies. With a modest 7% search growth and $80.4M in Series C funding, this startup has carved out a niche in setting up plant assets for data collection and analysis. Sight Machine’s platform is essential for manufacturers seeking to optimize their production through data-driven insights. The company has recently achieved a significant milestone, reaching $1M in revenue, which highlights its growing influence in the industrial IoT sector.
KONUX
KONUX, founded in 2014 and located in Munich, Germany, stands out as an AI startup providing SaaS solutions integrated with IoT connectivity and machine learning for railway companies. Despite a -33% search growth, its impressive $130.6M in Series C funding underscores its potential and innovation in the field. KONUX specializes in predictive maintenance for railway infrastructure, enhancing the efficiency and safety of railway operations. Recognized by the World Economic Forum for its innovation, KONUX is making a significant impact in the transportation sector.
Claroty
Claroty, established in 2015 and based in New York, NY, has made a name for itself in industrial cybersecurity, providing robust protection for IoT, industrial IoT, and OT assets. With a substantial 600% search growth and an impressive $640M in Series E funding, Claroty demonstrates its leadership in the cybersecurity domain. The company’s platform, trusted by top companies in various sectors, offers threat detection and integration capabilities. Claroty’s recent funding round, where it raised $400M, has been strategically used to acquire Medigate, a healthcare IoT startup, marking a significant expansion in its service offerings.
Happiest Baby (Snoo)
Happiest Baby, founded in 2016 and located in Los Angeles, CA, is an IoT startup that has revolutionized infant care with its smart sleep solutions. Their flagship product, Snoo, is an innovative responsive baby bed, which has seen a 6% search growth and secured $79M in Series C funding. Snoo uses gentle rocking and white noise, controlled by sensors, to soothe infants, reflecting the startup’s commitment to integrating technology with childcare. Happiest Baby’s approach to infant wellbeing demonstrates the potential of IoT in enhancing quality of life from the earliest stages.
S2A Modular
S2A Modular, established in 2018 in Murrieta, California, is at the forefront of sustainable housing with its electrical, self-sustaining luxury homes fully integrated with IoT technology. The startup, with a 250% search growth and $57.1M in seed funding, takes an innovative approach by building projects in controlled factory settings rather than onsite. S2A Modular offers clients a range of pre-designed floorplans or the option to customize, showcasing a unique blend of luxury, sustainability, and smart technology in home construction.
Cubo AI
Cubo AI, a Taipei, Taiwan-based startup founded in 2017, is making strides in the infant care sector with its AI-powered smart baby monitors. With a staggering 1,880% search growth, the startup has made a significant impact despite undisclosed funding. Their monitors feature HD cameras and AI capabilities to ensure infant safety, including sleep, breathing, and temperature tracking. Cubo AI’s innovative approach to baby monitoring demonstrates the growing role of AI and IoT in enhancing parental care and infant safety.
Elevat
Elevat, founded in 2017 and based in Lynnwood, Washington, brings IoT technology to industrial machinery. With a 108% search growth and $12M in seed funding, the startup is simplifying industrial asset management by connecting machines to the cloud for insightful data analysis. Elevat’s technology not only monitors machine usage but also predicts wear and tear, enabling remote updates. Their 48.83% year-over-year sales growth to $762K highlights their growing influence in transforming industrial operations with IoT solutions.
These startups are each bringing unique solutions to the table and demonstrating significant growth and investment interest. Their contributions are set to define the IoT landscape in the coming years, driving advancements in everything from smart homes and baby care to industrial efficiency and cybersecurity. As we delve into these top IoT startups, it’s evident that the future of technology is not just about advancements but about creating a seamless integration of technology into our daily lives, with many focused on consumer IoT tech as opposed to all being industry focused. The IoT revolution is therefore set, not to be a business only concept, but one that goes on to effect the whole of society, like AI.
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