As the world continues to embrace big data, increased connectivity, and automation, the internet of things (IoT) sector is booming.

According to Verified Market Research, the global IoT market is all set to hit a $1319.08 billion valuation by 2026.

On top of that, IoT solutions have the potential to make a $4 – $11 trillion economic impact by the year 2025.

An increasing number of IoT startups are joining the party. We’ve rounded up 20 companies that are rising rapidly and are worth keeping an eye on.

1. IoTium

5-year search growth: 2600%

Search growth status: Regular

Year founded: 2015

Location: Santa Clara, CA

Funding: $22M (Series B)

What they do: IoTium is a company that offers digital transformations for enterprises through the industrial internet of things (IIoT) technologies. They help companies in the building, energy, manufacturing, and oil and gas industries set their assets up for data acquisition. According to their website, IoTium has been recognized by names such as Forbes and Gartner as a promising IoT startup.

2. Myriota

5-year search growth: 3500%

Search growth status: Regular

Year founded: 2015

Location: Adelaide, Australia

Funding: $32.1M (Series B)

What they do: Myriota is an IoT solutions provider that uses a network of nanosatellites for sensor data acquisition. Leveraging direct-to-orbit satellite connectivity, they retrieve data from sensors/devices in remote locations without ground-based infrastructures. Myriota is currently helping companies in sectors like agtech, energy/green, marine, and automotive.

3. KONUX

5-year search growth: 7600%

Search growth status: Regular

Year founded: 2014

Location: Munich, Germany

Funding: $130.6M (Series C)

What they do: An AI startup, KONUX offers SaaS solutions powered by IoT connectivity and machine learning for railway companies. Specifically, they offer a predictive maintenance platform that drives decisions regarding railway switches. KONUX was selected by the World Economic Forum as one of the world’s most innovative startups.

4. Armis Security

5-year search growth: 3700%

Search growth status: Peaked

Year founded: 2015

Location: Palo Alto, CA

Funding: $237M (Series D)

What they do: Armis specializes in providing agentless cybersecurity, asset management, and visibility for unmanaged IoT devices. Their solutions are aimed at businesses in the enterprise, finance, healthcare, retail, and public sectors. The company claims that 20% of Fortune 100 companies trust their solutions.

5. Smarten Spaces

5-year search growth: 99X+

Search growth status: Regular

Year founded: 2017

Location: Singapore

Funding: $12M (Series A)

What they do: Smarten Spaces primarily offers a hybrid workplace management platform powered by artificial intelligence and IoT solutions. They also offer solutions for commercial real estate and co-working management. Smarten Spaces reports that its solutions have been deployed at 150+ locations so far.

6. Gogoro

5-year search growth: 180%

Search growth status: Peaked

Year founded: 2011

Location: Taipei, Taiwan

Funding: $480M (Series C)

What they do: Gogoro is a manufacturer of electric-powered smart scooters. Their scooters are embedded with sensors that send out information in real-time to a mobile app and include features that update wirelessly. The startup estimates that their community has collectively cut down on over 269 million kilograms in Carbon Dioxide emissions.

7. Crate.io

5-year search growth: 100%

Search growth status: Peaked

Year founded: 2013

Location: San Francisco, CA

Funding: $17.9M (Series A)

What they do: Offering an open-source SQL database for machine data, Crate.io helps businesses/developers create IoT applications. They also offer data analytics solutions designed to help optimize the performance of IoT devices. Crate.io was recently named the 2021 Industrial IoT Product of the Year by IoT Evolution.

8. SimpliSafe

5-year search growth: 243%

Search growth status: Regular

Year founded: 2006

Location: Boston, MA

Funding: $187M (Private Equity)

What they do: SimpliSafe is a provider of home IoT security solutions. They provide security sensors designed to look out for potential intruders, water damage, and fire, then send alerts. The company currently has more than 3 million customers.

9. AutoGrid

5-year search growth: 113%

Search growth status: Peaked

Year founded: 2011

Location: Redwood City, CA

Funding: $73.8M (Series D)

What they do: AutoGrid is an internet of energy (IoE) company. They offer a suite of apps (based on the flexibility management approach) that helps energy companies deliver clean energy to their consumers. AutoGrid has 50+ customers, including Shell, Total, and Schneider Electric.

10. Arundo Analytics

5-year search growth: 100%

Search growth status: Peaked

Year founded: 2015

Location: Palo Alto, CA

Funding: $32.7M (Series A)

What they do: Arundo Analytics is a software company that offers predictive analytics through IoT tech. They use cloud computing and edge computing to collect industrial data and deliver insights on company-owned assets. Arundo Analytics reports that their solution can make a business impact in 90 days or less.

11. SCADAfence

5-year search growth: 117%

Search growth status: Regular

Year founded: 2014

Location: Tel Aviv, Israel

Funding: $22M (Series B)

What they do: A cybersecurity platform designed for IoT and OT, SCADAfence offers risk management, asset visibility, and governance and compliance for industrial/enterprise networks. According to the company, their products are currently protecting millions of devices.

12. Sight Machine

5-year search growth: 50%

Search growth status: Peaked

Year founded: 2012

Location: San Francisco, CA

Funding: $80.4M (Series C)

What they do: Sight Machine is an enterprise productivity software platform made for manufacturing companies. They help businesses set up their plant assets for the collection and analysis of data. The startup recently hit $1M in revenue.

13. Losant

5-year search growth: 100%

Search growth status: Peaked

Year founded: 2015

Location: Cincinnati, OH

Funding: $19.5M (Series B)

What they do: Losant offers an enterprise development platform that can be used to create IoT products. Businesses can use the platform to build applications for asset tracking, telecommunications, and condition-based maintenance. The company’s founders expect Losant to become a $1 billion company in the next 4 years.

14. Infraspeak

5-year search growth: 207%

Search growth status: Regular

Year founded: 2015

Location: Porto, Portugal

Funding: $5.4M (Seed)

What they do: Infraspeak is a computerized maintenance management system that leverages IoT and NFC technologies. It enables business facilities to collect data on their operations, track assets, and manage work orders. Infraspeak says that they have expanded to multiple markets since their launch.

15. Span.IO

5-year search growth: 4500%

Search growth status: Regular

Year founded: 2018

Location: San Francisco, CA

Funding: $33.8M (Series A)

What they do: Span is a manufacturer of smart electrical panels that connect to an app and can control energy usage at home. With real-time monitoring and insights, they can help consumers track the energy usage of appliances and optimize power backups. Span recently hit $9.9M in revenue.

16. Claroty

5-year search growth: 260%

Search growth status: Regular

Year founded: 2015

Location: New York, NY

Funding: $100M (Series Unknown)

What they do: Claroty is an industrial cybersecurity platform that provides protection for IoT, industrial IoT, and OT assets. It offers threat detection, remote access, and integration capabilities. The company claims that its platform is used by the top pharmaceutical, electric utilities, and manufacturing companies.

17. EVRYTHNG

5-year search growth: 100%

Search growth status: Peaked

Year founded: 2011

Location: London, UK

Funding: $51.3M (Series Unknown)

What they do: An IoT solution designed for supply chain, IT, and customer experience, EVRYTHNG delivers data on company-owned/manufactured products. Businesses can use this IoT platform to get data on their raw materials, finished products, production, and distribution. EVRYTHNG currently has 14 customers, including Ralph Lauren, Coca-Cola, and Mondelez International.

18. Jiobit

5-year search growth: 2600%

Search growth status: Peaked

Year founded: 2015

Location: Chicago, IL

Funding: $12.4M (Series Unknown)

What they do: Jiobit is a manufacturer of wearable location tracking devices. These devices can be used to track kids, pets, senior citizens, and special needs children in real-time. In March 2021, the startup announced that it entered into a partnership with Noonlight (a safety technology company) to integrate Jiobit with all U.S. 911 dispatch call centers.

19. SmartRent

5-year search growth: 142%

Search growth status: Regular

Year founded: 2017

Location: Scottsdale, AZ

Funding: $101.5M (Series C)

What they do: SmartRent offers smart home solutions and products for property renters and homebuilders. The platform is designed to offer visibility of community assets and enable users to control their smart devices. The company says that their solutions currently power 155K+ smart units and homes.

20. Cloudastructure

5-year search growth: 8000%

Search growth status: Regular

Year founded: 2013

Location: Palo Alto, CA

Funding: $21.5M (Equity Crowdfunding)

What they do: Cloudastructure offers AI-powered facial recognition, anomaly detection, and social distancing & face mask detection. In addition to AI, their cloud platform is powered by IoT, machine learning, and computer vision technologies.

conclusion

That wraps up our list of the top IoT startups to follow in 2021.

The best thing about the internet of things technology is its diverse applications and use cases. From companies engaging in large-scale smart city initiatives to startups manufacturing consumer electronics, the playing ground for IoT is definitely vast.

All things considered, it’s safe to say that we’ll continue witnessing the birth of new IoT companies for a long time.