45 Rising IoT Startups (2022)
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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 45 companies that are rising rapidly and are worth keeping an eye on.
1. Hypervolt
5-year search growth: 2200%
Search growth status: Peaked
Year founded: 2018
Location: London, England
Funding: $3M (Series A)
What they do: Hypervolt combines electric charging with an IoT communications network and cloud-based software. This combination allows them to manufacture low-cost, intelligent electric car charging stations for personal and industrial use. Another advantage to Hypervolt’s tech stack is that it’s compatible with over 100 vehicle makes and models.
2. Jiobit
5-year search growth: 3233%
Search growth status: Exploding
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.
3. Cloudastructure
5-year search growth: 4400%
Search growth status: Regular
Year founded: 2013
Location: Palo Alto, CA
Funding: $49.5M (Undisclosed)
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.
4. Armis Security
5-year search growth: 819%
Search growth status: Regular
Year founded: 2015
Location: Palo Alto, CA
Funding: $537M (Private Equity)
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. In their most recent funding round, the cybersecurity platform closed in on $300M in funding and was granted a valuation of $3.4B.
5. Smarten Spaces
5-year search growth: -65%
Search growth status: Peaked
Year founded: 2017
Location: Singapore, 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. Myriota
5-year search growth: -63%
Search growth status: Peaked
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. More recently, Myriota and the Australian government signed a $5.5M dollar contract to grow the satellite communications network used by military defense.
7. Crate.io
5-year search growth: -28%
Search growth status: Peaked
Year founded: 2013
Location: San Francisco, CA
Funding: $31.9M (Series Unknown)
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: 320%
Search growth status: Regular
Year founded: 2006
Location: Boston, MA
Funding: $387M (Debt Financing)
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: -17%
Search growth status: Peaked
Year founded: 2011
Location: Redwood City, CA
Funding: $161M (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: 47%
Search growth status: Regular
Year founded: 2014
Location: Tel Aviv, Israel
Funding: $23.5M (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: 18%
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: 30%
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. KONUX
5-year search growth: 325%
Search growth status: Peaked
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.
15. Span.IO
5-year search growth: 3100%
Search growth status: Peaked
Year founded: 2018
Location: San Francisco, CA
Funding: $133.8M (Series B)
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: 10%
Search growth status: Regular
Year founded: 2015
Location: New York, NY
Funding: $640M (Series E)
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. Claroty recently raised $400M in their Series E funding round and used this money to acquire Medigate, a healthcare IoT startup.
17. EVRYTHNG
5-year search growth: -73%
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. More recently, the company was acquired by Digimarc Corporation, a UK software company.
18. Latent AI
5-year search growth: 200%
Search growth status: Regular
Year founded: 2018
Location: Menlo Park, California
Funding: $22.5M (Series A)
What they do: Latent Ai helps accelerate AI and IoT implementation and workflows for enterprises. The startup is funded by 9 investors, with Blackhorn Ventures being their most notable investor.
19. Infraspeak
5-year search growth: 184%
Search growth status: Exploding
Year founded: 2015
Location: Porto, Portugal
Funding: $16.7M (Series A)
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. Infraspeak recently raised $11.3M in their most recent Series A funding round, which the company plans to use to further their European presence.
20. SmartRent
5-year search growth: 690%
Search growth status: Exploding
Year founded: 2017
Location: Scottsdale, AZ
Funding: $256.5M (Post-IPO Equity)
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.
21. Elevat
5-year search growth: 17%
Search growth status: Regular
Year founded: 2017
Location: Lynnwood, Washington
Funding: $12M (Seed)
What they do: Elevat brings IoT to industrial machines. Specifically, the startup’s technology simplifies industrial asset management by connecting machines to the cloud. Which then gathers insights on how the apparatus is being utilized. Additionally, Elevat’s system can also predict wear and tear and perform updates remotely. Last year, the startup experienced a 48.83% YoY sales growth when it increased its revenue to $762K.
22. Roadia
5-year search growth: -100%
Search growth status: Peaked
Year founded: 2021
Location: Potsdam, Germany
Funding: $42.3K (Seed)
What they do: Roadia takes on a different approach to road safety by focusing on software rather than hardware. Current solutions depend on placing expensive speed cameras and trackers to stop speeding. Roadia is fighting this status quo by developing a vision algorithm capable of integration into very cheap and simple hardware. According to Roadia, their solution makes it financially feasible to install more speed trackers and thus, save up to 500,000 lives every year.
23. IoTium
5-year search growth: -28%
Search growth status: Peaked
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.
24. Wiliot
5-year search growth: 766%
Search growth status: Peaked
Year founded: 2017
Location: Tel Aviv, Israel
Funding: $269M (Series C)
What they do: Wiliot provides a system that connects all kinds of products to the internet. This makes it possible for manufacturing companies to get valuable insight into their products, who uses them, and whether they need to be replenished/replaced. At the core of the startup’s solution is their patented Wiliot IoT Pixel technology. These are microchips that can be seamlessly manufactured into nearly any type of product. The venture made headlines when they announced they secured a $200M funding round from SoftBank.
25. Bulzi
5-year search growth: 17%
Search growth status: Regular
Year founded: 2020
Location: Newport Beach, California
Funding: Undisclosed
What they do: Bulzi has merged geolocation and internet-of-things to develop a system capable of tracking people and things. It uses privacy-compliant techniques to track mobile device location information. In addition to working with commercial clients, the company also works with the United States Department of Defense.
26. Jolt
5-year search growth: 42%
Search growth status: Peaked
Year founded: 2012
Location: Lehi, Utah
Funding: Undisclosed (Private Equity)
What they do: Jolt operates a digital assistant manager for restaurants. Specifically, Joly is cloud-integrated software that gathers and displays information regarding food safety, team accountability and employee performance. The system can be easily incorporated into smartphones and tablets. Jolt is trusted by some of the biggest names in the restaurant and fast-food industry, such as Popeyes, Burger King and Subway.
27. LinpTech
5-year search growth: -2%
Search growth status: Regular
Year founded: 2009
Location: Wuhan, China
Funding: $9.2M (Series B)
What they do: LinpTech manufactures smart doorbells and curtains that can be installed in residential or commercial buildings. These items are fully wireless and self-powered, allowing them to be controlled on-premise, remotely, or pre-set. The startup has been funded by 4 investors over 4 investing rounds.
28. S2A Modular
5-year search growth: 5700%
Search growth status: Regular
Year founded: 2018
Location: Murrieta, California
Funding: $350K (Seed)
What they do: S2A Modular builds electrical, self-sustaining luxury homes with full IoT integration. Interestingly, the startup doesn’t do any onsite development. Instead, they build projects in their own controlled factories. S2A Modular allows clients to either choose from 35 pre-designed floorplans or request an entirely unique floorplan.
29. Cobli
5-year search growth: 380%
Search growth status: Exploding
Year founded: 2015
Location: São Paulo, Brazil
Funding: $45M (Series B)
What they do: Cobli is a fleet management company. The startup’s solution connects vehicles to the cloud. And displays monitoring and management data on each vehicle. With its 5 second updates, Cobli’s system displays real-time location data, fuel consumption information, speed data and more.
30. 75F
5-year search growth: 102%
Search growth status: Exploding
Year founded: 2012
Location: Burnsville, Minnesota
Funding: $29.9M (Series A)
What they do: 75F operates an IoT Building Management System. Their solution provides wireless sensors, cloud-based software and equipment controllers that analyze data and provide automated air quality control within the building. 75F’s system has attracted big companies such as Mercedes Benz and Shell, who have integrated this system into their facilities.
31. Budderfly
5-year search growth: 887%
Search growth status: Exploding
Year founded: 2007
Location: Shelton, Connecticut
Funding: $82M (Debt Financing)
What they do: Budderfly provides energy management and saving solutions. In addition to HVAC upgrades, light & heat harvesting and peak demand management, the startup also offers IoT Devices that manage the system so that everything works together. Last year, Budderfly reported yearly revenue of $30M.
32. NoTraffic
5-year search growth: 400%
Search growth status: Regular
Year founded: 2016
Location: Tel Aviv, Israel
Funding: $25.7M (Series A)
What they do: NoTraffic, as their name suggests, is a company looking to solve the issue of traffic congestion. According to the startup, 90 million cars are introduced to roads every year, amounting to a 12% annual increase in traffic congestion. NoTraffic’s solution to this problem is a traffic management platform with AI and IoT capabilities that analyzes data and builds traffic predictions based on the data they collect.
33. iApartments
5-year search growth: 4200%
Search growth status: Exploding
Year founded: 2018
Location: Tampa, Florida
Funding: $19.2M (Series Unknown)
What they do: iApartments, an acronym for Intelligent Apartments, is a home platform allowing remote control of one’s apartment. Big apartment managing firms such as Greystar and UBS work with iApartments to digitize their buildings and deliver convenience and control to themselves and their residents.
34. Gogoro
5-year search growth: 20%
Search growth status: Peaked
Year founded: 2011
Location: Taipei, Taiwan
Funding: $775M (Post-IPO Equity)
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.
35. Lion Semiconductor
5-year search growth: 314%
Search growth status: Peaked
Year founded: 2013
Location: San Francisco, California
Funding: $34.6M (Series Unknown)
What they do: Lion Semiconductor manufactures battery charger integrated circuits. These ICs are combined with intelligent technology that reduces heat and energy dissipation by 50%. The San Francisco-based startup announced that they accepted an offer to be acquired by Cirrus Logic for $355M.
36. Nanolock
5-year search growth: 44%
Search growth status: Regular
Year founded: 2017
Location: Hod Hasharon, Israel
Funding: $18.2M (Series B)
What they do: Nanolock has built a system that secures connected IoT devices. This system works on a zero-trust basis meaning that an authorized user must approve any change made to the devices. Nanolock’s platform provides system security as well as device security. The startup won the American Cyber 2020 award, where it was recognized for its cybersecurity capabilities.
37. Aiello
5-year search growth: -15%
Search growth status: Peaked
Year founded: 2018
Location: Taipei, Taiwan
Funding: Undisclosed (Seed)
What they do: Aiello provides an IoT voice assistant device tailored explicitly for the hospitality industry. This assistant can understand and execute customer requests without the need for a human. So, when guests want to get information regarding the local area, they can just ask their assistant instead of the front desk. Aiello has had only one funding round that was led by Cornerstone Ventures.
38. Arcatron Mobility
5-year search growth: 114%
Search growth status: Peaked
Year founded: 2015
Location: Pune, India
Funding: $464.8K (Series Unknown)
What they do: Arcatron Mobility makes smart wheelchairs that make it easier for people with limited mobility to get around. The startup’s wheelchairs use their connectivity to understand location commands. Arcatron Mobility has seen YoY revenue growth of 18.3%.
39. Light Touch Technology
5-year search growth: -18%
Search growth status: Regular
Year founded: 2017
Location: Osaka, Japan
Funding: $72.8K (Series Unknown)
What they do: Light Touch Technology is changing how blood glucose is measured. It has built a device capable of sensing blood glucose levels without the need for invasive measures. Their technology utilizes internet connectivity and lasers to analyze blood and understand information. What makes this device even more interesting is that it checks blood glucose in less than 5 seconds.
40. Rokid
5-year search growth: 2000%
Search growth status: Peaked
Year founded: 2014
Location: Redwood City, California
Funding: $378.3M (Series C)
What they do: Rokid manufactures AI-powered devices that can be used in various industries. Some of their products include AR glasses, smart speakers, voice assistants, etc. In addition to AI capabilities, another common theme present in all these products is their IoT connectivity.
41. Data Gumbo
5-year search growth: N/A
Search growth status: Regular
Year founded: 2015
Location: Houston, Texas
Funding: $22.7M (Series B)
What they do: By combining blockchain technology and IoT systems, Data Gumbo has created a smart contract network that changes how industrial contracts are handled. The startup’s last financing round was invested at a valuation of $33M. Data Gumbo recently won the Oil and Gas Startup Company of the Year Award at Abu Dhabi's International Petroleum Exhibition and Conference Awards Gala for 2021.
42. Turntide Technologies
5-year search growth: 600%
Search growth status: Peaked
Year founded: 2013
Location: Sunnyvale, California
Funding: $491.5M (Series Unknown)
What they do: By gathering intelligence across software, hardware and services, Turntide’s IoT system can attack energy waste at every level. According to the startup, their system helps reduce energy consumption by an average of 64%.
43. Detect Technologies
5-year search growth: 191%
Search growth status: Peaked
Year founded: 2014
Location: Chennai, India
Funding: $43.3M (Series B)
What they do: Detect Technologies uses AI and IoT devices to optimize operations, shutdowns and turnarounds. In addition to the capabilities above, Detect Technologies’ system’s connectivity means that it can also be monitored remotely. Entrusted by global powerhouses such as Shell and ExxonMobil, the startup’s solution has already handled over 50 global projects.
44. Eight Sleep
5-year search growth: 1100%
Search growth status: Exploding
Year founded: 2014
Location: New York, New York
Funding: $162.1M (Series C)
What they do: Eight Sleep makes smart mattresses. What makes these mattresses smart you ask? Well, they use technology to understand personal biometrics and track sleep patterns. Additionally, these mattresses come with temperature control allowing the user to easily change the temperature of the mattress. According to Eight Sleep, their mattresses can help people fall asleep up to 32% faster.
45. Secomea
5-year search growth: 52%
Search growth status: Regular
Year founded: 2008
Location: Hervel, Denmark
Funding: Undisclosed
What they do: Secomea provides an industrial IoT gateway. This allows companies to remotely monitor their industrial machines and gather information on how they are being utilized. According to Pitchbook, Secomea has agreed to an undisclosed amount of corporate backing from GRO Capital.
conclusion
That wraps up our list of the top IoT startups to follow in 2022.
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.