45 Rising IoT Companies & Startups (2024)
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As the world continues to embrace big data, increased connectivity, and automation, the internet of things (IoT) sector is booming.
Revenue in the global IoT market is set to hit $947.5 billion in 2024.
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. Zypp Electric
5-year search growth: 2,133%
Search growth status: Regular
Year founded: 2017
Location: Gurgaon, India
Funding: $89.5M (Series C)
What they do: Zypp Electric is a sustainable logistics and last-mile delivery startup that offers electric cargo vehicles, scooters, and bikes for various use cases. They focus on reducing carbon emissions and increasing efficiency and affordability for businesses and individuals.
With a strong network and advanced technology, Zypp Electric is well-positioned to revolutionize the Indian logistics and IoT industry. In May 2024, the company raised $15 million in Series C funding to expand in Southeast Asia.
2. Nanit
5-year search growth: 178%
Search growth status: Exploding
Year founded: 2016
Location: New York, NY
Funding: $74.6M (Series C)
What they do: Nanit is an IoT startup that creates smart baby monitoring systems to help parents and caregivers keep a watchful eye on their little ones. The company's flagship product is a high-definition camera that uses computer vision and machine learning to track a baby's sleep patterns and provide insights to help improve sleep quality. Nanit also offers a mobile app that provides real-time monitoring and notifications, as well as personalized sleep coaching tips.
3. Crates.io
5-year search growth: 224%
Search growth status: Regular
Year founded: 2013
Location: San Francisco, CA
Funding: $34.9M (Series A)
What they do: Offering an open-source SQL database for machine data, Crates.io helps businesses/developers create IoT applications. They also offer data analytics solutions designed to help optimize the performance of IoT devices. Crates.io was recently named the 2021 Industrial IoT Product of the Year by IoT Evolution.
4. Armis Security
5-year search growth: 2,208%
Search growth status: Regular
Year founded: 2015
Location: San Francisco, 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. Lilygo
5-year search growth: 1,500%
Search growth status: Exploding
Year founded: 2017
Location: Shenzhen, China
Funding: Undisclosed
What they do: Lilygo designs, develops, and manufactures IoT hardware and open-source electronic devices. Currently, the company's focus includes microcontroller units, IoT modules, and STEM education kits. Notable products they have produced include the T-Deck, TTGO T-Echo, and TTGO T-Display.
6. Myriota
5-year search growth: -57%
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. Latent AI
5-year search growth: 9,600%
Search growth status: Exploding
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.
8. SimpliSafe
5-year search growth: -24%
Search growth status: Peaked
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. Controlant
5-year search growth: 45%
Search growth status: Regular
Year founded: 2007
Location: Reykjavík, Iceland
Funding: $92M (Private Equity)
What they do: Controlant is a tech company that develops real-time monitoring solutions for pharmaceutical supply chains. Because of the industry's heavy regulation, adding real-time visibility to the entire supply chain with advanced IoT devices and a digital platform helps customers become more efficient while remaining compliant. The company's primary goal is to create zero-waste pharmaceutical supply chains.
10. Efishery
5-year search growth: 450%
Search growth status: Exploding
Year founded: 2012
Location: Bandung, Indonesia
Funding: $372.9M (Debt Financing)
What they do: EFishery is an Indonesian aqua-tech startup that provides automatic fish and shrimp feeders to help farmers grow more sustainably. The company integrates sensors and machine learning to optimize feeding schedules based on their nutritional requirements, feed type, etc.
In July 2023, the startup raised $200 million in Series D funding at a $1 billion valuation.
11. SCADAfence
5-year search growth: 1,000%
Search growth status: Peaked
Year founded: 2014
Location: Tel Aviv, Israel
Funding: $39.5M (Series Unknown)
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: -2%
Search growth status: Regular
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: -71%
Search growth status: Peaked
Year founded: 2015
Location: Cincinnati, OH
Funding: $29.5M (Series Unknown)
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: -39%
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: 1,700%
Search growth status: Peaked
Year founded: 2018
Location: San Francisco, CA
Funding: $230.3M (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: 102%
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. Happiest Baby (Snoo)
5-year search growth: 7%
Search growth status: Exploding
Year founded: 2016
Location: Los Angeles, CA
Funding: $79M (Series C)
What they do: Happiest Baby is an IoT startup that creates smart sleep solutions for babies. Their flagship product, Snoo, is a responsive baby bed that soothes infants with gentle rocking and white noise. The bed is equipped with sensors that detect a baby's movements and automatically adjust the rocking and white noise to help soothe them back to sleep.
18. S2A Modular
5-year search growth: 22%
Search growth status: Regular
Year founded: 2018
Location: Murrieta, California
Funding: $57.1M (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.
19. Infraspeak
5-year search growth: 231%
Search growth status: Exploding
Year founded: 2015
Location: Porto, Portugal
Funding: $25M (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. Cubo AI
5-year search growth: 1,071%
Search growth status: Exploding
Year founded: 2017
Location: Taipei, Taiwan
Funding: Undisclosed (Non-Equity Assistance)
What they do: Cubo AI is a smart baby monitor startup that uses artificial intelligence to track the baby's sleep, breathing, and temperature. It comes with a built-in HD camera that captures live video streams and can detect if the baby's face is covered, and will alert the parent if necessary. The device also includes two-way audio and can play soothing sounds to help the baby fall asleep.
21. Elevat
5-year search growth: 67%
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.
22. RouteThis
5-year search growth: 67%
Search growth status: Regular
Year founded: 2011
Location: Kitchener, Canada
Funding: $26.5M (Series A)
What they do: RouteThis provides smart home device and service providers with software and technical support to improve WiFi installation and network troubleshooting. By using the RouteThis platform, companies can quickly analyze the WiFi network and generate a diagnostics report to resolve connectivity and network speed. The startup supports more than 100 brands with devices in over 6 million homes.
23. Tovala
5-year search growth: 540%
Search growth status: Peaked
Year founded: 2015
Location: Chicago, IL
Funding: $68.6M (Series C)
What they do: Tovala is an IoT-enabled smart oven designed to make cooking easy and convenient. It allows users to cook meals in just minutes by scanning a barcode on a pre-made meal package, which then automatically sets the temperature and cook time for the oven. The Tovala app also allows users to customize and create their own meals, making healthy eating more accessible and achievable.
24. Wiliot
5-year search growth: -7%
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: -59%
Search growth status: Peaked
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: 63%
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: -50%
Search growth status: Regular
Year founded: 2009
Location: Wuhan, China
Funding: $1.5M (Series A)
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. Bobobox
5-year search growth: 176%
Search growth status: Regular
Year founded: 2017
Location: Bandung, Indonesia
Funding: $13M (Non-Equity Assistance)
What they do: Bobobox is an Indonesian-based startup that offers capsule hotels equipped with Internet of Things (IoT) technology. The startup aims to provide travelers with a high-tech and personalized hotel experience by using IoT-enabled devices such as smart air conditioning and lighting systems.
Bobobox also offers a mobile app that allows guests to control their room settings, access information about the hotel, and book additional services.
29. Cobli
5-year search growth: 148%
Search growth status: Regular
Year founded: 2015
Location: São Paulo, Brazil
Funding: $65M (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: 58%
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. xFarm
5-year search growth: 6,800%
Search growth status: Regular
Year founded: 2017
Location: Manno, Switzerland
Funding: $21.7M (Series B)
What they do: XFarm is an agricultural IoT startup that helps farmers in remote areas improve their productivity and profitability. It provides a suite of digital tools to manage farms and automate the farming process, such as crop monitoring, irrigation, and fertilization. XFarm aims to make agriculture more sustainable by reducing the use of water, energy, and chemicals while increasing crop yields.
32. NoTraffic
5-year search growth: 46%
Search growth status: Exploding
Year founded: 2016
Location: Kansas City, MO
Funding: $75.7M (Series B)
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: 8%
Search growth status: Regular
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. Memfault
5-year search growth: 4,400%
Search growth status: Regular
Year founded: 2017
Location: San Francisco, California
Funding: $35.1M (Series B)
What they do: Memfault is an IoT reliability platform where manufacturers can manage and build new devices at scale. The platform allows customers to monitor performance, debug devices, receive OTA updates, and more in one place. Memfault has worked with hundreds of customers, including Bose, Lyft, and Logitech.
35. Particle
5-year search growth: 42%
Search growth status: Regular
Year founded: 2012
Location: San Francisco, California
Funding: $105.8M (Series C)
What they do: Particle is an IoT platform that provides everything needed to build, connect and manage IoT solutions. The platform includes hardware, software and connectivity services that allow businesses to easily create IoT devices and connect them to the internet. Particle offers a suite of development tools and a cloud-based console for managing devices, data and applications.
36. Nanolock
5-year search growth: 7%
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. AlertMedia
5-year search growth: 171%
Search growth status: Regular
Year founded: 2013
Location: Austin, Texas
Funding: $57M (Series C)
What they do: AlertMedia is a tech company offering emergency communication and threat intelligence solutions. The startup's platform includes 24/7 global threat monitoring, emergency notifications, traveler risk management, employee safety monitoring, and much more. Notable customers who use AlertMedia include Walmart, Greyhound, and Coca Cola.
38. Arcatron Mobility
5-year search growth: 900%
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: 23%
Search growth status: Exploding
Year founded: 2017
Location: Osaka, Japan
Funding: $70K (Seed)
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. Reef Factory
5-year search growth: 286%
Search growth status: Exploding
Year founded: 2019
Location: Niemcz, Poland
Funding: $2.8M (Seed)
What they do: Reef Factory provides smart aquarium devices like tank sensors and controls to monitor and adjust essential levels like water temperature and lighting. The startup also offers a Smart Reef app that integrates with a customer's equipment for fully remote marine aquarium management. They offer more than 20 different smart devices and their mobile app has 23,000+ active users.
41. Eufy
5-year search growth: 592%
Search growth status: Exploding
Year founded: 2016
Location: Tyseley, United Kingdom
Funding: Undisclosed
What they do: Eufy is a smart home equipment brand that started as a vacuum cleaner manufacturer. Since launching, the company has expanded into smart home security equipment, including security cameras, video doorbells, and smart lock systems. Today, their products are used by more than 5 million families and have generated 50,000+ 5-star Amazon reviews.
42. Pony.ai
5-year search growth: 456%
Search growth status: Exploding
Year founded: 2016
Location: Fremont, California
Funding: $1.3B (Series D)
What they do: Pony AI is an autonomous driving technology company specializing in robotaxis and robotrucks. Since its inception, the company has eclipsed 25 million kilometers of autonomous driving mileage. The startup has also partnered with Toyota for mass production of robotaxis in China.
43. Detect Technologies
5-year search growth: 164%
Search growth status: Exploding
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: 286%
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: 34%
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 2024.
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.
