CRN has compiled a list of the 10 hottest IoT startups for 2024 so far, ranging from Artisight and AssetWatch to TXOne Networks and Xage Security.
The Internet of Things may have lost its luster as a buzzword in the tech industry’s heated debate over generative AI, but there remains ample opportunity for companies to grow by building new solutions that connect the real world with digital technology.
In fact, companies continue to rank IoT as one of the top three technologies, according to a spring report from research firm IoT Analytics, citing recent surveys from professional services giants PwC, KPMG and Boston Consulting Group.
[Related: The 10 Hottest AI Startups Of 2024 (So Far)]
The company also revealed that the hype around AI is not expected to hinder demand for IoT solutions, but rather to boost the technology.
Due to these factors, IoT Analytics expects the market for deploying sensors and connecting machines to collect, process and analyze data from the real world to grow at a compound annual growth rate of 17% through 2023.
Projected continued growth means there’s ample opportunity for IoT startups to challenge incumbents with better ways to connect devices, collect data, analyze that data, and protect edge systems from cyberattacks.
Below are the 10 hottest IoT startups in 2024 so far, including Artisight, AssetWatch, TXOne Networks, and Xage Security.
Artisite
chief executive officer: Andrew Gostin, Co-Founder and CEO
Artisight combines AI technology and sensors to enable virtual care, improve staff collaboration, and improve quality of care with HIPPA-compliant solutions.
The Chicago-based startup announced in January that it had raised $42 million in Series B funding from multiple investors, including Nvidia.
Artisight claims that by using its smart hospital platform, Northwestern Medicine was able to reduce patient falls by 89%, reduce nurse overtime by 52%, reduce nurse turnover by 76% and achieve “record-high nursing and patient satisfaction scores.”
As of January, more than 100 hospitals were using the platform, with nearly 200 more in the process of adopting Artisight’s solutions.
Asset Watch
chief executive officer: Brian Graham CEO
AssetWatch claims its solution combines “an AI-powered risk engine with prescriptive insights from certified experts” to make predictive maintenance more effective.
In May, the startup announced it had raised $38 million in a Series B funding round led by global asset manager Wellington Management, with participation from several other investors.
The company says its condition monitoring solution, which includes hardware, software and services for a monthly subscription fee, can “significantly” reduce costs and optimize operations by preventing planned downtime, and the service also includes access to condition monitoring engineers who can provide prescriptive analytics.
blues wireless
chief executive officer: Ray Ozzie, Founder and CEO
Blues Wireless aims to help organizations reduce costs and improve operations by simplifying the experience of connecting any device to the cloud through its connectivity solutions.
The Manchester, Massachusetts-based startup in April unveiled its new Notecard XP wireless connectivity solution, designed to help companies connect large volumes of products for IoT applications in an “economically efficient manner.”
Other milestones for the company this year include partnering with Arduino to release an expansion module that enables cellular or LoRa connectivity on the Arduino Opta micro PLC, and partnering with Skylo Technologies to add satellite connectivity extensions to its Notecard products.
inquiry
chief executive officer: Philip von Gilsa, CEO
Kontakt.io is helping the healthcare industry improve patient outcomes by combining IoT, AI, and cloud technologies to “provide real-time location data and coordinate staff, equipment, and clinical spaces along the patient journey.”
The New York-based startup announced in April that it had raised $47.5 million in a funding round led by the growth equity unit of Goldman Sachs’ asset management business.
The company’s product portfolio ranges from hardware solutions such as tags, sensors and gateways to software solutions such as IoT device management, spatial analytics, data management and staff workflow applications.
Memfault
chief executive officer: François Baldassari, Founder and CEO
Memfault aims to help companies build reliable devices at scale with an observability platform that automatically detects problems, monitors device health, and simplifies over-the-air updates.
In March, the San Francisco-based startup launched a new feature called “Device Vitals,” which gives companies visibility into the behavior and performance of their fleet of devices and allows them to issue updates to improve things like battery life, firmware stability, and connectivity.
The move comes after the company announced it had raised $24 million in a Series B funding round in January 2023 and revealed a partnership with IoT device management platform Golioth in October 2023 to enable observability and device management for devices that use chips made by NXP Semiconductors.
Morse Micro
chief executive officer: Michael De Nile, Co-Founder and CEO
Morse Micro wants to improve the way IoT devices connect with its long-range, low-power Wi-Fi HaLow connectivity chip solution.
In June, the startup announced two new products developed in partnership with wireless network vendor Silex Technology: the AP-150AH Wi-Fi Halow access point and the EX-150AH Wi-Fi device range extender, both of which aim to extend the range of IoT devices by 10 times over regular Wi-Fi technology.
These product announcements come after Morse Micro and Silex in February introduced the SX-SDMAH, an industrial-grade Wi-Fi HaLow module for IoT applications that combines Silex’s small form factor, extended temperature range and product longevity expertise with Morse Micro’s long-range Wi-Fi HaLow system-on-chip.
Nozomi Network
chief executive officer: Edgard Capdeviel, President and CEO
Nozomi Networks protects critical infrastructure with a platform that “uniquely combines network and endpoint visibility, threat detection, and AI-powered analytics to enable faster and more effective incident response.”
The San Francisco-based startup announced in March that it had raised a $100 million Series E funding round from new and existing investors including Mitsubishi Electric, Schneider Electric, Honeywell and Johnson Controls.
The company has announced several milestones this year, including a $1.25 million contract with the U.S. Air Force, the deployment of multi-spectrum wireless security sensors and the appointment of former Symantec executive Kevin Isaac as chief revenue officer.
Skyro Technologies
chief executive officer: Parthasrathi Trivedi, Co-Founder and CEO
Skylo Technologies makes satellite connectivity for IoT devices more efficient and accessible with global non-terrestrial network services based on cellular industry standards.
The Mountain View, California-based startup announced $37 million in funding in February from investors including Intel, BMW and Samsung’s venture arm.
Other milestones announced by Skyro this year include the launch of its satellite network service across the continental U.S. and Canada, the appointment of former Verizon Business CEO Tami Irwin to its board of directors, and a partnership with testing, inspection and certification company SGS to facilitate its satellite network certification program.
TXOne Network
chief executive officer: CEO Terence Liu
TXOne Networks secures industrial control systems and operational technology environments with natively designed zero trust solutions.
The Taipei, Taiwan-based startup said in May it had raised $51 million in an extended Series B round from multiple investors, including Taiwanese electronics manufacturer Pegatron Group and a joint fund between the venture arm of semiconductor tool maker Applied Materials and Taiwan’s Industrial Technology Research Institute.
The funding round comes just weeks after TXOne Networks announced SageOne, a security platform for cyber-physical systems that provides a “unified management console” for centralized management of the company’s three core product lines: Stellar for endpoint manufacturing, Element for security testing, and Edge for network defense.
Xage Security
chief executive officer: Jeffrey Mattson CEO
Xage Security is committed to stopping cyber attacks at every stage with a zero trust access control solution that can be used across IT, operational technology and cloud environments.
The Palo Alto, California-based startup announced two product enhancements to its Xage Fabric Platform in April. The first is Xage Insights, a data visualization and analytics engine that provides real-time situational awareness around security issues like failed logins and lateral movement attempts. The second is Xena, an identity-based AI copilot that provides “precise insights and customized recommendations” to improve security, according to Xage Security.
These new capabilities come after Xage Security raised a $20 million funding round last year from multiple investors, including Chevron’s venture arm, and won a $17 million contract from the U.S. Space Command to manufacture current and next-generation ground and space architecture for the command’s Space Systems Command.
