The Internet of Things (IoT) is transforming businesses and industries at a rapid pace. As per Gartner, there will be over 25 billion IoT devices deployed globally by 2021. This exponential growth is creating massive opportunities for startups focused on various aspects of IoT technology.
In this article, I outline the top 20 IoT startups that are leading innovation in this space and worth watching closely in 2024. The startups are building solutions across major IoT verticals like industrial IoT, smart homes, wearables, smart cities, healthcare, retail, and more.
Particle Industries
Particle offers an end-to-end IoT platform for enterprises to rapidly build and deploy IoT solutions. The startup provides powerful hardware modules, device management tools, and connectivity services.
With over 100,000 developers on its platform, Particle is emerging as a leading IoT cloud platform. Its acquisition of Azure IoT software provider ThingMQ further strengthens its position.
Particle’s robust technology and vast developer community make it a top contender in the industrial and enterprise IoT space.
Samsara
Samsara focuses on IoT solutions for industrial operations. Its product portfolio includes wireless sensors, security cameras, and fleet tracking devices to collect real-time data from industrial environments.
Samsara’s cloud-based analytics dashboards turn this data into powerful business insights. The startup serves over 20,000 customers and has raised $930 million in funding to date.
With its strong industrial IoT solutions, Samsara is poised to dominate the commercial and industrial IoT market.
Helium
Helium aims to build a decentralized, blockchain-powered network for IoT devices. The startup offers Helium Hotspots that provide long-range, low-power wireless coverage for connecting IoT devices.
Helium has already grown to over 200,000 hotspots deployed globally. Its innovative model incentivizes spreading its network by rewarding operators with cryptocurrency.
With its rapidly growing network and blockchain approach, Helium is a unique player to watch in the IoT connectivity space.
SimpliSafe
SimpliSafe is a leading IoT home security company. It sells Do-It-Yourself home security systems with features like entry sensors, motion detectors, smoke alarms, and smart locks.
Users can monitor their SimpliSafe systems from a smartphone app and get alerts for events like intrusions. SimpliSafe has shipped over 3 million systems so far.
With its easy setup, Flexible monitoring options, and contract-free model, SimpliSafe is poised to dominate the home security market.
Tile
Tile has emerged as a popular IoT startup in location tracking. The company offers small Bluetooth-powered tags like stickers and cards that can be attached to devices. Users can then locate these tagged devices from Tile’s phone app or make them ring loudly.
With over 400 million Tile devices sold, the startup has carved a niche for itself in the crowded IoT tracking space. Its partnership with chipmaker Qualcomm also expands its capabilities.
With its massive popularity and network effect, Tile is a startup to watch in IoT finding technology.
Ecobee
Ecobee is a leading company in the smart thermostat market. Its products allow users to control home temperatures and HVAC systems remotely using a smartphone.
Ecobee’s thermostats come packed with features like room occupancy sensors, touchscreen displays, Alexa integration, and home/away automation. The startup continues to innovate with products like the SmartCamera with built-in Alexa.
With its compelling smart home devices, Ecobee has emerged as a formidable player in the connected home space.
Ring
Owned by Amazon, Ring offers various smart home security devices. This includes outdoor security cameras, video doorbells, home alarm systems, and smart lighting. Users can monitor their Ring devices from the mobile app and integrate them with other smart home products.
Ring has gained significant traction in the home security space. Expanding partnerships with police departments to share video footage from Ring devices has also been controversial.
However, Ring’s wide range of innovative smart security devices still makes it a leading IoT startup.
Flex
Flex by Wearable X is an advanced smart yoga apparel for personalized instruction and tracking. It combines biometric sensors with augmented reality to provide real-time feedback during workouts.
Flex automatically tracks and analyzes positions to improve form. It also enables interacting with virtual instructors for a gamified experience.
With its sensor-driven capabilities, Flex offers enormous potential for smart clothing and immersive fitness.
Lutron Caseta
Lutron is a pioneer in smart lighting and automated shading solutions. Its Caseta product line consists of wireless dimmers, smart bulbs, remotes, and bridges to control lights via an app.
Compatibility with Amazon Alexa, Google Assistant, Apple HomeKit, and other smart home platforms improves integration. Lutron’s solutions are easy to install, reliable, and work without using WiFi.
With its industry experience and reliable technology, Lutron is dominating the smart lighting controls market.
Ring Car Cam
The Ring Car Cam marks Ring’s foray into vehicle security. This dashcam captures video, detects potential collisions, and alerts emergency services automatically in case of accidents.
It provides useful features like traffic stop detection, emergency crash response, and sharing videos over LTE if the car’s unresponsive. Ring’s track record in home security strengthens its position in the vehicle space.
Ring Car Cam has enormous potential both as a consumer vehicle tracker and commercial fleet management solution.
Hubble Connected
Hubble aims to make vision care accessible using smart technology. The startup sells prescription eyeglasses packed with sensors and a companion mobile app.
The product can actively monitor eye health and vision changes. It also enables consumers to renew prescriptions and order new specs from home.
Hubble Connected offers significant potential to disrupt the eyewear industry using IoT innovation.
Enviral Tech
Enviral develops automated fresh air management solutions for buildings using IoT technology. Its systems continuously monitor indoor air quality metrics like CO2, VOCs, humidity, and particulates. Advanced AI then automatically adjusts ventilation to optimize air quality and energy efficiency.
Enviral’s innovation comes at a critical time when indoor air quality is getting more attention due to the pandemic. Its automated, data-driven approach is far superior to traditional manual methods.
Enviral Tech offers immense potential to transform how buildings manage air quality using IoT.
Owlet
Owlet uses technology to improve infant care. The company’s smart sock wraps around a baby’s foot to track heart rate, oxygen levels, sleep trends, and more. Parents can monitor these vitals in real-time from Owlet’s mobile app.
The company also makes an innovative smart crib mattress that tracks sleep patterns without attaching any wearable to the baby.
Owlet is pioneering the use of IoT and data to give parents peace of mind while monitoring infant health.
Augury
Augury provides machine health diagnostic solutions for industrial companies. It uses IoT sensors to monitor industrial machines and AI-based analytics to predict maintenance issues before they occur. This reduces downtime and improves productivity.
Major industrial companies like Colgate and Heineken use Augury’s solutions to gain visibility into equipment health. With strong technology and growing adoption, Augury is positioned as a leader in industrial IoT.
Augury is making great strides in using IoT and AI to enable predictive maintenance for industry.
Mainflux
Mainflux offers an open-source industrial IoT platform built using modern architectures. Its platform provides device management, data collection, and application enablement capabilities for enterprise IoT.
Mainflux supports edge computing and manages IoT devices at scale. Its lightweight architecture and DevOps approach accelerates IoT application development.
As an industrial IoT platform built using cloud-native and microservices architecture, Mainflux offers flexibility and scalability.
Petnet
Petnet markets smart devices to improve pet care using technology. Its flagship product is an automatic smart pet feeder that can be controlled and scheduled from a mobile app.
Additional features like portion control, integration with home security cameras, and feeding history logs aim to provide a complete pet care solution.
With connected devices for automated pet care, Petnet caters to a unique and growing IoT market.
Flo Technologies
Flo Technologies offers smart water monitoring and shutoff solutions. Its products include AI-driven leak detection sensors, automatic water shutoff valves, and flow monitoring meters. Users can receive alerts and remotely control water supply from Flo’s mobile app.
As a smart home water security platform, Flo Technologies has significant potential in the utility IoT space. Its technology can help avoid major property damage from leaks or burst pipes.
Flo Technologies smart water solutions address an important need in home IoT monitoring and disaster prevention.
Final Thoughts
The IoT domain is evolving rapidly, and new startups are driving significant innovation. This list highlights some of the top startups demonstrating innovative applications of IoT across industries. From smart homes to wearables and industrial solutions, these startups are leveraging connected devices and data analytics to create disruptive solutions. With strong momentum and technology, these are the top IoT startups poised for growth and scale in 2024.
