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To stay connected with all things IoT, SiliconRepublic.com has put together a list of smart start-ups to watch.
Internet of things (IoT) is the network of devices, vehicles, appliances and other objects that are embedded with sensors, software and network connectivity that can collect and share data.
These devices are also known as ‘smart objects’ – everyday examples include smartwatches and fitness wearables. And some technologists are even visualising entire “smart cities” centred around IoT technologies in the near future.
Given the massive potential of this advanced tech, SiliconRepublic.com has compiled a list of IoT start-ups that are worth keeping an eye on.
Tado
Founded in 2011 in Munich, Germany, Amazon-backed Tado is a developer of smart thermostats and smart heating solutions, which aim to reduce residential energy consumption.
In May, the start-up, which is led by CEO Philip Beckmann, launched five products to support the Matter smart home protocol.
The business achieved success last year when it managed to secure €43m in a funding round. This allocation followed a previous €43m raise in 2018.
Latent AI
Established in 2018, Latent AI was birthed in Menlo Park, California.
Headed by CEO and co-founder Jags Kandasamy, this start-up aims to accelerate artificial intelligence (AI) and IoT implementation and workflows for enterprises.
Latent AI raised $19m in a Series-A funding round in 2021, co-led by Future Ventures and Blackhorn Ventures, with participation from Booz Allen, Lockheed Martin, 40 North Ventures and Autotech Ventures.
Haltian
Originating in Finland, this start-up emerged from five members of Nokia’s product development team in 2012.
It provides IoT software and sensor solutions and services for commercial real estate. Its trademark sensor Empathic Building is a digital twin solution in modern desk-sharing offices. At present, the business is being led by interim CEO Mikko Moilanen.
Last year, Haltian raised €22m in growth funding for its IoT software and sensor solutions and services for real estate.
Memfault
This platform, founded in San Francisco in 2018, allows IoT device manufacturers to find issues in their edge products over the cloud.
The start-up founders first came up with the idea of Memfault while working on the embedded software team at Pebble. One of the founders, François Baldassari, is the company’s CEO.
Memfault has created an end-to-end observability platform for connected devices, which the company claims allows “firmware engineers to be just as productive as software engineers”.
Memfault secured $24m in funding in 2023 in a Series B round led by Stripes, with participation from the 5G Open Innovation Lab, Partech and Uncork.
Plantiga
Plantiga is an analytics start-up based in Vancouver, Canada.
Founded a decade ago by father and son duo Norman McKay and Quin Sandler, the start-up concentrates its efforts on gait analytics and sensors – specifically, instrumented footwear. For example, one of its products is an AI-powered monitoring sensor pod which can be embedded into shoes, orthotics or insoles. The sensor analyses users’ movement patterns, with the aim of helping users improve rehabilitation and reduce injury risks.
Earlier this year, the business was one of two Vancouver-based companies to have secured business deals as part of the Comcast NBCUniversal SportsTech programme.
Acorai
Based in Helsingborg, Sweden, this medical device start-up is pairing machine learning software with sensing hardware.
The intention of this software is to allow clinicians to use a non-invasive heart pressure monitoring tool.
The business, which was founded in 2019, enjoyed a huge success earlier this year when it secured an oversubscribed seed round worth more than $4.5m. Just last month, it closed a $4.5m investment from the European Innovation Council, Taiwan Medical University and private investors.
Sateliot
Based in Barcelona and established in 2018, Sateliot’s mission is to develop and launch a constellation of low-Earth orbit nanosatellites.
The purpose of these satellites is to facilitate 5G coverage for the IoT.
Earlier this year, it managed to bag €6m to launch its ambitious satellite constellation. The funding came from Banco Santander.
Sateliot also has a base in San Diego, which is where its CEO and co-founder, Jaume Sanpera, operates out of.
Dryad Networks
Founded in 2018, this German climate-tech start-up specialises in wildfire detection technology.
This technology combines solar-powered infrastructure with AI-enabled sensors, which are strategically placed in forested areas. Last month, the business was awarded a total of €6.3m in funding, with €3.8m coming from the European Regional Development Fund and €2.5m from climate investor First Imagine.
In March, it closed a €5.6m convertible financing round, with a total round size of up to €10m.
The CEO Carsten Brinkschulte told SiliconRepublic.com that the start-up aims to “revolutionise wildfire management”.
Provizio
Hailing from Limerick in Ireland, this start-up recently launched VizioR&I, an imaging radar system built on Nvidia technology. It debuted this technology at the latest Slush event in Finland.
Founded in 2019 by CEO Barry Lunn, Provizio has developed a five-dimensional perception system that it claims can continually see, track and interpret vehicular behaviour and identify roadway elements – even during bad weather conditions.
The start-up previously teamed up with Swedish micromobility company Voi in order to trial e-scooter safety tech.
Lunn has said previously that he wants to “build a technology that makes it unethical to drive without it”.
Blecon
Founded in 2021 and headquartered in Cambridge, UK, this start-up was thought up by IoT experts from ARM, Amazon Web Services and Microsoft.
Blecon aims to enable physical products to communicate with cloud applications using Bluetooth low energy. The business leverages Bluetooth’s advantages combined with a Wi-Fi deployment model and a cellular network model.
Blecon raised $4.6m in seed funding last month. It is headed by its CEO, Simon Ford.
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