The 25 IoT startups worth watching in 2019

Some industry insiders have mentioned: "To this day, IoT can be said to not exist, but in fact it already exists, because IoT is a dynamic process. In the past 20 years, it has continued to grow and exist in people's living environment. However, in order to fully present the IoT in the future, there is still a lack of the finishing touch, which is the high integration of technology, industry knowledge and innovation."

Undoubtedly, start-ups will play a key role in the advancement process, so there is a need for a complete ecosystem that allows start-up partners to work together with vertical industry knowledge and IoT technology holders to create technology, products and solutions, innovate business models, and put more IoT ideas into practice.

Next, let’s take a look at which IoT startups have become popular.

Crate.io

Crate.io's open source SQL database with integrated search capabilities stores and analyzes machine data in real time. The company was founded in 2013 to provide SQL developers with an open source SQL database to capture, analyze, and manage their machine learning and AI-based data. CrateDB is an open source, distributed database that provides the scalability and performance of NoSQL with the power and ease of use of standard SQL. CrateDB Cloud for Azure IoT is a turnkey data layer, delivered as a managed cloud service on Azure, that accelerates the development of IoT platforms and data-driven smart factories.

Most CrateDB customers use it for operational analytics workloads, performing fast time series, geospatial, text search, machine learning queries on static data and data streams in the Industrial Internet of Things, enterprise network security and system monitoring across all industries, smart cities and building infrastructure, fleet tracking and management, and marketing analytics. The company has raised $17.9 million in funding over 4 rounds.

Element Analytics

Element Analytics is quickly establishing itself as a startup in the Chemical & Refining, Manufacturing, Metals & Mining, Pulp & Paper, and Upstream Oil & Gas sectors. Their Element Platform helps industrial organizations easily and quickly use industrial time series data to improve production efficiency and product quality. Their platform prepares time series data, enriches it with relevant context by analyzing it, creating more contextual insights. The Element Analytics platform also enables machine learning modeling to surface reliability, productivity, and sustainability insights for operations. Element Analytics has raised a total of $22M in funding over 3 rounds. Their latest funding was raised on Jan 8, 2018, from a Series A round. Kleiner Perkins participated in the first two rounds, raising a total of $7M.

FogHorn

is a fascinating startup to watch because they excel at embedding real-time analytics and machine learning support into size and space constrained commercial and industrial IoT applications. Recognizing that industrial manufacturing and distribution sites often have unreliable internet connections, Foghorn designed a miniaturized, scalable complex event processing (CEP) software engine capable of generating analytics in real time.

The FogHorn Lightning Platform includes a CEP software engine that enables high-performance edge computing, advanced analytics, machine learning, and AI for highly constrained environments of the IIoT. The company has also created a new high-performance programming language called Vel, which transforms any gateway, programmable logic controller (PLC), industrial PC, or other edge device into an advanced edge computing system. FogHorn has raised a total of $47.5 million in funding over 4 rounds. Their latest funding was raised on Oct 4, 2017, from a Series B round.

GEM

GEM specializes in providing IoT, analytics and machine learning platforms and solutions for the manufacturing industry, with a particular focus on Overall Equipment Effectiveness (OEE) and predictive maintenance. The company has been able to acquire customers in energy, retail, and GEM’s value proposition is based on their ability to improve manufacturers’ OEE levels through greater real-time insights.

The GEM Precare platform captures operational data and KPIs in real time, including availability, OEE, performance, quality, MTBF, MTBA, machine status, status reasons, and alarms. The following is an example of the GENM technology platform:

InfluxData

InfluxData created InfluxDB, their open source platform specifically designed for analyzing metrics and events (time series data) for DevOps and IoT applications. Whether the data comes from humans, sensors, or machines, InfluxData enables developers to build monitoring, analytics, and IoT applications at scale that quickly deliver measurable business value. The company reports 400 customers including Cisco, eBay, IBM, and InfluxData has raised a total of $59.9M in funding over 4 rounds. Their most recent funding was raised on Feb 13, 2018, from a Series C round.

SequoiaDB

SequoiaDB develops and commercially supports the open source database SequoiaDB, a document-oriented NewSQL database that supports JSON transactions and SQL queries. Their database can be a standalone product that can be connected to applications providing high-performance and horizontally scalable data storage and processing capabilities, or it can be used as a front-end for Hadoop and Spark for real-time query and data analysis, designed to integrate with Spark, Hadoop/Cloudera. SequoiaDB has raised over $400M in funding. Their latest funding was raised on Sep 19, 2018, from a Series C round.

Splice Machine

Splice Machine provides an open source dual-engine RDBMS for mixed operational and analytical workloads, powered by Apache Hadoop® and Apache Spark. The Splice Machine RDBMS executes operational workloads on Apache HBase and analytical workloads on Apache Spark.

Splice Machine is known for its easy development and IoT-based applications, and has successfully offloaded operational and analytical workloads from Oracle, Teradata, and Netezza legacy systems. The company excels in ETL, operational reporting, or real-time applications and use cases. Splice Machine has raised a total of $40M in funding over 4 rounds. Their latest funding was raised on Dec 20, 2017, from Salesforce Ventures.

Armis Security

Armis takes a unique approach to provide visibility into unmanaged IoT-enabled devices in IT networks. The company's solution treats each IoT device as a threat surface, enabling enterprises to prohibit access to IoT devices and networks based on security guidelines. Another unique aspect of the company's deployment approach is the ability to quickly deploy using an enterprise's existing infrastructure.

Founded in 2015, the company has active customers in the finance, healthcare, manufacturing, and high-tech industries. Armis Security has raised a total of $47M in funding over 3 rounds. Their latest funding was raised on Apr 9, 2018, from a $30M Series B round from Bain Capital Ventures and Redpoint Capital Partners. According to Crunchbase, Armis Security generates $2.1M in revenue per year and most often competes with DigiCert, Skybox Security, and Aruba Networks in sales cycles.

MagicCube

MagicCube is a device-independent IoT security platform that protects against device, cloud, and network attacks. MagicCube solutions protect digital transactions on any device, in transit, and in the cloud, with the same level of security as device hardware solutions without the complexity and cost associated with hardware deployment. MagicCube has raised $10.7 million in funding over 2 rounds of financing.

Xage Security

Xage provides decentralized security services to industrial manufacturing and distribution businesses, including oil and gas, transportation, and utilities. The Xage architecture relies on blockchain to provide distributed, scalable, and highly reliable data storage to prevent hackers from attacking and gaining access through any threat surface in an organization. Xage takes a unique approach that uses blockchain to stop hackers at scale by simultaneously protecting every active ledger in an organization. Xage Security has raised $16M in funding over 2 rounds. Their latest funding was raised on Dec 28, 2018, from a Series A round.

Particle

Particle is an Internet of Things (IoT) device platform that enables organizations to develop and fine-tune connectivity across operations using scalable APIs and software development resources. Particle's development platform is designed to provide organizations with the tools they need to prototype IoT solutions so they can scale quickly and securely. More than 150,000 product manufacturers in more than 170 countries and half of the Fortune 500 have deployed connected IoT devices powered by Particle.

Particle's clients include NASA, SpaceX, consumer hot tub manufacturer Jacuzzi, and Venture backed by Vent Ventures, Spark Capital, Qualcomm Ventures, and Particle is based in San Francisco, CA and Shenzhen, China. Particle has raised a total of $35.8M in funding over 7 rounds. Their latest funding was raised on Jul 19, 2017, from a Series B round.

Karamba Safety

Karamba Security is working on solving the security challenges of connected cars. The company provides Electronic Control Unit (ECU) endpoint security protection to protect any vehicle with an IoT connection or IP address. What makes this startup so interesting is how they use patented technology to reduce IoT-based vehicle attacks by automatically blocking it. Implementing Karamba on a vehicle does not require an internet connection or extensive developer work. Each device can be reset to factory settings, eliminating the threat of the vehicle being hacked. Karamba Security has raised $27M in funding over 4 rounds.

Dragos

Dragos specializes in industrial (ICS/IIoT) cybersecurity. Their cloud-based Dragos platform collects, detects, and automates asset inventory and visualization, threat detection through threat behavior analysis, and security operations and incident response workflows. Dragos also has a Threat Operations Center that provides customers with access to dedicated ICS incident response and threat hunting services, as well as industry-specific intelligence reports on vulnerabilities, threats, and community events. Dragos has raised a total of $48.2M in funding over 3 rounds. Their latest funding was raised on Nov 14, 2018, from a $37M Series B round with Canaan Partners.

IoTium

This is a fascinating company due to its patented technology that enables secure connections between Network as a Service (NaaS), traditional field systems and cloud-based applications. Clients include CBRE, Emerson, Smart Buildings, Obernel, Rexnord, and Sunbelt Controls. IoTium has the ability to acquire new customers in the building and industrial automation, oil and gas, manufacturing, transportation, and smart city industries. IoTium has raised a total of $22M in 2 rounds of funding with investors GE Ventures, March Capital, and Juniper Networks. Their latest funding was raised on Sep 19, 2018, from a Series B round.

Samsara

Samsara is notable for their prioritization of how sensor data can improve the safety and efficiency of physical operations, thereby increasing productivity while reducing costs. Samsara is attracting customers in the transportation, logistics, construction, food production, energy, and manufacturing industries who have the ability to improve safety, efficiency, and quality of operations.

Samsara builds sensor systems that combine wireless sensors with remote networking and cloud-based analytics. As of February 2019, the company has over 5,000 customers and a run rate of 200,000 new devices per year. Samsara has raised a total of $230M in funding over 5 rounds. Their latest funding was raised on Dec 28, 2018, from a Series E round. An example of the company's fleet summary is shown below:

MachineMetrics

MachineMetrics uses innovative approaches to AI to discover new insights into manufacturers’ data, thereby improving product quality and performance. It is one of the first startups to combine the Industrial Internet of Things (IIoT) with AI to provide a scalable platform for discrete manufacturers and heavy equipment manufacturers. They have also developed expertise in edge connectivity in manufacturing environments, enabling greater real-time visibility and more meaningful manufacturing analytics than in the past.

They use AI to drive their prescriptive and predictive alerts. MachineMetrics has raised a total of $13.4M in funding over 3. Their latest funding was raised on Dec 11, 2018, from a Series A round. Here is a workstation view of the MachineMetrics production platform:

SCADAfence

SCADAfence provides cybersecurity solutions designed to ensure operational continuity of industrial (ICS/SCADA) networks. The startup excels at integrating Industrial IoT, analytics, real-time monitoring, and machine-to-machine connectivity to provide scalable cybersecurity solutions for production networks. As of February 2019, the company has customers in the pharmaceutical, chemical, food and beverage, and automotive industries.

SCADAfence offers a suite of solutions that includes continuous real-time monitoring of industrial environments and lightweight tools designed to automate the security assessment process. The suite provides visibility into daily operations, cyberattack detection, and forensic tools designed to improve responsiveness. SCADAfence has raised a total of $10M in funding over 3 rounds. Their latest funding was raised on Nov 21, 2017, from a Series A round.

Tulip

Founded by a team of engineers from the MIT Media Lab, Tulip's platform is based on decades of research in digital manufacturing. Their self-service technology fills the gap between rigid back-end manufacturing IT systems and the dynamic operations of the shop floor.

Tulip's Manufacturing Application Platform combines research in smart hardware sensors, computer vision, assistive user interfaces, and applied machine learning. Tulip was launched to bring these latest technological developments from the lab to the factory. Today, Tulip's Manufacturing Application Platform is deployed in six countries with dozens of global customers across multiple industries, including electronics, aerospace and defense, medical devices, footwear, pharmaceuticals, and more.

SWIM.AI

Swim provides edge-based software that performs real-time analytics and machine learning for enterprises, device manufacturers, smart cities, and IoT and IIoT businesses. Its software processes and analyzes large amounts of streaming data from devices, sensors, or equipment locally, reducing the number of networks and generating real-time machine learning business insights.

Swim deploys its software at the edge, transforming data into insights in real-time and delivering it to businesses, employees, operators, and customers. Swim has been successfully deployed and used in existing equipment and brownfield environments. In manufacturing customers' operations, Swim is improving real-time synchronization of multiple systems, reducing project implementation costs, optimizing efficiency using machine learning insights from full-resolution edge data, and delivering insights through real-time APIs. Swim.ai has raised $10M in funding over 2 rounds. Their latest funding was raised on Jul 17, 2018, from a Series B round.

Uptake Technologies

Uptake Technologies provides a predictive analytics and asset performance management (APM) platform that is gaining traction in today’s key Industrial IoT market sectors. The Uptake platform analyzes data from within a company and from third-party sources to predict and prevent failures, uncover hidden profits, and discover new opportunities in healthcare, insurance, locomotive, construction, manufacturing, and other industries. Uptake Technologies provides a platform for equipment monitoring, diagnostic troubleshooting, event and condition prediction, and task management to improve uptime, streamline operations, and uncover growth opportunities. Major customers include Caterpillar, Progress Rail, Berkshire Hathaway Energy, and the U.S. Army.

Sight Machine

Sight Machine has successfully attracted Fortune 500 manufacturers as customers, providing them with AI-driven insights to help them improve the way they operate. Designed for discrete and process manufacturing, Sight Machine's AI and analytics platform uses artificial intelligence, machine learning, and advanced analytics to help solve key challenges in quality and productivity across the enterprise.

The platform is powered by the industry's only Plant Digital Twin, which provides real-time visibility and actionable insights for every machine, line, and plant across the enterprise. Sight Machine is optimized to run on major cloud platforms, including AWS, Google Cloud Platform, and Microsoft Azure. The company has raised a total of $30.5M in funding over 5 rounds. Their latest funding was raised on Dec 23, 2017, from a Series B round.

The remaining four companies on the list are Tuya, a global AI+IoT platform, Myriota, which builds satellite IoT, Drayson Technologies, which creates smart sensor networks for energy management, and VDOO, an IoT solution development platform.

Tuya Smart

Tuya Smart is an IoT solution provider for device manufacturers. It is worth noting that it is the only Chinese company on the list.

Their platform enables fast and flexible application development, allowing smart device manufacturers to quickly bring products to market at a competitive price. Tuya Smart was founded by Jerry Wang, the founder of Alibaba Cloud, Alibaba's cloud division, and a group of veterans from Alibaba, Baidu, and Haier Electronics. With extensive knowledge in cloud computing, software development, and hardware and supply chain management, Tuya Smart's team enables manufacturers to produce the next generation of smart connected products. Tuya has raised $200 million in funding in 3 rounds of financing. After completing the C round of financing, Tuya's valuation exceeded 10 billion RMB.

Drayson Technologies

Drayson Technologies provides an IoT platform startup that combines wireless charging technology and machine learning software to create a smart sensor network that provides customers with greater energy and cost efficiencies. Drayson is known for its expertise in energy-efficient and cost-effective IoT data collection and analysis, which also helps customers reduce the cost of deploying, owning and operating IoT networks.

Myriota

What makes Myriota a fascinating company is their innovative advancements in ultra-low-cost satellite Internet of Things (IoT) connectivity and the alliances they are creating, including with SpaceX. Myriota’s nanosatellite was launched on a SpaceX Falcon 9 rocket in December 2018. Myriota uses exactEarth’s Low Earth Orbit (LEO) satellite constellation for its connectivity solution.

Myriota, a global leader in low-cost satellite IoT connectivity, provides aggregated sensor readings, environmental sensing, and online tracking and condition monitoring of remote assets. The company raised a total of $15 million in funding in a round of financing. This was a Series A round held on March 26, 2018.

VDOO

VDOO has developed an automated solution platform to help IoT manufacturers provide the right security in their devices before release, and achieve post-deployment security. The end-to-end platform takes manufacturers from security analysis to implementation guidance to certification, allowing IoT manufacturers to quickly add the right security to their devices with minimal resources. VDOO's solution is based on a comprehensive classification of IoT devices and includes five interrelated integrated products, including Security Requirements Generator, Security Vulnerability Analysis, Actionable Security Plan, Certification, and Post-Deployment Security Support. VDOO has raised a total of $13M in funding in a round of financing. This was a Series A round held on January 17, 2018.

Global IoT observations compiled from IoT news, webmaster home, network, etc.

Reference link: https://www.iottechnews.com/news/2019/feb/21/top-25-iot-startups-to-watch-in-2019/

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