Since 2018, worldwide Internet of Things (IoT) spending has been increasing year-over-year by at least $40 billion. In 2023, spending is forecast to reach more than $1 trillion, funding a total of 13.15 billion connected devices.
Industry growth isn’t likely to slow any time soon. Indeed, the number of IoT devices is projected to almost triple from 9.7 billion in 2020 to more than 29 billion in 2030.
So what can we expect in the next 12 months? In 2023, players in the IoT industry will be impacted by a wider range of connectivity options, advancements in edge computing, big data, AI market growth, security concerns, the rise of the Internet of Healthcare Things, the metaverse, and internationalization.
The most popular IoT devices for this year will include the Amazon Echo Plus, August Doorbell Cam and Smart Lock, and, of course, Google Home. In 2022, Google Home had the largest IoT devices market share at 48%, and its popularity looks set to continue into 2023 and beyond.
But the development of game-changing IoT devices isn’t limited to corporate giants like Google and Amazon.
Here are eight industrial IoT start-ups that look set to take the industry by storm in 2023.
8 Industrial IoT Startups You Should Keep an Eye On This Year
1. H2Ok Innovations
H2Ok Innovations was founded in Cambridge, Mass., in January 2021 by Annie Lu and David Lu. The IoT-enabled analytics platform provides data-driven optimization of industrial liquid systems for manufacturing.
Its customers enjoy a competitive advantage thanks to a reduction in process and resource costs and improved operational efficiency.
2. Triotos
Founded in Parsippany, N.J., in 2020, Triotos’ mission is to create opportunities for small and medium-sized companies to leverage IoT.
The company has focused on developing a set of end-to-end IoT “reference” solutions, with implementations founded on market-leading Amazon AWS IoT core and cloud-based applications for data processing, storage, analytics, and machine learning.
Triotos’ solutions are customizable, deployable within months, and available for a fraction of the cost of most major IoT solution providers.
3. Tulip
Tulip Interfaces, founded in 2014 in Somerville, Mass., is the industry’s leading frontline operations platform. The GxP-ready, cloud-based platform offers analytics and edge connectivity and serves industrial businesses in the luxury goods, electronics, automotive, aerospace & defense, and food & beverage markets.
Tulip has been recognized as an MES Challenger on the Gartner Magic Quadrant, Frost and Sullivan Entrepreneurial Company of the year, and a World Economic Forum Technology Pioneer.
4. Konux
Founded in Munich, Germany, in 2014, Konux is the world’s first AI scale-up in railway with a simple mission – “make railway the mobility choice of tomorrow by increasing capacity, reliability, and cost-efficiency.”
Its predictive maintenance solution for rail switches leverages machine learning (ML) and IIoT to enable delay-free stitches at an optimal cost.In 2017, Konux was nominated as one of the 30 most promising Technology Pioneers by the World Economic Forum and by 2021 its Series C funding reached a total of $80M.2019fnd
5. Horizon Robotics
Horizon Robotics is a leader in energy-efficient computing solutions for advanced driver assistance systems (ADAS) and autonomous driving (AD) for smart vehicles.
Founded in 2015 in Beijing, China, the company’s platform is efficient, open, and scalable, enabling customers to select from processors, toolchains, and perception algorithms. In June 2021, the company completed a $1.5 billion Series C round.
6. Veo Robotics
Veo Robotics is committed to simplifying one of the hardest challenges in manufacturing: human-machine collaboration.
Founded in 2016 in Waltham, Mass., the company is the creator of FreeMove, a 3D safeguarding system that reduces the cost and complexity of human-robot collaboration. In 2022, the company announced the release of its FreeMove 2.0 Engine, which implements dynamic speed and separation monitoring to enable safer interaction between humans and robots.
7. Edge2Web
Founded in 2016, Edge2Web provides cloud-based visual tools that enable industrial leaders to rapidly develop, deploy, and operate a wide range of IoT-style applications.
In September of this year, the company announced the commercial availability of its Edge2Web Factory Insights. This will enable industrial organizations to rapidly configure operating variables, create high-powered KPI scorecards and dashboards, and rapidly model, onboard, and manage machine assets.
8. KIT-AR
The World Manufacturing Forum says the Costs of Poor Quality (CoPQ) in manufacturing plants can reach up to 40%, and that’s a problem KIT-AR is hoping to solve.
Founded in London in 2018, KIT-AR’s platform helps production line workers spot, track, and minimize production errors. In 2022, the company secured £1.7M in a seed funding round co-led by Armilar Venture Partners and Caixa Capital Risc.
