The 10 Hottest IoT Startups Of 2024 (So Far)

CRN rounds up the 10 hottest IoT startups of 2024 so far, which range from Artisight and AssetWatch to TXOne Networks and Xage Security.

While the Internet of Things may have lost its sheen as a top buzzword to the tech world’s fevered discussions around generative AI, there remains ample opportunity for companies to grow by building new solutions that connect the real world to digital technologies.

In fact, businesses continue to rank IoT as one of their top three technologies, according to a spring report by research firm IoT Analytics, which cited recent surveys from professional services giants PwC, KPMG and Boston Consulting Group.

The firm also found that the hype around AI is not seen as a drag on demand for IoT solutions but instead a tailwind for such technologies.

These elements add up to an expectation by IoT Analytics that the market for deploying sensors and connecting machines to collect, process and analyze data from the real world will grow at a compound annual growth rate of 17 percent until 2023.

The forecast of continuous growth means there are plenty of opportunity for IoT startups to challenge incumbents with better ways to connecting devices, collecting data, analyzing data and protecting systems at the edge from cyberattacks.

What follows are the 10 hottest IoT startups of 2024 so far, which range from Artisight and AssetWatch to TXOne Networks and Xage Security.

Artisight

Top Executive: Andrew Gostine, Co-Founder and CEO

Artisight combines AI technologies and sensors to enable virtual health care, enhance staff coordination and improve quality of care with HIPPA-compliant solutions.

The Chicago-based startup in January announced that it had raised $42 million in an oversubscribed Series B round from several investors, including Nvidia.

Using the company’s smart hospital platform, it was able to help Northwestern Medicine reduce patient falls by 89 percent in addition to helping the hospital decrease nursing overtime by 52 percent and nursing turnover by 76 percent while achieving “record-high nursing and patient satisfaction scores,” according to Artisight.

As of January, more than 100 hospitals were using the platform and nearly 200 more were in the process of implementing Artisight’s solutions.

AssetWatch

Top Executive: Brian Graham, CEO

AssetWatch claims to make predictive maintenance more effective with solutions that combine its “AI-powered risk engine with the prescriptive insights of a certified expert.”

In May, the startup announced it had raised a $38 million Series B funding round led by global asset management firm Wellington Management with participation from several other investors.

The company said it’s able to help businesses “significantly” reduce costs and optimize operations by preventing planned downtime with its condition monitoring solutions, which come with hardware, software and services, available with a monthly subscription fee. The services include access to a condition monitoring engineer who can provide prescriptive analyses.

Blues Wireless

Top Executive: Ray Ozzie, Founder and CEO

Blues Wireless aims to help reduce costs and improve operations for organizations by simplifying the act of connecting any device to the cloud through its connectivity solutions.

The Manchester, Mass.-based startup in April revealed its new Notecard XP wireless connectivity solution, which is designed to help businesses connect large volumes of products for IoT applications “in an economically efficient manner.”

The company’s other milestones this year include partnerships with Arduino to launch a expansion module that enables cellular or LoRa connectivity in Arduino Opta micro-PLCs and with Skylo Technologies to add a satellite connectivity extension for its Notecard products.

Kontakt.io

Top Executive: Philipp von Gilsa, CEO

Kontakt.io is helping the health care industry improve patient outcomes with a platform that combines IoT, AI and cloud technologies to “provide real-time location data and orchestrate staff, equipment, and clinical spaces around a patient’s care journey.”

The New York-based startup in April announced that it had raised a $47.5 million funding round led by the growth equity arm of Goldman Sachs’ asset management business.

The company’s product portfolio ranges from hardware solutions such as tags, sensors and gateways to software solutions for things like IoT device management, spatial insights, data management and staff workflow applications.

Memfault

Top Executive: François Baldassari, Founder and CEO

Memfault seeks to help companies build reliable devices at scale with an observability platform that automatically finds issues, monitors device health and simplifies over-the-air updates.

The San Francisco-based startup in March launched a new feature called Device Vitals, which gives companies visibility into how fleets of devices are behaving and performing so that they can issue updates to improve things like battery life, firmware stability and connectivity.

The move was made after the company announced in January 2023 that it had raised a $24 million Series B funding round and revealed in October 2023 a partnership with IoT device management platform Golioth to enable observability and device management for devices using chips manufactured by NXP Semiconductors.

Morse Micro

Top Executive: Michael De Nil, Co-Founder and CEO

Morse Micro wants to improve the way IoT devices are connected with its long-range, low-power Wi-Fi HaLow connectivity chip solutions.

The startup in June announced two new products it developed in partnership with wireless networking vendor Silex Technology: the AP-150AH Wi-Fi Halow access point and the EX-150AH Wi-Fi device range extender. Both products are meant to extend the communication range of IoT devices by 10 times more than regular Wi-Fi technologies allow.

The announcement of these products were made after Morse Micro and Silex revealed in February the SX-SDMAH, an industrial-grade Wi-Fi HaLow module for IoT applications that combines Silex’s expertise in small form factors, extended temperature range and product longevity with Morse Micro’s long-range Wi-Fi HaLow system-on-chip.

Nozomi Networks

Top Executive: Edgard Capdevielle, President and CEO

Nozomi Networks protects critical infrastructure with a platform that it says “uniquely combines network and endpoint visibility, threat detection, and AI-powered analysis for faster, 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 other milestones this year, including a $1.25 million U>S. Air Force contract, the introduction of a multi-spectrum wireless security sensor, and the appointment of former Symantec executive Kevin Isaac as chief revenue officer.

Skylo Technologies

Top Executive: Parthsarathi Trivedi, Co-Founder and CEO

Skylo Technologies makes satellite connectivity for IoT devices more efficient and accessible with its global non-terrestrial network service that is based on cellular industry standards.

The Mountain View, Calif.-based startup announced in February that it had raised a $37 million funding round from investors, including the venture arms of Intel, BMW and Samsung.

Other milestones announced by Skylo this year include the launch of its satellite network services across the contiguous United States and Canada, the appointment of former Verizon Business CEO Tami Erwin to its board of directors, and a partnership with testing, inspection and certification company SGS to facilitate its satellite network certification program.

TXOne Networks

Top Executive: Terence Liu, CEO

TXOne Networks safeguards industrial control systems and operational technology environments with natively designed zero-trust solutions.

The Taipei, Taiwan-based startup in May announced that it had raised a $51 million Series B extension round from several investors, including Taiwanese electronics manufacturing giant Pegatron Group as well as a joint fund between the venture arms of semiconductor toolmaker Applied Materials and Taiwan’s Industrial Technology Research Institute.

The funding round was disclosed weeks after TXOne Networks revealed its security platform for cyber-physical systems called SageOne, which provides a “comprehensive management console” that enables centralized control of the company’s three core product lines: Stellar for endpoint production, Element for security inspection and Edge for network defense.

Xage Security

Top Executive: Geoffrey Mattson, CEO

Xage Security vows to stop cyberattacks at every stage with its zero-trust access control solutions that can be used across IT, operational technology and cloud environments.

The Palo Alto, Calif.-based startup in April announced two product enhancements for its Xage Fabric Platform. The first is Xage Insights, a data visualization and analytics engine that provides real-time situational awareness on security matters like failed login and lateral movement attempts. The second is Xena, an identity-based AI copilot that provides “precise insights and tailored recommendations” to improve security, according to Xage Security.

These new capabilities were announced after Xage Security last year raised a $20 million funding round from several investors, including the venture arm of Chevron, and after it received a $17 million contract from the U.S. Space Force to product current and next-generation ground and space architectures for the military branch’s Space Systems Command.