Data from the Internet of Things (IoT) is highly valuable, as it could help businesses make informed decisions. It’s why the industry is growing rapidly. The IoT may be able to solve many of today’s mundane but persistent problems. Experts believe the IoT will create up to $12.6 trillion in global economic value by 2030.
It’s no wonder many IoT startups receive plenty of funding. 2022 saw the highest average amount of IoT startup capital raised in a decade. Companies pulled in an average $15.9 million, which is a 30% increase from the previous year.
With IoT businesses having the potential to make millions in the future, it’s important to take note of the most promising ones.
Here are 5 of the best IoT startups to keep an eye on this 2023.
1. Armis Security
Armis is a provider of agentless device security and offers products for businesses in the finance, healthcare, retail, and more industries. In 2022, the company launched a solution that secured connected devices on cellular networks.
Armis’s services are more relevant than ever in this cybercrime-ridden era. Picture this: there were about 1.5 billion attacks on IoT devices in just the first half of 2021. Because of the huge potential of agentless cybersecurity, Armis is one to look out for.
2. Smarten Spaces
Smarten Spaces is an Internet of Things (IoT) company that offers a hybrid workplace platform to help facilitate businesses’ smooth transition into hybrid work setups. The solution’s features include desk management and meeting room booking management.
Hybrid workplaces have become the norm in the post-pandemic world. Many employees prefer such setups, leading businesses to change their traditional work models. With this in mind, Smarten Spaces’ services will likely see growth in the coming years.
Span is creating smart electric panels that will give users visibility on their power consumption and help them better control their energy usage. The manufacturer recently received $90 million in funding to further develop their solutions.
Span’s solutions solve a problem that’s not discussed enough: transparency in electricity charges. These products can help promote environmental-friendly habits like using power only when you need to.
NoTraffic aims to solve a global problem: traffic congestion. Their AI-powered platform digitizes road infrastructure management and collects traffic data to produce traffic predictions.
Traffic congestion has long been an economic problem, and if such a solution can help decrease the hours spent getting to work, the country’s economy will grow.
5. Eight Sleep
If you thought smart mattresses could be a thing, then you thought right! Eight Sleep manufactures smart mattresses that let you control their temperature while tracking your sleep patterns. These products can also adjust the temperature on your partner’s side of the bed.
Lack of sleep is another global problem that technology is trying to solve, which is why you should check out Eight Sleep’s progression.
IoT may be able to solve many of today’s common problems and even open the door to more opportunities in the technology space.
That’s why if you have an IoT-related idea in mind and want to pursue it, now’s a great time to find a startup. If your concept is solid and solves a common frustration, you may have better chances of getting generous funding.
Just remember to create a company name that is unique and memorable like the examples above. You can use a business name generator to get a list of good ideas for names, and then springboard from there.
For more news about promising IoT companies and IoT-related projects, be sure to visit our business news section.