Artificial Intelligence is proving to be the main driver of IoT adoption. These top 25 startups are concentrating on how to make IoT a growth area by baking AI integration in at the platform level of their respective solutions. According to McKinsey and Company, 27% of AI early adopters are more likely to report using AI to increase their marketshare than companies only experimenting with, or partially adopting AI. The story that follows lists the 25 IoT startups that they feel show the most promise in accelerating IoT adoption in the enterprise.
- 26,792 startups are relying on IoT as one of their main technologies to launch new products and services and support platform-based business models according to Crunchbase.
- 78.4% of IoT startups Crunchbase tracks have had two funding rounds or less with seed, angel and early-stage rounds being the most common.
- IoT startup funding reached $16.7B in Q4, 2018, with last years’ funding levels 94% over 2017 according to Venture Scanner.
- By 2020, 50% of IoT spending will be driven by discrete manufacturing, transportation and logistics, and utilities according to the Boston Consulting Group.