5 Best Technology Penny Stocks to Invest In According to Hedge Funds

2. PowerFleet Incorporated (NASDAQ:AIOT)

Number of Hedge Fund Holders: 29

PowerFleet Incorporated (NASDAQ:AIOT) is one of the best technology penny stocks to invest in according to hedge funds. On April 27, Powerfleet launched Vision 360 Plus, an AI-powered video SaaS solution designed to provide 360° coverage and enhanced safety for mobile assets. Developed in partnership with TELUS, a global communications leader with over 20 million customer connections, the solution integrates Powerfleet’s Unity video technology with TELUS’ expansive connectivity and distribution network.

This collaboration aims to accelerate the adoption of high-margin AIoT services among enterprise and mid-market fleet operators across North America. The Vision 360 Plus system addresses critical fleet challenges by eliminating blind spots and providing AI-driven protection to reduce collisions and insurance claims.

By delivering real-time operational visibility and predictive risk management, the platform enables fleet managers to implement automated coaching workflows and improve driver performance. The launch underscores PowerFleet Incorporated’s (NASDAQ:AIOT) ongoing efforts to unify data through its Unity platform, allowing for the harmonization of information regardless of the source.

PowerFleet Incorporated (NASDAQ:AIOT) is a SaaS provider that specializes in AIoT. It offers the Unity platform, which is part of its Unity solutions portfolio. The platform helps integrate AIoT devices and business systems with a data highway that generates AI-enabled insights for customers. The company also provides SaaS-based unity modules that include vehicle, video, and in-warehouse IoT solutions.