In this article we discuss the 5 best innovative IoT companies. If you want to read our detailed analysis of the IoT industry, go directly to 14 Best Innovative IoT Companies.
5. Tado
Tado, founded in 2011, is a firm providing intelligent climate management to buildings and homes in order to save energy and costs. The company has so far raised close to $110 million in funding, including more than $2 million in the latest round. The firm is operating from Munich but serving customers worldwide. In early 2020, it announced that it had sold 1 million thermostat units in Europe, evidence of a rapidly growing business segment.
Data released by the Environmental Protection Agency in the United States indicates that heating and cooling buildings is responsible for more than 6 percent of the global greenhouse gas emissions. The Intergovernmental Panel on Climate Change, in a report, claimed that more than a third of total global energy was used just to maintain climate control in buildings. It is therefore no secret that a climate control of buildings leaves behind a huge carbon footprint.
Tado has come with a solution to this problem. The products that the company provides lower the overall carbon footprint of buildings and pave the way for a cleaner, greener future. Tado Climate Control systems connect to the internet and wirelessly transmit data in order to heat and cool areas only when necessary. The company claims that it reduces energy usage by up to 31% using this mechanism, thereby saving consumers 22% in costs.
4. Grownetics
Grownetics, founded in 2015, is a crop-analytics and cultivation system firm that facilitates indoor farming. It has so far raised hundreds of thousands of dollars in funding, although the exact figure remains undisclosed. The company is headquartered in Colorado, United States. It currently operates on a small team but has plans to grow. The company also has one trademark registered to its name in the electronic apparatus category.
Global population is continuing to increase at an alarming rate and food security is a growing concern for many countries. There is evidence to suggest that indoor farming may need to supplement outdoor growing in order to meet food demand of the global population in the coming years. However, indoor farming methods are still in their infancy and there is a dire need for research and development in the sector.
Grownetics is stepping in to fill that void. The company uses sensors and artificial intelligence to make 3D models for climate control, offers remote assistance and plant tracking to farmers, and even provides task management. As precision farming market share expands, with expected growth forecast to touch $12 billion this decade, the company at the forefront of this revolution should certainly be worth a lot more in the future.
3. Sonos, Inc. (NASDAQ: SONO)
Sonos, founded in 2002, is a designer and manufacturer of multi-room wireless audio systems. The company has partnerships with big music streaming platforms and offers users the ability to play and access millions of different kinds of songs without the hassle of computers or smartphones. It has so far raised close to $455 million in funding, including $130 million in the latest round. It has more than 500 employees and offers services in more than 60 countries.
The digitization of everyday life in the past decade has virtually eliminated the need for CDs, DVDs, and record players. Millions of people worldwide now subscribe exclusively to streaming platforms to get their music. A centralized audio experience at home, in which devices are connected to a single platform, though, is missing. Sonos is hoping to tap this market, thereby creating an audio experience that can be lived in any part of the house.
Sonos has thus far filed more than 500 patents in this regard as they develop their business model. Innovation, therefore, forms the key to their growth over the past few years. The products that the company offers include wireless speakers, home theatre speakers and other home audio equipment. Multi-room audio software technologies for advanced acoustics are also developed by the company, according to news agency Reuters.
2. PrecisionHawk
PrecisionHawk, founded in 2010, is a company that uses unmanned aerial systems, remote sensing and advanced data analytics to help companies improve their businesses. It has so far raised $136 million in investor capital, including $32 million in the latest round. The company has close to 200 employees and is headquartered in Raleigh, North Carolina. The firm offers end-to-end solution aerial data gathering, processing and analysis.
Big firms with expansive networks regularly use aerial data to monitor their business. There are applications for aerial data processing in farming and state security as well. However, artificial intelligence driven softwares that collect, process and analyze these datasets are still a much-sought after commodity. PrecisionHawks offers businesses the luxury of automated analysis, thereby saving huge amounts of money that would otherwise be spent on ground.
The company provides clients with a platform that uses drones for data collection. This data is then run through software tools that deliver better business-specific intelligence to people from many different industries. The firm also owns aerial data software, DataMapper, and satellite imagery provider, Terraserver.
1. Sphero
Sphero, founded in 2010, is a company that makes programmable robots and other high-tech tools to make it easier and more fun for students to learn about different topics. The firm has so far raised more than $148 million in funding, including $27 million in the latest round. The company is headquartered in Boulder, Colorado. It has over a hundred employees and has partners in over 80 countries and 20,000 educational institutions.
Merging robots with the digital world has been one key precursor to the proliferation of IoT over the past few years. Even smart hotels are now using robots to deliver services to clients. Sphero has been an important part of this digitization. A report by a robotics firm claims that consumer demand for entertainment robots is going to increase dramatically this decade. Spehro aims to lead the market when that happens.
The firm generates more than $20 million in annual revenue and has three corporate family connections. In 2019, the company announced plans to build a robot that could go anywhere and do anything. The robot would have modular parts and would be all-terrain capable. The dream was realized later that year, when the robot was released at a starting price of just $249. It was an instant success, especially with children.
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