So far, the IIoT wave transforming asset-heavy industries has been led by the old guard of tech giants such as GE, IBM, and Cisco.

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With connected devices like Nest and Sonos breaking into the mainstream, the IoT has become one of the most-discussed tech trends of the last twenty years. But the IoT extends well beyond the home and consumer-level gadgets. Asset-heavy industries like manufacturing, logistics, mining, oil, utilities and agriculture have also begun to apply IoT systems to improve efficiency and results. With machines and specialized sensors collecting data at every step of production, the potential gains from the Industrial Internet of Things (IIoT) are enormous. Just in 2016 alone, startups bringing digitization to industry saw more than $2.2B of investment.

Large corporates have also been involved in M&A in the space. Recently, General Electric, for example, acquired IoT platforms Bit Stew Systems and Nurego, in addition to two large 3D printing acquisitions this past fall.

Industrial IoT Webinar 
Internet of Things (IoT) startups are proliferating to tackle certain industrial use cases. This webinar will examine investments into IoT companies targeting enterprise and heavy industry.
 

So far, the IIoT wave has been led by the old guard of industrial tech companies such as GE, IBM, and Cisco, who envision the IIoT as a core component of their future businesses. GE, in particular, pioneered the term “Industrial Internet” when announcing its $1.5B R&D commitment back in 2012.

But more and more startups are attacking the needs of heavy industry by developing sensors, cloud platforms, networking infrastructure, as well as machine learning software to extract insights from the deluge of data. Using CB Insights data, we mapped out the startup landscape within IIoT, with a new approach that categorizes companies by where they sit in the tech “stack,” starting from hardware all the way down to AI-powered analytics.

Note: While some companies may fit into multiple categories and parts of the stack, we mapped companies based on their primary use-case. This market map is not meant to be exhaustive of companies in the space. Click to enlarge.

MapFinal 2

The category breakdown is as follows:

  • Sensors & Connectivity

    • Connectivity — wireless network providers like SigFox and Ingenu act as the telecoms for the IoT age. Most companies here provide LPWAN (low-power wide area network) connectivity, which is popular radio band for IoT devices because existing cellular systems aren’t power- and bandwidth-efficient enough for systems sending small packets of data. Some, like Senet use the LoRaWAN spectrum, and others like SigFox work with ultra-narrowband specifically for low-power devices. 

    • Sensors & Monitoring — some companies in this area are solely sensor or system on chip (SoC) makers like Ineda Systems, but the category also includes more “full stack” (but industry agnostic) sensor and monitoring platforms like SamsaraHelium, and Electric Imp.

    • M2M / Satellite — sometimes Industrial IoT assets operate in rural and less connected parts of the world. Satellites can be a more effective way for sensors to transmit data, and companies like Kepler Communications offer a space-based communication network. With similar advantages in isolated industrial environments, machine-to-machine (M2M) communication is a more decentralized way to pass information between devices, and companies like Filament are applying blockchain architecture to do so with low-power industrial sensors.

  • Edge Devices & Connected Objects

    • Inspection Drones — startups offering drone hardware or image analysis services for industrial inspection. Some startups like Skycatch have individual use cases, such as construction. Recently, drone makers famous for their consumer drones like 3D Robotics have moved into the inspection space. While it’s mostly aerial drones for now, the category encompasses all types including underwater drones and pipe inspecting drones such as those made by RedZone Robotics.

    • 3D Printing — leveraging materials science and robotics, companies like Desktop Metal and Carbon 3D are bringing the customization benefits of 3D printing to an industrial scale. 3D printing tech is starting to go beyond just prototyping tools to being production-scale for making parts, which is why corporate venture arms of GE and BMW are investing here.

    • Industrial AR/VR — headsets and mobile AR specifically tailored for industrial settings and field service. Daqri and Atheer are well-funded headset makers that focus on enterprise and industrial settings. Others like Scope AR do similar work in field service using mobile and tablets, employing AR to highlight parts on industrial equipment while connected to support experts in real-time.
    • Wearables — IoT sensors worn on the body in industrial environments. Strong Arm Technologies makes a safety wearable and some industrial smartglass makers like Ubimax and Upskill also have wearables offerings.
    • Robotics & Exo — industrial automation robots along with exoskeletons that augment human abilities. Companies like Rethink and Righthand Robotics both make the classic arm-shaped industrial robots for manufacturing. Clearpath Robotics does warehouse robotics, as well as a host of ruggedized ground and sea-faring drones. And companies like Kindred and Sarcos are developing worker exoskeletons that can help handle heavy materials or be remotely operated for inspections.
  • Universal Platforms & Edge Intelligence
    • Universal Platforms — cloud vendors here commonly market themselves as general platform-as-a-service (PaaS) companies that allow other IoT and IIoT companies to manage and maintain the capture of data from their device networks. This includes the mostly industry-agnostic platforms like C3 IoT and Altizon that do cloud analytics for industrial companies.

    • Fog & Edge Computing — computing done at the “edge” or closer to the sensor is a trending shift occurring within the IIoT architecture. Companies like Saguna Networks do edge computing (close to the point of collection), whereas a company like Foghorn Systems does fog computing (think a lower-hanging cloud that’s done on-site like a LAN). Both methods allow mission-critical devices to operate safely without latency of transmitting all data to a cloud, which can also save big on bandwidth.

  • Applied Sensor Networks
    • Fleet — sensor networks and solutions for connected trucking fleets. Companies like Veniam are focused on the connectivity aspect, where others like Vnomics sell optimization and vehicle monitoring technology.
    • Oil & Gas —  companies using connected sensor networks in the oil industry include GroundMetrics (locating wells), Tachyus (extracting oil and gas), and Aptomar (spill safety).
    • Agriculture — companies like Blue River Technology and Farmbot are bringing robotics to agriculture. Others like Farmers Edge and Terravion are about capturing and analyzing farm data and tractor telematics for more efficient production.
    • Smart Grid – startups in this area develop tech that enables more efficient distribution of electricity, gas and water, and often market to utility companies. TrilliantTendril, and BluePillar are smart-meter enabled solutions for utilities and large enterprises to manage usage and reporting.
    • Factory — Eigen Innovations and the companies in this category are more vertical-specific platforms for manufacturing analytics. Eigen, for example, uses video and sensor data on factory floors to ensure process and quality control.
    • Warehouse — robotic movers and RFID sensor systems that target the warehouse. Fetch Robotics, for example, does material transport on warehouse floors. Alien Technologies, one of the most well-funded startups in all of IoT, does RFID tagging tech for the supply chain.
  • Advanced Analytics, Edge Intelligence & Protection
    • AI, ML, Predictive Analytics — software that allows companies to find insights and derive predictive analytics such as when machines will need maintenance. Most companies in the category are like Maana and work by applying AI to mining machine data, but others, like Augury Systems, offer a full sensor suite that detects machine anomalies and offers predictive analytics.
    • Cybersecurity — companies in this category develop cybersecurity solutions for IIoT and industrial control systems (ICS) in heavy industry. The IIoT has already suffered serious hacks; a German steel mill suffered “massive damages” after hackers accessed a blast furnace that workers could not properly shut down. Bastille Networks is one company that focuses on protecting the wireless transmission of IoT and RFID devices, and Claroty is a well-funded company working on protecting industrial control systems.


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See the full company list below:

Industrial IoT Market Map
Company Select Investors Category
Carbon3D  Sequoia Capital, BMW Group, GE Ventures, Google Ventures 3D Printing
Desktop Metal  BMW i Ventures, GE Ventures, Google Ventures 3D Printing
Norsk Titanium  Applied Ventures, Piper Jaffray 3D Printing
Digital Alloys  Khosla Ventures 3D Printing
XJet  Autodesk Forge Fund 3D Printing
Xometry GE Ventures, Highland Capital Partners 3D Printing
Blue River Technology Data Collective, Khosla Ventures, Monsanto Growth Ventures, Syngenta Ventures Agriculture
Farmers Edge  Kleiner Perkins Caufield & Byers, Mitsui & Co. Agriculture
Arable  SparkLabs Agriculture
FarmBot  SYD Ventures, Muru-D Agriculture
Maana Frost Data Capital, GE Ventures, Intel Capital AI, ML, Predictive Analytics
Uptake Caterpillar, GreatPoint Ventures, Lightbank, New Enterprise Associates AI, ML, Predictive Analytics
Sight Machine O’Reilly AlphaTech Ventures, IA Ventures AI, ML, Predictive Analytics
Falkonry SparkLabs AI, ML, Predictive Analytics
Alluvium Bloomberg Beta, Lux Capital, IA Ventures AI, ML, Predictive Analytics
Presenso Microsoft Accelerator AI, ML, Predictive Analytics
Augury Systems First Round Capital, Lerer Hippeau Ventures AI, ML, Predictive Analytics
SigFox Samsung Ventures Connectivity
Ingenu GE Ventures, Energy Technology Ventures Connectivity
Actility  Foxconn Technology Company, BPI France, Truffle Capital Connectivity
Senet City Light Capital, Harbor Light Capital Partners, Milestone Venture Partners Connectivity
Cubic Telecom Global Roaming, Qualcomm Ventures, Enterprise Ireland Connectivity
Emnify Lars Singbartl Connectivity
Tempered Networks IDG Ventures USA, Ignition Partners Connectivity
Mocana Shasta Ventures, Southern Cross Venture Partners, Trident Capital, Symantec Cybersecurity
Bastille Bessemer Venture Partners, Chris Rouland, Tom Noonan Cybersecurity
LaunchKey VegasTech Fund, RimRock Venture Partners Cybersecurity
Claroty Innovation Endeavors, Bessemer Venture Partners Cybersecurity
Indegy Magma Venture Partners, Shlomo Kramer Cybersecurity
CyberX Swarth Group, ff Venture Capital Cybersecurity
Argus Cyber Security Magma Venture Partners, Vertex Venture Capital Cybersecurity
PatternEx Khosla Ventures Cybersecurity
Nozomi Networks Lux Capital, GGV Capital Cybersecurity
NexDefense Mosley Ventures, BIP Capital Cybersecurity
ForeScout Accel Partners, Pitango Venture Capital, Meritech Capital Partners Cybersecurity
Eigen Innovations BDC Venture Capital Factory
RtTech Software McRock Capital, New Brunswick Innovation Foundation Factory
Exosite Parker Hannifin Factory
Veniam Cane Investments, True Ventures, Union Square Ventures Fleet
Greenroad Balderton Capital, Virgin Green Fund, Amadeus Capital Partners Fleet
Cohda Wireless Cisco Investments and NXP Semiconductors Fleet
Vnomics Rochester Angels, Primary Venture Partners Fleet
KeepTruckin Google Ventures, Index Ventures Fleet
FogHorn Systems March Capital Partners, Robert Bosch Venture Capital, GE Ventures Fog & Edge Computing
VIMOC Technologies ET Capital Partners, Morado Venture Partners Fog & Edge Computing
Nebbiolo Technologies Undisclosed Investors Fog & Edge Computing
OSIsoft Technology Crossover Ventures, Kleiner Perkins Caufield & Byers Fog & Edge Computing
Xaptum Jai Shekhawat Fog & Edge Computing
MachineShop Xchanging, Diebold, CSR Fog & Edge Computing
Clearblade Corsa Ventures Fog & Edge Computing
Daqri Tarsadia Investments Industrial AR/VR
Fieldbit Actemium, Axians Industrial AR/VR
Scope AR IDrive Ventures, New Stack Ventures, Presence Capital, Susa Ventures, Y Combinator Industrial AR/VR
Upskill CNF Investments, GE Ventures, New Enterprise Associates, Salesforce Ventures, SineWave Ventures, Work-Bench Industrial AR/VR
Ubimax  Atlantic Bridge Capital Industrial AR/VR
Atheer Fang Group, FundersClub, Indiegogo, Lab IX, RONA Holdings, Shanda Group, Signatures Capital, Streamlined Ventures Industrial AR/VR
Skycatch ff Venture Capital, Avalon Ventures Inspection Drones
Cyphy General Catalyst, Felicis Ventures Inspection Drones
PrecisionHawk Intel Capital, Verizon Ventures Inspection Drones
Aeryon Labs Summit Partners Inspection Drones
Flyability Go Beyond Network Inspection Drones
Kespry Lightspeed Venture Partners, Rothenberg Ventures Inspection Drones
3D Robotics True Ventures, Mayfield Fund, Foundry Group, O’Reilly AlphaTech Ventures Inspection Drones
xCraft Mark Cuban Inspection Drones
Filament Bullpen Capital, Samsung Ventures M2M / Satellite
Fleet Space Technologies Horizon Partners, Blackbird Ventures M2M / Satellite
Kepler Communications Techstars, IA Ventures M2M / Satellite
Magnitude Space Undisclosed M2M / Satellite
Satixfy Catalyst Equity Management M2M / Satellite
Tachyus Founders Fund Oil & Gas
Aptomar Investinor, ProVenture Management, Statoil Technology Invest, Verdane Capital Oil & Gas
Groundmetrics Crescent Ridge Partners Ventures, Tech Coast Angels Oil & Gas
Oseberg Undisclosed Oil & Gas
Square Robots Kraken Sonar Oil & Gas
Sky-Futures  Bristow Group, Commercial Drone Fund Oil & Gas
Rethink Robotics Bezos Expeditions, CRV, Draper Fisher Jurvetson, GE Ventures, Goldman Sachs, Highland Capital Partners, Sigma Prime Ventures Robotics & Exo
Ready Robotics RRE Ventures, Eniac Ventures, Sagamore Ventures Robotics & Exo
CloudMinds SoftBank China, Foxconn Technology Company Robotics & Exo
GreyOrange Robotics Blume Ventures Robotics & Exo
Clearpath Robotics Caterpillar Ventures, GE Ventures, iNovia Capital, RRE Ventures Robotics & Exo
Kindred Systems Bloomberg Beta, Data Collective, Innovation Endeavors Robotics & Exo
Sarcos Schlumberger, Microsoft, GE Ventures, Caterpillar Ventures Robotics & Exo
SeeGrid Giant Eagle Robotics & Exo
Righthand Robotics Matrix Partners Robotics & Exo
Ineda Systems Qualcomm Ventures Sensors
DorsaVi Undisclosed Investors Sensors
Samsara Andreessen Horowitz Sensors
Mythic AME Cloud Ventures, Data Collective, Lux Capital Sensors & Monitoring
3DSignals Grove Ventures Sensors & Monitoring
Konux New Enterprise Associates Sensors & Monitoring
Electric Imp Lowercase Capital, Redpoint Ventures, Rampart Capital Sensors & Monitoring
R3 Communications Undisclosed Sensors & Monitoring
Particle HAX, SOS Ventures, O’Reilly AlphaTech Ventures Sensors & Monitoring
Smartron Intel India Maker Lab Sensors & Monitoring
Blue Pillar Allos Ventures, Arsenal Venture Partners, Claremont Creek Ventures Smart Grid
Trilliant Missionpoint Capital Partners, Zouk Capital, GE Healthcare Smart Grid
Enlighted Draper Fisher Jurvetson, Intel Capital, Kleiner Perkins Caufield & Byers Smart Grid
Tendril Networks Engie New Ventures, GE Healthcare, RRE Ventures, VantagePoint Capital Partners Smart Grid
Enbala EnerTech Capital, Export Development Canada, GE Ventures Smart Grid
AutoGrid Systems Foundation Capital, Voyager Capital, E.ON Smart Grid
Space-time Insight Opus Capital, EnerTech Capital Smart Grid
Trilliant MissionPoint Ventures, Zouk Capital Smart Grid
Tendril Networks VantagePoint Capital Partners, RRE Ventures, Bregal Energy Smart Grid
Blue Pillar Claremont Creek Partners, Allos Ventures, Arsenal Venture Partners Smart Grid
Enbala EnerTech Capital, Obvious Ventures, Chrysalix Global Network Smart Grid
Greenwave Systems Craton Equity Partners, Westly Group Universal Platforms
Arrayent DCM Ventures, Intel Capital Universal Platforms
C3 Energy InterWest Partners, Makena Capital Management Universal Platforms
Ayla Networks Cisco Investments Universal Platforms
Worldsensing Cisco Investments, Endeavor Global Universal Platforms
Cirro Frost Data Capital, Miramar Venture Partners Universal Platforms
Mnubo McRock Capital, White Star Capital Universal Platforms
Altizon Systems INFUSE Ventures, The Hive Universal Platforms
Azeti Networks Wim Elfrink Universal Platforms
Flutura Solutions The Hive, Vertex Ventures Universal Platforms
Relayr Kleiner Perkins Caufield & Byers Universal Platforms
Locus CapMan Warehouse
Fetch Robotics  O’Reilly AlphaTech Ventures, Shasta Ventures, Softbank Capital Warehouse
Simbe Robotics Cisco Investments Warehouse
Omni-ID GE Ventures, Trillium International Warehouse
Alien Technology New Enterprise Associates, Rho Ventures Warehouse
Fourkites SunBridge Partners, Advanced Equities Financial Warehouse
Rufus Armor Make In LA Wearables
Human Condition Safety American International Group Wearables
ProGlove Bayern Kapital, Intel Capital Wearables
Strong Arm Technologies 3M, Excell Partners Wearables

 

 

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