Startups bringing digitization and IoT infrastructure to asset-heavy industries — such as manufacturing, logistics, mining, oil, utilities, and agriculture — are receiving a greater share of the deals going to the greater Internet of Things (IoT) ecosystem.
Industrial IoT startups have also seen notable large financing rounds. Q3’16, for instance, saw financings to enterprise IoT platform C3 IoT ($70M Series D), and IoT cybersecurity provider Bat Blue Networks ($14M Series B). Even more recently, industrial robotics maker Clearpath Robotics raised a $30M Series B.
We used CB Insights data to compare quarterly financing to the IoT and industrial IoT (IIoT), in order to visualize the industrial share of overall IoT funding.
Deals to IIoT
The proportion of IIoT deals in the overall ecosystem has fluctuated. In 2012, IIoT accounted for 35% of deals, but in 2013 that number fell to 26%. Since then, however, its share of deals has grown in every year. Industrial IoT represented 39% of deals in 2016 through Q3, with 154 out of 394 deals.
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Dollars to IIoT
IIoT companies have taken an increasing piece of the overall IoT funding pie. Back in 2012, IIoT accounted for 36% of all funding dollars. Similar to the above deal history, 2013 marked a dip in industrial IoT’s share of overall funding dollars, accounting for only 26% of the dollars invested. Fast-forward to 2016, however, and IIoT is up at 40% of funding in the year to date through Q3.
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