I’m currently following the Internet of Things (IoT) space and at the time of writing this post, have identified 391 companies in 10 categories that collectively raised $1.77 billion.
IoT is a new generation of devices with native connectivity to work alongside the Internet through smartphones or direct M2M (machine-to-machine) connection. While hardware manufacturing was an expensive tradecraft of the incumbents for many decades, we are now at a point where startups can create them in a lean fashion similar to software development. This was enabled by various factors such as cheap manufacturing equipments (ie. 3D printers), marketplace for hardware skills (ie. industrial design and mechanical engineering), and crowdfunding to allow companies to sell products upfront before actually making them.
What makes IoT interesting is that it not only creates new product genres like the much buzzing “Quantified Self”, but it also has the potential to innvovate existing industries such as healthcare, automotive, homes, education, etc. with creative, easy-to-use, affordable, and fun products.
We will continue to monitor this exploding space and dynamically build our database on https://www.venturescanner.com/scans/internet-of-things so stay tuned!