10 Internet of Things companies to watch

It’s good to be an Internet of Things startup these days. Cisco forked over $1.4B for IoT platform provider Jasper in February.  Nokia Growth Partners has raised a $350 million IoT-focused investment fund. And IoT startups are pulling in tens of millions in venture funding.

Verizon, in its new “State of the Market: Internet of Things 2016” report, states that its venture arm estimates that while consumer-oriented IoT firms pulled in 15% more funding than enterprise-focused ones in 2014, it is enterprise IoT startups that are now raking in the big bucks. Verizon Ventures says enterprise IoT startups attracted 75% more funding than consumer IoT upstarts last year and that enterprise IoT startups are expected to grab 2 to 3 times as much funding as their consumer counterparts this year.

“As I looked at IoT about a year ago, it became very clear that the path to revenue was a very long one in the consumer IoT space unless you’re a hardware business — and we’re not in the hardware business,” says Ed Ruth, a director at Verizon Ventures, explaining his outfit’s interest in enterprise IoT. “So we started digging into the industrial or enterprise IoT space and what became very clear was that there were a number of enterprises that needed answers today to known problems that traditional frameworks weren’t quite solving.”

(For more from Verizon Ventures’ Ruth, check out my interview with him here.)