The IoT sector includes 18 unicorn companies connecting physical objects to the digital world. These companies span from consumer health to industrial security.
Finland's Oura, a health tech company, has reached an $11B valuation. Cybersecurity firm Armis is valued at $6B, while Verkada focuses on physical security with a $5B valuation.
Below is the full list of 18 IoT unicorn startups at this time.
Top 10 Most Valuable IoT Unicorns
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Get the Sheet for $50Oura designs a smart ring that monitors sleep patterns, body temperature, and daily movement. Their platform analyzes this data to provide users with a daily readiness score, helping them balance activity and rest.
| Valuation | $11B (Joined April 2022) |
| Headquarters | Oulu, Oulu, Finland |
| Year Founded | 2013 |
| Founders | Markku Koskela, Petteri Lahtela |
| Funding Amount | $1.5B |
| Company Size | Large Team (251-1,000) |
| Last Funding Status | Series E |
| Top Investors | Bank of America, Temasek Holdings, Alumni Ventures, Citi, Andreessen Horowitz |
Armis builds an agentless cybersecurity platform that gives organizations full visibility of all their connected assets. Their technology is used to manage the entire attack surface, from IT and cloud to IoT devices, and defend against threats in real time.
| Valuation | $6B |
| Headquarters | San Francisco, California, United States |
| Year Founded | 2015 |
| Founders | Nadir Izrael, Tomer Schwartz, Yevgeny Dibrov |
| Funding Amount | $1.3B |
| Company Size | Large Team (251-1,000) |
| Last Funding Status | Venture Round |
| Top Investors | General Catalyst, Georgian, Bain Capital Ventures, Sequoia Capital, Insight Partners |
Verkada develops a cloud-based operating system for physical security, protecting people and places. Their integrated platform brings together video cameras, access control, and alarms through a single AI-powered dashboard.
| Valuation | $5B (Joined January 2020) |
| Headquarters | San Mateo, California, United States |
| Year Founded | 2016 |
| Founders | Benjamin Bercovitz, Filip Kaliszan, Hans Robertson, James Ren |
| Funding Amount | $644.3M |
| Company Size | Major Organization (1,001-5,000) |
| Last Funding Status | Series E |
| Top Investors | Lightspeed Venture Partners, Founder Collective, General Catalyst, Sequoia Capital, Quiet Capital |
Wireless Logic provides a global IoT connectivity platform for managing connected devices and assets. They deliver managed services that simplify and automate M2M and IoT deployments for companies around the world.
| Valuation | $5B |
| Headquarters | Hurley, Warwickshire, United Kingdom |
| Year Founded | 2000 |
| Founders | Oliver Tucker, Phil Cole |
| Funding Amount | £38M |
| Company Size | Mid-Size Team (51-250) |
| Last Funding Status | Private Equity |
| Top Investors | Beyond Net Zero, Montagu, ECI Partners |
Terminus Technologies operates a city-level platform in China that combines AI and IoT to create smart city solutions. Their technology helps manage urban environments by integrating robotics, software, and intelligent systems into city infrastructure.
| Valuation | $3B |
| Headquarters | Beijing, Beijing, China |
| Year Founded | 2015 |
| Founders | Victor Ai |
| Funding Amount | CN¥5.8B |
| Company Size | Large Team (251-1,000) |
| Last Funding Status | Corporate Round |
| Top Investors | SenseTime, IDG Capital, JD.com, Iflytek, CPE |
Claroty develops cybersecurity solutions to protect the critical infrastructure that powers industrial, healthcare, and commercial sectors. Their platform secures a wide range of cyber-physical systems, including operational technology, IoT devices, and medical equipment, from complex threats.
| Valuation | $2.5B (Joined June 2021) |
| Headquarters | New York, New York, United States |
| Year Founded | 2015 |
| Founders | Amir Zilberstein, Benny Porat, Galina Antova |
| Funding Amount | $740M |
| Company Size | Large Team (251-1,000) |
| Last Funding Status | Venture Round |
| Top Investors | Siemens, Team8, Temasek Holdings, SE Ventures, Bessemer Venture Partners |
Preferred Networks builds practical applications for deep learning, robotics, and other emerging technologies. Their work focuses on solving complex problems in sectors ranging from biotechnology to the Internet of Things.
| Valuation | $2B (Joined May 2018) |
| Headquarters | Otemachi, Tokyo, Japan |
| Year Founded | 2014 |
| Founders | Daisuke Okanohara, Morikawa Hiroyuki, Nishitoba Jiro, Toru Nishikawa |
| Funding Amount | ¥44.6B |
| Company Size | Large Team (251-1,000) |
| Last Funding Status | Corporate Round |
| Top Investors | Mizuho Bank, MUFG Bank, Toyota Motor, Mitsubishi Corporation, Sumitomo Mitsui Banking Corporation |
G7 develops fleet management solutions for China's logistics industry, using an IoT and AI-powered platform. Their technology provides real-time tracking and optimization for a network of more than 800,000 vehicles.
| Valuation | $2B |
| Headquarters | Haidian, Beijing, China |
| Year Founded | 2010 |
| Founders | Hao Shuxia, Wu Haibo, Zhai Xuehun |
| Funding Amount | $710M |
| Company Size | Major Organization (1,001-5,000) |
| Last Funding Status | Private Equity |
| Top Investors | Trustbridge Partners, Bank of China, Eastern Bell Capital, Temasek Holdings, Tencent |
Univers builds a unified platform that combines AI and IoT for monitoring and managing physical assets, energy usage, and carbon emissions. Their system gives enterprises a single interface to track sustainability goals and improve operational performance.
| Valuation | $1B |
| Headquarters | Singapore, Central Region, Singapore |
| Year Founded | 2017 |
| Founders | Lei Speaks |
| Funding Amount | $210M |
| Company Size | Enterprise Organization (5,001+) |
| Last Funding Status | Venture Round |
| Top Investors | HSG, GIC, KuCoin Ventures |
Infobip builds a cloud communications platform for businesses to engage with customers across their preferred channels. They are known for unifying interactions from SMS and chat apps to email and voice into a single, comprehensive solution.
| Valuation | $1B (Joined July 2020) |
| Headquarters | London, England, United Kingdom |
| Year Founded | 2006 |
| Founders | Izabel Jelenic, Silvio Kutic |
| Funding Amount | $1.3B |
| Company Size | Major Organization (1,001-5,000) |
| Last Funding Status | Private Equity |
| Top Investors | BlackRock, One Equity Partners, Ares Management, Blue Owl |
The Remaining 8 Internet of Things Unicorns
The ten most valuable companies are just one part of the industry's bigger picture. Many other founders are building billion-dollar businesses in this space, with a large number of them based in China.
While each company is on its own path, they all have reached an important milestone. Here is a look at the other startups helping to shape the connected devices field.