A number of parties in the global tech industry are wisely backing a future where the internet of things (IoT) is a dominant force, but which VC firms are backing it the most and who is benefiting from it?
As we count down the final days of 2015, by the time the fireworks launch into to the air to ring in 2016, the IoT industry is expected to have been funded by VC firms to the tune of approximately $2bn.
Some estimates compare IoT’s value to something not unlike that of the historic gold rush in the late 19th century, with analysts expecting the industry as a whole to be worth €34.2bn per year by 2020, with industrial IoT to be valued at $14.3trn by 2030.
Likewise, away from investors, companies like IBM have doubled down on IoT with the decision to open up a dedicated IoT hub in the German city of Munich as part of a $2bn investment, while yesterday saw the IoT sector here in Ireland receive a jobs boost with our indigenous Asavie creating 106 jobs in Dublin.
But who are the VCs backing all of these companies, and more?
According to CB Insights, Intel’s funding group, Intel Capital, leads the charge worldwide with nearly twice as many as its nearest rival, Qualcomm Ventures, which should come as no surprise given that Intel’s base here in Ireland is one of its largest producers of IoT components, such as the Intel Curie.
As producers of IoT hardware, the high ranking of Intel and Qualcomm is of no surprise, but the third-ranked Foundry Group appears to have put substantial backing towards IoT hardware such as FitBit, LittleBits and MakerBot.
Click on the infographic below to check out the other major players in the sector.
IoT sign on wood image via Shutterstock