Artificial intelligence (AI) has become a central part of conversations from the board room to the boiler room as people speculate how this transformational technology will impact their lives. The advancements of AI-enabled technology are going to change not only the way we live and work but the way we look at the world.

The power of AI is finally unlocking the true potential of the Internet of Things (IoT) sensors and devices, which up until now have done little outside of basic data collection.

The Artificial Intelligence of Things (AIoT), AI-enabled IoT solutions, will empower the built world with a degree of visibility it's never seen before.

There are an estimated 16 billion connected IoT devices today compared to 6 billion just five years ago reflecting a compounded annual growth rate (CAGR) of 22%. This IoT growth metric is projected to inflate to a CAGR of 50% by the back half of the 2020s as the near-infinite use cases for AIoT in the built world are realized.

With the AI acceleration and ubiquity of technologies like smart buildings, computer vision, industrial automation, activity monitoring sensors, etc. the number of connected IoT devices is on a path to double in the next 2 years and breach 100 billion before the end of the decade.

Vc inflows into built world iot technology

We are headed towards a highly efficient built world as the collision of AI & IoT technologies (AIoT) opens this industry's eyes to the power of real-time analytics and actionable insights.

Early-adopting legacy AEC players will soon have the tools for not only complete project visibility but more importantly, AI-powered actionable insights that will mitigate risks before they become concerns.

Notable 2023 IoT Deals in the built world

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$10.6M | Series C | 10/17/2023

Country: Belgium

Investors: Led by Junction Growth Investors with participation from Korys, Noshaq, Creos, and Gesval

Ampacimon is the global leader in electricity grid monitoring. In particular, Ampacimon has deployed the largest number of dynamic line rating systems in the world. This company's patented technologies increase the capacity of existing transmission and distribution systems, monitor critical asset health conditions, and identify mechanical and electrical faults.

$305M | Series D | 10/9/2023

Country: United States

Investors: led by Alkeon Capital, with additional investment ($100M) from Lightspeed Venture Partners

Verkada is the largest cloud-based B2B physical security platform company in the world. Verkada offers six product lines — video security cameras, access control, environmental sensors, alarms, workplace and intercoms — integrated with a single cloud-based software platform. Designed with simplicity and scalability in mind, Verkada gives organizations real-time insight into what could impact the safety and comfort of people throughout their physical environment, while empowering them to take immediate action to minimize security risks, workplace frustrations, and costly inefficiencies.

Founded in 2016 with more than $460M in funding raised to date, Verkada has expanded rapidly with 16 offices across three continents, 1,700+ full-time employees and 20,000+ customers across 70+ countries, including 47 companies in the Fortune 500.

$24M | Series B | 9/27/2023

Country: Australia

Investors: Led by Prosus Ventures and supported by Neara’s existing investors, Skip Capital and Square Peg Capita

Neara is helping utilities future-proof their infrastructure. Neara creates 3D network-wide models that reflect and simulate how utility assets behave in their real-world environment in any scenario, empowering clients to prepare your network for anything — from systematic risks to severe weather and a clean energy future.

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