Investors Back IoT Startups

Internet of Things startups took in more than $1.35 billion from corporate and private investors during the latter half of 2017, for a total of about $2.2 billion in the full year. Chicago-based Uptake Technologies, an Industrial IoT startup, had the biggest haul of the year, with $117 million raised in a Series D round, on top of a $90 million Series C round earlier in 2017, bringing its total funding to more than $250 million. It strengthened its position as an IoT "unicorn," which is now valued at $2.3 billion. "We're on a growth trajectory now where there is virtually nothing standing in our way from being the predictive analytics market leader across every heavy industry, from oil & gas to mining and beyond," Uptake CEO Brad Keywell said in a statement. "The opportunity is too significant for us to not double down right now."