When IoT (Internet of Things) received traction and shined in the eyes of technical experts, the world knew that the possibilities are endless. Within a few years, smart devices established a separate market of their own and what started out as an experimentation to make objects around us more interactive, scaled itself to the level of premier industries and machinery. This next-step is termed as Industrial Internet of Things.
So, what is it all about?
Industrial IoT is built on the foundation stone of wireless internet and sensors. The data received from the machines via sensors helps to understand its functioning and improve the decision making process with data’s adequate processing. Predicting behavior patterns and organizational processes is instrumental in determining associated shortcomings and improving output.
Is Industrial IoT showing positive signs?
A report by Bain & Company said that the predictive maintenance aspect has not been successful in the market. However, contrary to the opinion, the recent investment headlines by companies in global startups speak otherwise. Konux, a Munich-based Industrial IoT company secured €11.5 million in the extension of a Series B round with their new investor, Alibaba Group.
End-to-end sensors provide data that support monitoring, predicting faults, maintenance, and upgradation of assets. Taking the total tally of raised funds to €49.2 million, KONUX helps companies improve their operations and infrastructure, especially in rail and industrial areas.
According to Andrea Siviero, research manager at International Data Corporation, “Most IoT vendors today recognise the benefits of partnering with different area experts in order to build a solid and holistic IoT offering. At the same time, the fact that analytics providers are on investors’ radars, is a clear indicator of the evolutionary direction IoT solutions are taking towards a specific use cases analytics infused specialization.”
Amalgamation of holistic solutions and multi-faceted application of IIoT has put it under the magnified observation of investment firms across the world, especially Europe.
What’s cooking on the European investment influx?
The investment funds of Europe continue looking meticulously for the next big startup in the Industrial IoT industry, or even artificial intelligence and its associated applications. For instance, Boundary Holding, a Luxembourg-based bridge fund founded by Rajat Khare, recently invested in XRVision, a Singapore-based startup. Dealing in facial recognition and video analytics.
Speaking about IIoT, Khare added, “Industrial use of artificial intelligence branched applications holds immense potential. Form predictive analytics to optimized output, industrial IoT has a long way to go, but it continues to do so at a steady pace across the globe.”
Furthermore, btov Partners, a European investment firm with operations in Berlin, Luxembourg, Munich, and St. Gallen, has closed €80 million that will be used to identify possibilities in European deep technology startups with industrial applications.
With an expected increase in the embrace quotient of industries and IoT, the technology is going to play a crucial role in shaping the onset, vision, and benefits of Industry 4.0.