The integration of the Internet of Things (IoT) enables real-time monitoring and remote management of assets. IoT devices with sensors and connectivity capabilities collect and transmit valuable data on asset location, condition, and performance. Businesses then analyze this data using AI and machine learning algorithms to generate actionable insights and enable predictive maintenance. Additionally, the rise of cloud computing facilitates the storage, processing, and accessibility of vast amounts of asset data. This allows organizations to make informed decisions and optimize asset utilization. Further, advances in AI pave the way for intelligent asset monitoring systems capable of detecting anomalies, predicting failures, and optimizing asset performance. These innovations in asset monitoring enhance operational efficiency, reduce downtime, improve maintenance planning, and drive cost savings across various industries. Explore 20 emerging asset monitoring startups advancing these innovations in 2024 and beyond!
20 Top Asset Monitoring Startups to Watch in 2024
- Batteryze – Battery Optimization Models
- DRUM – Asset Life Cycle Management
- Value.Space – Asset Deformation Detection
- FaciliHUB – Asset Registration
- HazTrack – Remote Tank Monitoring
- Mantis Infra Solutions – Data-Driven Structural Analysis
- Trackpac – LoRaWAN Asset Tracking
- byanat – Infrastructure Anomaly Detection
- CloEE – Overall Equipment Utilization
- Sysma – Preventive & Corrective Maintenance
- Stoke Systems – Asset Monitoring Sensors
- Volateq – Drone-based Asset Monitoring
- Willog – In-Transit Asset Monitoring
- datavi – Data Logger
- Widya Matador – Vehicle Diagnostics
- Sanchip – Predictive Machine Maintenance
- Chatter.dev – Equipment Visualization
- Nectar. – Heavy Machine Management
- Santinela – Overall Equipment Effectiveness (OEE)
- VISENSE – Machine Error Diagnostics
Global Startup Heat Map highlights 20 Asset Monitoring Startups to Watch in 2024
Through the Big Data & Artificial Intelligence (AI)-powered StartUs Insights Discovery Platform, which covers over 4 760 120+ startups & scaleups globally, we identified 1186 asset monitoring startups. The Global Startup Heat Map below highlights the 20 asset monitoring startups you should watch in 2024 as well as the geo-distribution of all 1186 startups & scaleups we analyzed for this research. Based on the heat map, we see high startup activity in the US, followed by Western Europe and India. These asset monitoring startups work on solutions ranging from connected sensors to digital twins and fault analysis to predictive maintenance.
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As the world’s largest resource for data on emerging companies, the SaaS platform enables you to identify relevant technologies and industry trends quickly & exhaustively. Based on the data from the platform, the Top 5 Asset Monitoring Startup Hubs are in London, San Francisco, Bangalore, New York City & Tel Aviv. The 20 hand-picked startups highlighted in this report are chosen from all over the world and develop solutions for oil asset monitoring, drone-based monitoring, vehicle diagnostics, and root cause analysis.
Discover 20 Asset Monitoring Startups to Watch (2024)
Batteryze offers Battery Optimization Models
US-based startup Batteryze’s Battery Health Diagnostics Platform is a cloud-based solution for monitoring and evaluating the aging impact on batteries. It optimizes their performance, economic value, and extends their lifecycle. Utilizing proprietary digital twins and active testing models, the startup provides detailed insights into a battery’s state of health, allowing for optimal utilization and predictive maintenance.
Batteryze’s technology also employs physics-based models to simulate battery behavior accurately, feeding real-time usage data to predict aging for various profiles. This enables the identification of batteries suitable for second-use applications or material recycling. Further, the startup supports industry efforts towards battery circularity by determining their state of health and remaining useful life efficiently.
DRUM improves Asset Life Cycle Management
Austrian startup DRUM (Dynamic Rail Utilities Monitoring) digitizes rail infrastructure asset life cycle management. It utilizes blockchain-based documentation, IoT triggers, and unmanned aircraft systems (UAS) for condition monitoring and incident recognition. Thus, it supports bridge load testing, axle load enhancement, and critical infrastructure monitoring.
DRUM’s predictive maintenance and AI-based analysis solutions also facilitate quick identification of issues like cracks, rock falls, and vegetation threats. The startup targets industries such as telecommunications, and energy, thereby improving maintenance planning and rapid emergency response.
Value.Space aids Asset Deformation Detection
UK-based startup Value.Space leverages satellite technology to remotely detect asset deformation. It offers a comprehensive risk assessment and monitoring service for mines, dams, and properties. Conducting surveys entirely remotely, its approach reduces data collection costs. Additionally, the solution analyzes data to identify historical risks that may impact current site conditions.
Value.Space also provides detailed information about the asset’s surrounding environment, which is often difficult and costly to obtain manually. Further, it captures sideways and vertical movements to monitor asset stability.
FaciliHUB streamlines Asset Registration
South African startup FaciliHUB provides an asset management solution that streamlines organization setup through a simple, structured approach. It offers a suite of features for electrical load, UPS, inverter and PV performance tracking, water usage, environmental conditions, IT network traffic, and stock management.
FaciliHUB’s solution includes a real-time dashboard connected with IoT, WiFi, GPRS, and ethernet sensors for live data monitoring. It further features compliance and maintenance management with condition assessment modules. These benefit industries with stringent maintenance practices like healthcare, pharmaceuticals, and manufacturing.
HazTrack enables Remote Tank Monitoring
Canadian startup HazTrack provides remote tank monitoring solutions with wireless sensor technology. This system integrates with existing systems via custom APIs to enhance operational efficiency, reduce unnecessary site visits, and prevent lost sales by alerting malfunctions promptly. Designed for hazardous locations, the startup’s IoT smart sensor monitors tank conditions in harsh climates as well.
Further, HazTrack supports inventory management, ensuring compliance with treatment rates and reducing vehicle maintenance costs. Other features include custom alerts for pump issues, tank level monitoring for Class 1, Division 1 hazardous areas, and API integration for backend system compatibility. All these solutions contribute to improved billing accuracy and customer satisfaction.
Mantis Infra Solutions delivers Data-Driven Structural Analysis
Indian startup Mantis Infra Solutions specializes in structural health monitoring (SHM) for critical infrastructure sectors such as the railways. It conducts bridge load testing, axle load enhancement, static and dynamic tests, scour and temperature monitoring, and rail structure interaction (RSI) studies. The startup’s technology solutions, applicable to concrete, steel, masonry, heritage, and special structures, enhance safety, longevity, and efficiency.
Mantis Infra Solutions assesses and improves the load-bearing capacity and structural integrity of infrastructure. Its data-driven structural analysis also transforms SHM data into actionable insights for predictive maintenance. In addition, the solution extends to structural stability analysis, seismic monitoring, the creation of digital twins, and the development of early warning and decision support systems for infrastructure.
Trackpac develops Long-Range Low-Power Asset Tracking
UK-based Trackpac uses long-range WAN (LoRaWAN) for asset tracking in remote or difficult-to-access locations. Its energy-efficient design allows devices to operate on batteries for extended periods without the need for frequent recharging or replacement, significantly reducing maintenance efforts. The startup’s system also leverages a network of internet-connected gateways to facilitate the secure and seamless flow of data between tracking devices and our platform.
The startup’s solution enables real-time monitoring of asset locations, movements, and conditions. Also, it integrates this data into other analytical or decision-making systems. With Trackpac, businesses enhance operational efficiency, lower expenses, and bolster the security and safety of their assets across various applications. These applications include construction equipment tracking, fleet management, and warehouse inventory control.
byanat aids in Infrastructure Anomaly Detection
Oman-based Byanat uses its SaaS analytics platform to merge connectivity management, device management, and asset analytics. The startup enhances connected infrastructure across various sectors, including telecommunications, energy, and more. The platform also streamlines device management workflows, fosters innovation in addressing infrastructure degradations, and digitizes operations. Further, it offers comprehensive analysis and dynamic visualization of connectivity performance and device behavior.
The startup’s system supports a range of applications. For instance, it assists telecom cell tower management, smart metering in utilities, and carbon emissions tracking in the oil and gas industry. Moreover, byanat’s solution enhances operational agility, ensures device health, and facilitates remote troubleshooting. Its advanced analytics module further provides real-time insights for proactive anomaly detection for higher infrastructure availability and detailed performance reports. This enables a digitized, efficient future of infrastructure management.
CloEE enhances Overall Equipment Utilization
Finnish startup CloEE offers a cloud-based platform that remotely monitors production equipment to enhance overall equipment efficiency. It provides real-time visibility into operations to reduce machine downtime, improve reporting and analytics, and ensure better return on investment by reducing downtimes. It also offers insights into energy savings and CO2 reduction.
Key features of CloEE include an API connection, high mobility with access from any device, easy integration with third-party systems, and robust data recovery. The platform also ensures safety and reliability using cloud-powered data management, enabling disaster recovery, and protection against various disruptions. It serves a diverse range of industries including automotive, heavy machinery, oil and gas equipment, and more.
Sysma offers Preventive and Corrective Maintenance
Indian startup Sysma offers enhanced control over asset maintenance systems to prevent slow-developing problems that lead to costly repairs. Sysma tailors operations for industries like fire safety, security automation, dairy, pharmaceutical, manufacturing, railways & metros, and government authorities. It features asset lifecycle management, preventive and corrective maintenance, automated monitoring, and digital inspection.
Sysma’s key components include work order management, asset management, analytics, reports, mobility, and digital transformation of EHS assets and activities. It integrates with existing ERPs and software, ensuring a smooth digital transition for asset maintenance and management. For enterprises, it provides digital transformation, cost reduction, increased productivity, real-time visibility, enterprise-grade workflows, and AI readiness. For vendors and service providers, it simplifies quotations, inventories, installations, service calls, and maintenance contract management.
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Stoke Systems manufactures Asset Monitoring Sensors
US-based startup Stoke Systems develops plug-and-play sensors to monitor asset conditions. The startup’s SmartEdge solution utilizes AI algorithms to convert raw sensor data into actionable insights. Its devices are installable on any asset, including engines, motors, compressors, pumps, HVAC systems, etc.
They provide continuous machine data without additional infrastructure. Besides, the devices autonomously monitor the condition of industrial assets for up to 3 years using their battery life. Stoke Systems’ solution features a low total cost of ownership as it requires minimal capital expenditure and an affordable subscription model, enabling more efficient industrial asset monitoring.
Volateq provides Drone-based Asset Monitoring
German startup Volateq offers drone-based health checks for solar fields through autonomous data recording and severity identification of low-performing areas. The startup’s web app enables easy data upload and generates accurate, comprehensible reports which enable data-driven decision-making. Additionally, its software offers in-depth condition monitoring of solar plants with parameters like thermal and component analysis, soiling, and geometry. Besides, Volateq enables photovoltaic (PV) park operators to receive performance indicators and overviews through soiling and anomaly detection.
Willog aids In-Transit Asset Monitoring
South Korean startup Willog makes customizable sensor devices to monitor assets in transit and provides data streams for logistics environments and transportation modes. The devices are pre-engineered with product information through the integration with customer databases or management systems, eliminating the need for manual mapping. Willogs’ one-time QR-code (OTQ) records condition data such as temperature, humidity, and shocks. Its zero-touch device also features remote connectivity and GPS capabilities for automatic data uploads.
Moreover, the startup’s disposable tags provide visibility in environments where devices cannot be retrieved. Willog enables industries, such as food, agriculture, and pharma, to minimize risks and costs from damage with transparent condition visibility.
datavi creates a Data Logger
German startup datavi creates a data logger that captures key performance metrics of machines and provides real-time visualizations. Its hardware solution, All Productions Control (APC), provides transparency in production through real-time data logging.
The device easily integrates with existing equipment through a relay connection and connects directly to central controllers using network cables. It identifies problems and makes necessary adjustments to optimize machine performance. Moreover, APC provides full traceability to identify a decline in quality and offers immediate countermeasures to save costs.
Widya Matador provides Vehicle Diagnostics
Indonesian startup Widya Matador develops a tracker that provides a range of vehicle and driver information, including vehicle diagnostics. The startup’s Matador Tracker provides real-time visibility of vehicle status, daily operational reports, GPS tracking, fleet management, geofencing, and on-device data storage.
It also includes a fuel power monitor, temperature sensors, mechanical sensors, gas sensors, and a battery for applications in self-powered or autonomous vehicles. Matador Tracker thus allows companies to monitor the position of their vehicles in real-time, enhancing logistics and supply chain management.
Sanchip advances Predictive Machine Maintenance
SanChip is an Italian startup that offers devices that extend life and increase the productivity of oil assets. Its plug-and-play devices enable online oil condition monitoring without the need for regular oil sampling and laboratory analysis. The devices deliver real-time monitoring of lubricant parameters, water content, and temperature.
Additionally, SanChip’s lab-on-chip-based online analysis hub, L-HUBTM, provides real-time, multiparametric oil condition monitoring by analyzing various physical-chemical properties of the oil. With data processing and interpretation capabilities, it supports the predictive maintenance of critical assets. SanChip also creates D-BRANE, a cloud-based predictive analysis solution using AI algorithms for failure diagnosis.
Chatter.dev simplifies Equipment Visualization
Chatter.dev is a US-based startup that makes a cloud-based platform that lets machine shops visualize equipment data in real time. The startup’s cloud-based platform, Chatter, utilizes algorithms to process and parse data, granting management and operators access to data-driven insights.
Further, it provides machine monitoring and analytics through rapid integration with machines. Besides, the platform is compatible with a wide range of equipment manufacturers including Fanuc, Brother, Siemens, and Mitsubishi. Therefore, Chatter.dev simplifies shopfloor management by providing all the necessary hardware to monitor machines.
Nectar. aids Heavy Machine Management
Indian startup Nectar. creates a cloud-based telematics platform to manage heavy machine assets across multiple work sites. It utilizes data from people, sensors, and devices along with AI and machine learning to ensure the optimal efficiency of critical assets and operations. The platform also features precise asset tracking through GPS, performance intelligence that delivers fuel efficiency analysis, and automatic logs to avoid manual data entry.
Further, it aids document management, service management with checklists, and geofencing for alerts on machine movement. Nectar.’s platform, in turn, enables heavy equipment owners and operators to reduce machine downtime and extend asset life.
Santinela improves Overall Equipment Effectiveness
Romanian startup Santinela develops an OEE module that tracks and optimizes manufacturing performance. It measures the availability, performance, and quality of machine production to identify the root causes of inefficiencies like incorrect measurements and lack of engagement.
The module also offers real-time monitoring and reporting of production lines, comprehensive diagnosis for downtimes and defects, and curative maintenance management. This way, it identifies lost opportunities and provides recommendations to reduce manufacturing waste, increasing profitability.
VISENSE offers Machine Error Diagnostics
VISENSE is a Swiss startup that develops a solution to visually record flaws in industrial machine processes. Its AI-powered Visual Error Exploration System (VEES) identifies, documents, understands, and resolves machine errors, saving time in machine troubleshooting.
The startup’s hardware hub combines industry-grade cameras and sensors to enable an all-in-one camera system that provides reliable machine observation. It features plug-and-play capability for different camera types and IO-Link sensors with rapid data orchestration and low latency.
Discover All Emerging Industry 4.0 Startups
The Industry 4.0 startups showcased in this report are only a small sample of all startups we identified through our data-driven startup scouting approach. Download our free Industry 4.0 Innovation Report for a broad overview of the industry or get in touch for quick & exhaustive research on the latest technologies & emerging solutions that will impact your company in 2024!
