8 IoT Startup Success Stories [2024]

Updated: November 19th, 2023
Start An Io T Startup

An IoT startup focuses on devices connected to the internet that can be accessed remotely through the internet or a connected application.

Research what is essential to the end users to start and build a successful IoT. Leverage what is available to make the application easy to use. Then, create working prototypes, test, and build the application around the clear essential purpose.

Here are some real life success stories of starting a IoT startup:

1. The Airhook ($96K/year)

Craig Rabin, founder of The Airhook, came up with the idea for his business during a flight when he had nowhere to hang his coat. He envisioned creating a simple hook that could be attached to the tray table. After months of designing and prototyping, he created The Airhook, a two-in-one solution that holds both a beverage and an electronic device. Since its launch, The Airhook has shipped to every state in the U.S. and 73 countries worldwide, been featured in over 100 publications, and won multiple awards.

How much they make: $96K/year
Current team size: 1

article

How I Invented The Ultimate Flying Gadget And Landed Massive Press

Craig Rabin invented The Airhook, a two-in-one beverage holder and electronics device holder that attaches to a closed tray table, and successfully launched it through a crowdfunding campaign that raised $15,000 from 750 backers, and went on to ship to every U.S. state and 73 countries, win Travel Product of the Year in 2019, and being featured in over 100 publications.

About
Craig started The Airhook over 9 years ago
Revenue
Craig grew the business to $8K/month
Read by 17,764 founders

2. Scribit ($27.6M/year)

Scribit, the team behind the world's first write & erase robot, was founded less than a year ago and has already raised an impressive $2,375,126 from over 6000 backers. The idea for Scribit originated from a concept designed by influential innovator Carlo Ratti in 2015, and the team behind the start-up brought the concept to life through crowdfunding and the use of high-quality components.

How much they make: $27.6M/year
Current team size: 14

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Creating One Of The Most Successful Kickstarter Campaigns In History

Italian start-up, Scribit, raises over $2.3 million on Indiegogo for their write and erase robot that draws digital content on any wall, with orders mainly from art, tech, and business enthusiasts, as well as the education sector, and plans to expand worldwide after delivering to initial backers.

About
Scribit started Scribit over 5 years ago
Revenue
Scribit grew the business to $2.3M/month
Read by 6,560 founders

So... can you actually make money with a IoT startup?

Of course. There are millions to be made in this industry.

But how?

  1. Research real, profitable businesses and see exactly how much money they make.
  2. Study exactly what works, and what doesn’t.
  3. Take action, because now you have the roadmap.

Join Starter Story and build your next big thing:

Start Now

3. Igloohome ($4.8M/year)

The founders of igloohome came up with the idea for their business while facing the frustrations of physical key exchanges as Airbnb hosts. They wanted to enhance the experience for both hosts and guests by eliminating these problems. After receiving positive feedback from customers and realizing that access management was a common issue for many property owners, they further developed their products and app to cater to different market segments. They have since sold over 30,000 devices and have a pipeline of B2B customers in multiple countries, with plans to expand to new markets and release new products.

How much they make: $4.8M/year
Current team size: 35

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Designing Smart Locks For Airbnbs And Growing To $5M/Year

Igloohome, the partner of Airbnb, creates smart locks and lockboxes that enable property owners to grant access to their properties remotely, via a mobile app in over 80 countries to great reviews.

About
Anthony started Igloohome over 6 years ago
Revenue
Anthony grew the business to $400K/month
Read by 6,112 founders

4. Turn Touch ($12K/year)

Samuel Clay came up with the idea for Turn Touch when he wanted a simple and stylish remote to control his Philips Hue bulbs and iTunes without having to use his phone or be at the computer. After four years of prototyping and learning how to build hardware out of wood, he successfully launched the product on Kickstarter and sold over 800 remotes in 30 days. Now in its second production run, Turn Touch is revolutionizing smart home control.

How much they make: $12K/year
How much did it cost to start: $50K
Current team size: 2

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How I Created The Turn Touch Remote And Raised $57,000

Turn Touch is a stylish, wooden smart home remote that controls every smart home device that speaks Wi-Fi and can also control Mac and iOS devices over Bluetooth, raising over $100,000 on Kickstarter and selling over a thousand remotes, with plans in place to expand the product line.

About
Sam started Turn Touch over 9 years ago
Revenue
Sam grew the business to $1K/month
Costs
It cost Sam $50000 to start the business
Read by 3,967 founders

So... can you actually make money with a IoT startup?

Of course. There are millions to be made in this industry.

But how?

  1. Research real, profitable businesses and see exactly how much money they make.
  2. Study exactly what works, and what doesn’t.
  3. Take action, because now you have the roadmap.

Join Starter Story and build your next big thing:

Start Now

5. Marine Digital ($6K/year)

Ivan, the founder of Marine Digital, came up with the idea to create a modern digital service in the marine industry after seeing how outdated and inefficient the industry was during his work in banking, IT, and logistics. With the support of APX VC Fund and a pivot in his business, Ivan and his team developed a fuel optimization system that has garnered interest from clients and generated €60K in revenue from pilot projects. Now, they are launching the production of their digital twin in the EU, with plans for worldwide mass-market scaling in the future.

How much they make: $6K/year
How much did it cost to start: $1M
Current team size: 12

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I Built A Technology For Marines With 2,300+ Active Contacts [From Germany]

Marine Digital is a deep-tech company that aims to make modern instruments of decarbonization available for the mass market and has made massive progress in performance digital twin cost reduction (10 times lower than the average market cost), providing opportunities for non-giant marine companies to use it, with 3 pilots earning about €60k.

About
Ivan started Marine Digital almost 4 years ago
Revenue
Ivan grew the business to $500/month
Costs
It cost Ivan $1000000 to start the business
Read by 4,181 founders