The rise of the Internet of Things (IoT) extends internet connectivity into physical devices and everyday objects, allowing them to be monitored and controlled over the internet, communicating real-time data without human interaction. Now, in the age of artificial intelligence, IoT is getting smarter. Companies are using AI to uncover insights from data, increasing efficiency, minimizing downtime, managing risk and creating new products and services.
Ontario is the perfect location for the industry's most exciting IoT companies to scale their business to success. The province has a reputation as a leader in industrial automation and IoT, with established firms such as ATS Automation Tooling Systems, Teledyne Dalsa and Prodomax. It's the birthplace of modern AI and home to North America's fastest growing tech market – Toronto – and the most concentrated tech market – Ottawa. Plus, in Ontario you can find Silicon Valley's second leading source of tech talent – the University of Waterloo. It's this combination of game-changing technology and world-class talent that helps propel tech start-ups to new heights.
Here are ten of the most exciting IoT companies to watch in 2019.
This Kitchener-Waterloo based company started working with the University of Waterloo's award-winning engineering R&D labs in 2012, conducting ground-breaking research into pattern recognition and anomaly detection. Today, their cloud-based software is being used by the automotive industry to analyze, predict and prevent system failures. It does this using machine learning to detect flaws in real time.
Toronto-based Canvass Analytics develops software that uses artificial intelligence and IoT to help businesses streamline complex manufacturing processes. The company's predictive analytics platform ingests operational data and provides real-time diagnostic insights to optimize the production process, maintenance and energy management.
It was through working on shop floors that the founders of Ottawa-based Raven Telemetry came to realize their customers' needs extend far beyond simple metrics such as 'reports filled' and other uninterpreted data. To meet these needs, Raven has assembled a team that combines former plant managers, PhD data scientists and software developers, working to transform manufacturing with artificial intelligence. The company's data science devices can be connected to industrial machinery for collecting, analysing and interpreting data, uncovering insights and solving problems.
As artificial intelligence research continues to expand worldwide, Kitchener's Terrene is building a platform technology with the aim of democratizing AI and machine learning. This platform allows anyone to train and deploy deep learning neural networks. The company is automating the process of building machine learning models so that a business analyst with no programming experience can quickly create their own system.
Since 2002, Oakville-based Shoplogix has been developing enterprise manufacturing intelligence (EMI) applications to assist manufacturers in reducing operational costs and increasing manufacturing profitability. The company's computer program allows businesses to link every machine it owns and monitor their production. The management solution provides real-time visual reporting and analysis, identifying opportunities for improvement with actionable directives that help companies optimize their processes. The Canadian company has a large global presence with customers in thirty-two countries worldwide.
A former member of Ryerson's Digital Media Zone (DMZ), Markham-based Peytec has developed a tracking and sensing software to monitor inventory. The company offers innovative Industrial Internet of Things solutions in the form of integrated sensors that couple with their software to provide real-time analytics, alerts and reporting. These sensor tags have been used by companies in a wide range of industries. For example, Toyota employed the product to monitor the painting of its vehicles and Sheridan Nurseries uses the tags to monitor ambient temperature in their greenhouses as well as to track deliveries of supplies.
Founded in Silicon Valley, Litmus Automation selected Toronto for its first expansion. Litmus is an Industrial Internet of Things platform provider that offers a secure edge-level gateway software to seamlessly collect data from industrial systems to optimize business operations. The LoopEdge gateway provides connectivity to legacy machines on the factory floor, providing asset visibility for facility optimization and corporate benchmarking. Litmus Automation was included on the 2019 GSMA 100, designating the company as one of the world's most promising growth-stage companies, advancing the next generation of connectivity and digital services.
Preteckt is using machine learning to predict vehicle maintenance, helping fleet managers keep trucks on the road. The company was started by a team of Canadians that moved to Memphis to participate in the Start Co., a venture development program. It was there that the team realized the market for a software that could predict truck breakdowns far in advance. The company has since returned to Ontario, with half of its operations now in Hamilton.
Aurora-based Cybeats is a cloud-based cybersecurity platform designed to protect IoT devices in smart buildings, enterprise, medical and critical infrastructure environments. The company's firmware works to improve systems using a continuous model of device attestation, while monitoring device integrity. The company ended 2018 on a high note, raising $2.3 million earmarked for expansion into Toronto and globally.
Sightline Innovation is providing AI-based solutions for Industry 4.0 to the insurance, healthcare, manufacturing and agriculture industries. Sightline offers a point-and-click interface to data management and learning and prediction, making it easy to deploy and manage AI in the production environment. As one of Canada's oldest AI companies, Sightline Innovation is fueled by a belief that data should belong to and be governed by those who create it and have thus developed a smart-contract platform to secure and monetize data.
Think your company should be on this list? Please connect with our team.
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