The IoT funding market has narrowed around platform plays. Pure-hardware businesses raise harder than a cycle ago; the operators getting funded combine devices with a durable connectivity, software or data layer, and investors underwrite the recurring component more carefully. Industrial, building and fleet IoT have held investor attention; consumer connected devices have not, outside a handful with best-in-class retention.

Flow has direct relationships with the deep-tech and industrial-tech growth funds that genuinely back hardware-plus-recurring businesses, along with the industrial and telco CVCs that lead at the relevant stage. That includes Bosch Ventures, Cisco Investments, Siemens Energy Ventures and Schneider Electric Ventures on the corporate side, and infrastructure-oriented growth funds rather than generalist tech investors who pass once they see the hardware line. The pitch is framed around hardware-versus-software revenue split, installed base, attach rate and gross margin durability.

Flow has experience running VC fundraising processes for IoT companies across industrial and asset-tracking platforms, cellular and LPWAN connectivity providers, smart building and energy monitoring, fleet telematics, and consumer connected devices. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.