IoT83 Company Profile

Background

IoT83 is a technology company specializing in Industrial Internet of Things (IIoT) solutions, focusing on enabling Original Equipment Manufacturers (OEMs) to develop and own custom IIoT platforms. Founded in 2016, IoT83 aims to simplify the complexities associated with IoT adoption, offering scalable and secure platforms that accelerate the development and deployment of smart, connected products.

Key Strategic Focus

IoT83's strategic focus centers on providing OEMs with the tools to build, operate, and own their IIoT platforms. Their flagship product, Flex83, is an Application Enablement Platform (AEP) designed to streamline the creation of industrial applications. Flex83 offers pre-built microservices, enabling rapid application development and reducing time-to-market. The platform supports various applications, including Asset Performance Management (APM), Field Operations, Asset Remote Monitoring, Predictive Maintenance, and Equipment-as-a-Service (EaaS) solutions.

Financials and Funding

As of January 2025, IoT83's estimated annual revenue is approximately $15 million. The company has experienced significant growth, with a 27% increase in employee count over the past year, reaching approximately 122 employees.

Technological Platform and Innovation

Flex83 is IoT83's proprietary AEP, offering a comprehensive suite of tools and services for IIoT application development. Key features include:

Pre-Built Microservices: Over 30 microservices accessible via secure APIs, providing an 83% solution completeness from the outset.

Low-Code and No-Code Studios: Enables both developers and non-developers to create and customize applications efficiently.

AI/ML Studios: Facilitates the integration of artificial intelligence and machine learning capabilities into IIoT applications.

Scalability: Designed to scale from a few thousand to millions of devices, ensuring flexibility as business needs evolve.

Flex83's architecture emphasizes security, scalability, and customization, addressing common challenges in IIoT adoption.

Leadership Team

Lee House: Founder & CEO

Brings extensive experience from roles at GE, IBM, and 3Com.

Holds an MSEE and MBA from Duke University.

Provides visionary insights into IoT trends and strategic guidance for OEMs.

Deep Nayar: Founder & CTO

Over two decades of engineering expertise in the IoT space.

Led the creation of Flex83, driving the development of bespoke IIoT solutions.

Akhil Arora: Co-Founder & VP Sales

Specializes in merging financial and business strategies with Industrial IoT needs.

Focuses on crafting transformative digital journeys for clients.

Arul Nagpal: Co-Founder & VP of Finance & Operations

Ensures operational efficiency and strategic financial management.

Nishant Puri: VP of Sales

Expert in network security solutions, aligning business needs with robust security strategies.

Jayant Puri: VP of Engineering

Drives innovation in product development, ensuring scalable and robust solutions.

Vivek Bayalusime: VP of Technology

Over 20 years of experience in software development, specializing in IoT solutions for industrial applications.

Competitor Profile

Market Insights and Dynamics:

The Industrial IoT market is experiencing rapid growth, with increasing demand for connected solutions across manufacturing, cities, and retail sectors. By 2025, IoT is expected to generate up to $11.1 trillion annually.

Competitor Analysis:

PTC:

Offers Industrial IoT platforms, CAD/CAM software, and augmented reality solutions.

Estimated market share: 35%.

Siemens:

Provides industrial automation, digital twins, and smart manufacturing solutions.

Estimated market share: 30%.

Microsoft:

Offers cloud computing services, including Azure IoT Suite and data analytics.

Estimated market share: 25%.

Strategic Collaborations and Partnerships

IoT83 has engaged in significant collaborations to enhance its market position and innovation capacity. Notably, the company partnered with Renesas Electronics to enable Vision AI applications on Renesas Virtual Lab's RZ/V series MPUs, supporting evaluation boards and standard ONNX models.

Operational Insights

IoT83 differentiates itself by offering a platform that combines the benefits of in-house development and existing IoT platforms. Flex83's pre-built microservices and customizable framework provide OEMs with a rapid application development system, reducing technical debt and accelerating time-to-market. This approach positions IoT83 competitively against established players by addressing common IoT adoption challenges.