iot squared
iot squared is a Riyadh-based joint venture between Saudi Arabia's PIF and stc Group, founded in 2022, that delivers IoT platforms and solutions across smart cities, Industry 4.0, and smart mobility/logistics for Saudi government entities, large enterprises, and SMEs.
- Company typePrivate
- Founded2022
- HeadquartersRiyadh, Saudi Arabia
- Headcount251–500
- GTM typeB2B
- OfferingSoftware
What iot squared does
iot squared is a Riyadh-headquartered IoT solutions provider established in 2022 as a 50-50 joint venture between Saudi Arabia's Public Investment Fund (PIF) and stc Group, positioned as the Kingdom's national IoT champion under Vision 2030. The company delivers integrated IoT platforms, applications, sensors, and managed services across three core verticals: Smart Cities, Industry 4.0/Manufacturing, and Smart Mobility/Logistics, with additional offerings in Converged Security, Sustainable Facilities, and Unmanned Vehicles. Its proprietary Nucleus IoT Platform provides end-to-end operational visibility, real-time command and control, and advanced analytics, and is complemented by ThingsTel, a wholly-owned IoT Virtual Network Operator providing cellular (2G–5G), satellite, and LPWAN (LoRaWAN, NB-IoT) connectivity. The product portfolio includes Connected Fleet, AnyCar (B2B car sharing), Intelligent Operations, Connected Workers, Video Surveillance Service (VSS), Waste Management, Business Operation, and a Drone Detection & UTM system, with AI capabilities spanning computer vision, predictive analytics, anomaly detection, optimization, and autonomous agents.
The company's business model combines recurring platform/subscription revenue (Nucleus, Connected Fleet, VSS, sustainability suite) with hardware sales of IoT sensors and connected devices, delivered through direct enterprise sales and a partner ecosystem of over 120 industry leaders (Huawei, Hitachi, Rockwell Automation, Schneider Electric, Software AG, Hikvision, Libelium, Hayden AI). Go-to-market targets Saudi government entities, large enterprises, and SMEs, with distribution concentrated domestically; Machinestalk, a Saudi IoT pioneer acquired via binding agreement (2022–2023), brings 2,000+ public and private sector customer institutions. Revenue is not publicly disclosed and pricing is handled through bespoke enterprise contracts.
iot squared's strategic positioning rests on its sovereign-backed JV structure, Tier 1 Vendor Technical Classification from Saudi Digital Government Authority, ISO certifications (27001, 9001, 14001, 45001, 22301), and a 61.42% local content score. The customer base is concentrated in Saudi Arabia with an aspirational MENA footprint via Machinestalk's 50-country partner network. Strategic milestones since founding include the Machinestalk acquisition, the flagship KAFD smart-city partnership (2024), cloud CCTV launch with Hikvision, AnyCar B2B car-sharing launch, and recognition through SCXA Gold (Best B2B CX) and Employee Happiness Awards.
iot squared firmographics
Firmographics- Name
- iot squared
- Legal name
- iot squared
- Website
- https://iotsquared.com.sa
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- iot squared is a Riyadh-based joint venture between Saudi Arabia's PIF and stc Group, founded in 2022, that delivers IoT platforms and solutions across smart cities, Industry 4.0, and smart mobility/logistics for Saudi government entities, large enterprises, and SMEs.
- Ownership category
- akta.pro rank
iot squared industry classification
Industry- Product category
- Enterprise IoT Platform Solutions
- NAICS
- Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518), Satellite Telecommunications (517410)
- SIC
- Computer Communications Equipment (3576), Radiotelephone Communications (4812)
- akta.pro primary industry
- Supply Chain & Warehouse Automation (Smart Logistics) (IMAIAMAJ)
- akta.pro secondary industries
- IoT Connectivity Management (Private APN, SIM/eSIM, Device Connectivity) (HDAIAGAG), Fleet, Asset Tracking & Telematics Location Platforms (BPAMANAF)
Keywords
Where iot squared is headquartered
LocationHeadquarters
- HQ city
- Riyadh
- HQ country
- Saudi Arabia
- HQ region
- Middle East
Offices1 record
Markets served
iot squared business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Infrastructure, Marketing or Sales, Operations
Revenue model
- IoT Solutions and Platforms: iot squared generates revenue through providing comprehensive IoT solutions including platforms, applications, sensors, and managed services. The company delivers industry-leading IoT solutions providing real-time insights for smart cities, Industry 4.0, and smart mobility/logistics sectors in Saudi Arabia.
- IoT Hardware and Devices: Revenue generated from IoT sensors, smart devices, and connected equipment across various solutions including connected fleet, video surveillance, environmental monitoring, and facility management.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
iot squared product offering
Product offeringCore offering
iot squared delivers enterprise IoT solutions through its proprietary Nucleus IoT Platform, enabling end-to-end visibility, real-time monitoring, and advanced analytics across connected assets, people, and operations. The company sells a suite of vertical-specific products including Connected Fleet, AnyCar (B2B car sharing), Intelligent Operations, Connected Workers, Video Surveillance Service, Waste Management, and Business Operation solutions targeting Smart Cities, Industry 4.0, and Smart Mobility & Logistics sectors in Saudi Arabia. Revenue is generated through platform subscriptions, managed services, and IoT hardware/device sales, supported by its ThingsTel subsidiary providing multi-network IoT connectivity.
Product overview
iot squared is a Saudi Arabian IoT solutions provider and joint venture between Public Investment Fund (PIF) and stc Group, operating as a platform-plus-modules architecture. The Nucleus IoT Platform serves as the core unified platform enabling end-to-end operational visibility across connected assets. The product portfolio includes Connected Fleet for vehicle management, AnyCar for car sharing, Intelligent Operations for asset monitoring, Connected Workers for workforce safety, Video Surveillance Service (VSS) for security, Waste Management for municipal operations, and Business Operation for city digitization. The company has acquired machinestalk to strengthen smart city capabilities and operates ThingsTel as a subsidiary providing IoT connectivity solutions. The platform integrates AI capabilities including computer vision, predictive analytics, and optimization across all vertical solutions in smart cities, Industry 4.0, and supply chain/logistics sectors.
Differentiator
Problem solved
Functional benefit
Brands
- Nucleus: IoT platform providing end-to-end visibility, real-time commands and actions, and advanced analytics for connected operations.
- Connected Fleet
- AnyCar
- Waste Management
Products and services
- Nucleus IoT Platform Core integrated IoT platform providing end-to-end visibility across operations, real-time command capabilities, and unified data management for all connected assets, people, and materials.
- Connected Fleet Fleet management solution enabling real-time vehicle tracking, remote engine control, driver behavior monitoring, and predictive maintenance scheduling for fleet operations.
- AnyCar B2B car sharing platform enabling complete vehicle control with remote unlocking, GPS tracking, driver behavior monitoring, and real-time mileage reporting for employee vehicle access.
- Intelligent Operations Centralized monitoring hub aggregating data from sensors detecting vibrations, temperature, humidity, water, gases, and security events to enable proactive operational responses.
- Connected Workers Workforce safety and management solution using wearable devices and NB-IoT connectivity for real-time safety monitoring, attendance tracking, task assignment, and geo-fencing.
- Video Surveillance Service (VSS) Cloud-based video surveillance platform with AI-powered analytics including motion detection, object tracking, people counting, and open API integration supporting 99% of existing cameras.
- Waste Management End-to-end waste management solution with smart bins, AI route optimization, regulatory compliance tracking, full waste traceability, and digital marketplace connecting stakeholders.
- Business Operation City operations digitization platform unifying qualification, inspection, violations, and maintenance processes into single system for improved efficiency and up to 45% cost reduction.
Quantifiable outcome
- Reduce operational expenses by up to 45% through automation and digitalization
- +1 more outcomes
Companies that use iot squared
Customer profileNamed customers1 record
Segments6 records
Ideal customer profiles3 records
iot squared technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability12 records
Feature4 records
iot squared partnerships and signals
Strategic signalPartnerships
16 partnerships are on record, tiered core and minor.
- King Abdullah Financial District (KAFD)coreStrategic partnership to enhance smart city infrastructure, sustainability practices, security, and operational efficiency at KAFD, including renewable energy solutions, smart grids, and incident management.
- KarazminorStrategic partnership to launch advanced diabetes patient monitoring solution using wearable devices and health sensors for remote patient monitoring.
- Hayden AIminorStrategic partnership to leverage cutting-edge technology for urban mobility, road safety, and sustainability in smarter cities.
- StarlinksminorPartnership for smart warehouse solutions in logistics sector including warehouse automation, operational efficiency, and data optimization.
- libeliumminorPartnership for sustainability solutions and smart city initiatives including air quality monitoring, digital twins, and IoT communication technologies.
- Unmanned LifeminorStrategic alliance for integration of UAV and robotics, amplifying safety and security through 5G-enabled connectivity and centralized operations management.
- One Network EnterprisesminorMoU to develop unified digital supply chain platform improving tracking, logistics efficiency, and exploring AI-enhanced operations across healthcare, defense, and manufacturing.
- MachinestalkcoreBinding agreement to acquire 100% of Machinestalk, a pioneer Saudi IoT company founded in 2015 with capabilities in smart mobility, smart cities, industrial IoT, and over 2,000 customer institutions.
- Bin QurayaminorCollaboration to improve fleet management safety and quality through innovative vehicle monitoring solutions, dashcam technology, and unified dashboard for real-time tracking.
- HuaweicoreStrategic partnership to accelerate digital transformation solutions for Smart Cities, industrial sector, and industry transformation in Saudi Arabia.
- HitachicorePartnership focusing on R&D in ICT and IoT technologies to advance innovation in the region.
- Rockwell AutomationcorePartnership to enhance Industry 4.0 Revolution advancement in manufacturing and industrial sectors.
- Schneider ElectriccoreCollaboration to advance Industry 4.0 Revolution and industrial IoT solutions.
- Software AGcorePartnership to facilitate seamless technical integration across IoT solutions and platforms.
- ThingsTelcoreSubsidiary operating as IoT Virtual Network Operator (IoT-VNO) providing cellular connectivity across 2G, 3G, 4G, 5G, satellite, and LPWAN technologies including LoRaWAN and NB-IoT.
- HigominorPartnership to launch advanced telediagnosis solution enabling real-time remote examinations through live video consultations with specialized diagnostic modules.
Scale indicators6 records
Recent moves7 records
Expansion highlights6 records
iot squared competitors and assessment
Company assessmentDirect peers
- Siemens AG (MindSphere / Insights Hub): Siemens' industrial IoT platform (formerly MindSphere, now Insights Hub) competes head-on with iot squared's Nucleus platform in smart manufacturing and Industry 4.0 use cases, targeting the same enterprise manufacturing customers with similar asset performance management and predictive maintenance capabilities.
- PTC (ThingWorx): ThingWorx is one of the leading standalone IIoT platforms for connected operations, asset monitoring, and smart factory use cases — directly comparable to iot squared's Nucleus and Intelligent Operations offerings for industrial and manufacturing customers.
- AVEVA Group: AVEVA provides industrial software and IoT-enabled operations management for process manufacturing and infrastructure, overlapping with iot squared's Industry 4.0 and smart infrastructure verticals on similar enterprise customers and digital twin use cases.
- Hitachi Vantara: Hitachi Vantara delivers IoT and Lumada-based industrial solutions for asset management and smart operations. Notably, Hitachi is also a strategic partner of iot squared, making it both a competitor and a channel partner in the regional IoT ecosystem.
- Bosch IoT (Bosch Connected Industry): Bosch's IoT Suite and Connected Industry offerings provide sensor-to-cloud industrial IoT solutions with strong manufacturing focus, directly comparable to iot squared's Industry 4.0 vertical and asset performance management capabilities.
Broad incumbents
- Cisco Systems (IoT / Industrial Networking): Cisco offers industrial networking, IoT data management, and edge connectivity as part of its broader enterprise networking portfolio, overlapping with iot squared's IoT connectivity layer (ThingsTel) and smart infrastructure offerings.
- Schneider Electric (EcoStruxure): Schneider's EcoStruxure platform spans IoT, energy management, and industrial automation. As a strategic partner of iot squared, it represents both a complementary channel and a competitive incumbent for industrial and smart city deployments.
- Honeywell Connected Enterprise: Honeywell's connected enterprise portfolio offers industrial IoT, asset performance management, and smart building solutions, comparable to iot squared's Industry 4.0 and sustainable facilities segments with similar enterprise target customers.
Emerging players
- C3.ai: C3.ai delivers enterprise AI applications for industrial IoT, predictive maintenance, and smart operations — comparable predictive analytics and optimization capabilities to those iot squared deploys across Connected Fleet, Intelligent Operations, and sustainability management.
Regional players
- Etisalat (e&) IoT / Connectivity Services: Etisalat (now e&) offers managed IoT connectivity and smart city platforms across the UAE and MENA region, comparable to ThingsTel's IoT-VNO services and iot squared's smart city deployments, though operating primarily in a different GCC geography.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
iot squared social profiles
Digital presenceiot squared compliance and trust
Trust signalCompliance8 records
iot squared financial estimates
Financial estimateRevenue estimate
Valuation estimate
iot squared leadership team
Management profileNumber of profiles
Profiles12 records
iot squared subsidiaries and ownership
Company hierarchySubsidiaries2 records
iot squared funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
iot squared M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about iot squared
What does iot squared do?
iot squared delivers enterprise IoT solutions through its proprietary Nucleus IoT Platform, enabling end-to-end visibility, real-time monitoring, and advanced analytics across connected assets, people, and operations. The company sells a suite of vertical-specific products including Connected Fleet, AnyCar (B2B car sharing), Intelligent Operations, Connected Workers, Video Surveillance Service, Waste Management, and Business Operation solutions targeting Smart Cities, Industry 4.0, and Smart Mobility & Logistics sectors in Saudi Arabia. Revenue is generated through platform subscriptions, managed services, and IoT hardware/device sales, supported by its ThingsTel subsidiary providing multi-network IoT connectivity.
Is iot squared a public or private company?
iot squared is a private company. It is classified as corporate owned and is currently operating.
When was iot squared founded?
iot squared was founded in 2022. It employs 251 to 500 people.
Where is iot squared based?
iot squared is headquartered in Riyadh, Saudi Arabia, in the Middle East region.
How does iot squared make money?
Two revenue lines are on record. IoT Solutions and Platforms are the primary driver. The others are ioT Hardware and Devices.
Who are iot squared's main competitors?
Direct peers on record are Siemens AG (MindSphere / Insights Hub), PTC (ThingWorx), AVEVA Group, Hitachi Vantara and Bosch IoT (Bosch Connected Industry). Broad incumbents are Cisco Systems (IoT / Industrial Networking), Schneider Electric (EcoStruxure) and Honeywell Connected Enterprise. C3.ai is listed as an emerging player. Etisalat (e&) IoT / Connectivity Services is listed as a regional player.
Does iot squared have an API?
No public API is recorded for iot squared.
What industry is iot squared in?
iot squared's product category is Enterprise IoT Platform Solutions. Its primary akta.pro industry code is IMAIAMAJ, Supply Chain & Warehouse Automation (Smart Logistics), with a secondary code of HDAIAGAG, IoT Connectivity Management (Private APN, SIM/eSIM, Device Connectivity). Its NAICS code is 518 and its SIC code is 3576.