iot squared

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.

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

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

• IoT solutions platform
• Smart city infrastructure
• Fleet management software
• Industrial IoT solutions
• Video surveillance services

Headquarters

HQ city

Riyadh

HQ country

Saudi Arabia

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Marketing or Sales, Operations

Revenue model

1. 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.
2. 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

Core 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

Named customers1 record

Segments6 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability12 records

Feature4 records

Partnerships

16 partnerships are on record, tiered core and minor.

• King Abdullah Financial District (KAFD)coreStrategic or Co-development Partner · 1 January 2024Strategic partnership to enhance smart city infrastructure, sustainability practices, security, and operational efficiency at KAFD, including renewable energy solutions, smart grids, and incident management.
• KarazminorStrategic or Co-development Partner · 1 January 2023Strategic partnership to launch advanced diabetes patient monitoring solution using wearable devices and health sensors for remote patient monitoring.
• Hayden AIminorStrategic or Co-development Partner · 1 January 2023Strategic partnership to leverage cutting-edge technology for urban mobility, road safety, and sustainability in smarter cities.
• StarlinksminorStrategic or Co-development Partner · 1 January 2023Partnership for smart warehouse solutions in logistics sector including warehouse automation, operational efficiency, and data optimization.
• libeliumminorStrategic or Co-development Partner · 1 January 2023Partnership for sustainability solutions and smart city initiatives including air quality monitoring, digital twins, and IoT communication technologies.
• Unmanned LifeminorStrategic or Co-development Partner · 1 January 2023Strategic alliance for integration of UAV and robotics, amplifying safety and security through 5G-enabled connectivity and centralized operations management.
• One Network EnterprisesminorStrategic or Co-development Partner · 1 January 2023MoU to develop unified digital supply chain platform improving tracking, logistics efficiency, and exploring AI-enhanced operations across healthcare, defense, and manufacturing.
• MachinestalkcoreStrategic or Co-development Partner · 1 January 2023Binding 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 QurayaminorStrategic or Co-development Partner · 1 January 2023Collaboration to improve fleet management safety and quality through innovative vehicle monitoring solutions, dashcam technology, and unified dashboard for real-time tracking.
• HuaweicoreStrategic or Co-development Partner · 1 January 2022Strategic partnership to accelerate digital transformation solutions for Smart Cities, industrial sector, and industry transformation in Saudi Arabia.
• HitachicoreStrategic or Co-development Partner · 1 January 2022Partnership focusing on R&D in ICT and IoT technologies to advance innovation in the region.
• Rockwell AutomationcoreStrategic or Co-development Partner · 1 January 2022Partnership to enhance Industry 4.0 Revolution advancement in manufacturing and industrial sectors.
• Schneider ElectriccoreStrategic or Co-development Partner · 1 January 2022Collaboration to advance Industry 4.0 Revolution and industrial IoT solutions.
• Software AGcoreTechnology or Integration · 1 January 2022Partnership to facilitate seamless technical integration across IoT solutions and platforms.
• ThingsTelcoreTechnology or Integration · 1 January 2022Subsidiary 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.
• HigominorStrategic or Co-development Partner · 1 January 2022Partnership 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

Direct 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

• Xx.com/iotsquared
• LinkedInlinkedin.com/company/iotsquared

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about iot squared