# Corporate VCs backing IoT (2026 list) > 20 corporate VCs backing IoT, 95% active in the last 12 months. Led by Wayra, Intel Capital, Google Ventures. Ranked by what they funded. Source: https://millionrounds.com/lists/corporate-vcs-iot (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # Corporate VCs backing IoT Updated 7 November 2026 Corporate VCs we have observed in an ioT round in the last two years. [See all 20 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fcorporate-vcs-iot)The top 20 **20** investors on the list No change this week **412** cheques in 12 months *0%* against the market **$24M** median round they joined *+194%* against the market median **95%** wrote a cheque in 12 months **60%** have led a round ## The Top 20 Ordered by cheques observed, never by anything anyone paid for Deploying now (19) - 1 [Wayra](https://millionrounds.com/fund/wayra) *Deploying now* Corporate VC · Germany **1,160** **$2M** median round **Sept 2026** last seen - 2 [Intel Capital](https://millionrounds.com/fund/intel-capital) *Deploying now* Corporate VC · United States **1,123** **$22M** median round **Oct 2026** last seen - 3 [Google Ventures](https://millionrounds.com/fund/gv) *Deploying now* Corporate VC · United States **884** **$38M** median round **Oct 2026** last seen - 4 [Endeavor Catalyst](https://millionrounds.com/fund/endeavor-catalyst) *Deploying now* Corporate VC · United States **318** **$30M** median round **Oct 2026** last seen - 5 [Rabobank](https://millionrounds.com/fund/rabobank) *Deploying now* Corporate VC · Netherlands **122** **$3.2M** median round **Nov 2026** last seen - 6 [SE Ventures](https://millionrounds.com/fund/se-ventures) *Deploying now* Corporate VC · United States **112** **$16M** median round **Oct 2026** last seen - 7 [Endeavor](https://millionrounds.com/fund/endeavor) *Deploying now* Corporate VC · United States **106** **$25M** median round **Sept 2026** last seen - 8 [British Business Bank](https://millionrounds.com/fund/national-security-strategic-investment-fund) *Deploying now* Corporate VC · United Kingdom **105** **$6.3M** median round **Nov 2026** last seen - 9 [Lockheed Martin](https://millionrounds.com/fund/lockheed-martin-ventures) *Deploying now* Corporate VC · United States **80** **$27M** median round **Oct 2026** last seen - 10 [Dell Technologies Capital](https://millionrounds.com/fund/dell-technologies-capital) *Deploying now* Corporate VC · United States **77** **$18M** median round **Oct 2026** last seen - 11 [Bosch Ventures](https://millionrounds.com/fund/bosch-ventures) *Deploying now* Corporate VC · Germany **75** **$35M** median round **Oct 2026** last seen - 12 [Axon Partners Group](https://millionrounds.com/fund/axon-partners-group) *Deploying now* Corporate VC · Spain **72** **$5M** median round **Jul 2026** last seen - 13 [Aramco Ventures](https://millionrounds.com/fund/aramco-ventures) *Deploying now* Corporate VC · Saudi Arabia **60** **$27M** median round **Sept 2026** last seen - 14 [BMW i Ventures](https://millionrounds.com/fund/bmw-i-ventures) *Deploying now* Corporate VC · United States **31** **$26M** median round **Oct 2026** last seen - 15 [CEA Investissement](https://millionrounds.com/fund/cea-investissement) *Deploying now* Corporate VC · France **18** **$19M** median round **Nov 2026** last seen - 16 [Samsung Catalyst Fund](https://millionrounds.com/fund/samsung-catalyst-fund) *Deploying now* Corporate VC · United States **13** **$33M** median round **Aug 2026** last seen - 17 [Edison International](https://millionrounds.com/fund/edison-international) *Deploying now* Corporate VC · United States **4** **$50M** median round **Apr 2026** last seen - 18 [Lewis and Clark Partners](https://millionrounds.com/fund/lewis-and-clark-partners) *Deploying now* Corporate VC · United States **4** **$22M** median round **Aug 2026** last seen - 19 [53 Stations](https://millionrounds.com/fund/53-stations) *Deploying now* Corporate VC · United States **3** **$70M** median round **Oct 2026** last seen - 20 [Worley](https://millionrounds.com/fund/worley) quiet Corporate VC · Australia **2** **$7.2M** median round **Jul 2025** last seen ## The Newest Cheques Rounds this list's investors joined most recently - **5** Nov **[T-Therapeutics](https://millionrounds.com/company/t-therapeutics)** Series B · $133M *Led by* [British Business Bank](https://millionrounds.com/fund/national-security-strategic-investment-fund) - **5** Nov **[Return](https://millionrounds.com/company/return)** Debt · $936M *With* [Rabobank](https://millionrounds.com/fund/rabobank) - **3** Nov **[Wormsensing](https://millionrounds.com/company/wormsensing)** Series A · $11M *With* [CEA Investissement](https://millionrounds.com/fund/cea-investissement) - **28** Oct **[Foundry Robotics](https://millionrounds.com/company/foundry-robotics)** Series A · $100M *With* [SE Ventures](https://millionrounds.com/fund/se-ventures) - **27** Oct **[Querio](https://millionrounds.com/company/querio)** $5M *With* [BMW i Ventures](https://millionrounds.com/fund/bmw-i-ventures) - **27** Oct **[Hyperbolic](https://millionrounds.com/company/hyperbolic)** Series A · $30M *With* [Dell Technologies Capital](https://millionrounds.com/fund/dell-technologies-capital) ## Stages This Year 379 rounds - Series A **21%** - Venture **15%** - Series B **13%** - Seed **10%** - Series C **9%** - Other **32%** ## What They Backed Sectors, last 12 months - AI **144** - Fintech **40** - Energy **29** - Hardware & Electronics **27** - Big Data & Analytics **25** - Biotech **25** ## Cheques by Quarter Led Joined 123 Q1 25 98 Q2 25 101 Q3 25 111 Q4 25 142 Q1 26 103 Q2 26 100 Q3 26 33 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms backing AI 4,329](https://millionrounds.com/lists/vc-firms-ai) - [VC firms backing Fintech 1,856](https://millionrounds.com/lists/vc-firms-fintech) - [VC firms backing Big Data & Analytics 1,248](https://millionrounds.com/lists/vc-firms-big-data) - [VC firms backing Biotech 1,207](https://millionrounds.com/lists/vc-firms-biotech) - [VC firms backing Robotics 1,098](https://millionrounds.com/lists/vc-firms-robotics) - [VC firms backing Construction 1,025](https://millionrounds.com/lists/vc-firms-construction) - [VC firms backing Energy 998](https://millionrounds.com/lists/vc-firms-energy) - [PE firms backing AI 956](https://millionrounds.com/lists/pe-firms-ai) - [VC firms backing Cybersecurity 950](https://millionrounds.com/lists/vc-firms-cybersecurity) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about corporate VCs backing IoT ### Who are the most active corporate VCs backing IoT? By cheques observed, the most active are Wayra, Intel Capital, Google Ventures, Endeavor Catalyst and Rabobank. ### How many corporate VCs backing IoT are there? 20 are on record. 95% made an investment in the last 12 months and 60% have led a round. ### Which stages do corporate VCs backing IoT back? Of the rounds with a named stage in the last 12 months, mostly Series A (27%) and Series B (17%). ### How big are the rounds corporate VCs backing IoT join? The typical (median) round among the leading investors here is $25M. ### Which sectors do corporate VCs backing IoT back most? In the last 12 months, mostly AI, Fintech and Energy. ### Which corporate VCs backing IoT lead the most rounds? Google Ventures (33 led), Intel Capital (19 led) and Dell Technologies Capital (12 led). ### Where are corporate VCs backing IoT based? Among the most active, most are based in the United States (12), Germany (2) and the Netherlands (1). ### What have corporate VCs backing IoT invested in recently? Recent rounds include T-Therapeutics (Series B, Nov 2026, with British Business Bank), Return (Debt, Nov 2026, with Rabobank) and Wormsensing (Series A, Nov 2026, with CEA Investissement). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)