# PE firms backing IoT (2026 list) > 35 PE firms backing IoT, 83% active in the last 12 months. Led by Gaingels, Saif Partners, K5 Global. Ranked by what they funded. Source: https://millionrounds.com/lists/pe-firms-iot (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # PE firms backing IoT Updated 7 November 2026 PE firms we have observed in an ioT round in the last two years. [See all 35 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-iot)The top 25 **35** investors on the list No change this week **385** cheques in 12 months *-3%* against the market **$22M** median round they joined *+180%* against the market median **83%** wrote a cheque in 12 months **49%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (20) - 1 [Gaingels](https://millionrounds.com/fund/gaingels) *Deploying now* Private equity · United States **1,010** **$8M** median round **Oct 2026** last seen - 2 [Saif Partners](https://millionrounds.com/fund/saif-partners) *Deploying now* Private equity · Hong Kong SAR China **283** **$14M** median round **May 2026** last seen - 3 [K5 Global](https://millionrounds.com/fund/k5-global) *Deploying now* Private equity · United States **199** **$11M** median round **Oct 2026** last seen - 4 [CDH Investments](https://millionrounds.com/fund/cdh-investments) *Deploying now* Private equity · Hong Kong SAR China **190** **$30M** median round **Oct 2026** last seen - 5 [Bond](https://millionrounds.com/fund/bond) *Deploying now* Growth equity · United States **154** **$47M** median round **Sept 2026** last seen - 6 [Smilegate Investment](https://millionrounds.com/fund/smilegate-investment) *Deploying now* Growth equity · South Korea **122** **$5.4M** median round **May 2026** last seen - 7 [Atlantic](https://millionrounds.com/fund/atlantic) *Deploying now* Private equity · Germany **53** **$35M** median round **Oct 2026** last seen - 8 [Raptor Group](https://millionrounds.com/fund/raptor-group) *Deploying now* Private equity · United States **50** **$15M** median round **Sept 2026** last seen - 9 [Elevate Capital](https://millionrounds.com/fund/elevate-capital) *Deploying now* Private equity · Peru **41** **$1.8M** median round **Sept 2026** last seen - 10 [Verdane](https://millionrounds.com/fund/verdane) *Deploying now* Private equity · Norway **36** **$19M** median round **Oct 2026** last seen - 11 [Aozora Corporate Investment](https://millionrounds.com/fund/aozora-corporate-investment) *Deploying now* Private equity · Japan **34** **$6.7M** median round **Sept 2026** last seen - 12 [Sageview Capital](https://millionrounds.com/fund/sageview-capital) quiet Growth equity · United States **19** **$30M** median round **Apr 2025** last seen - 13 [Expedition Growth Capital](https://millionrounds.com/fund/expedition-growth-capital) *Deploying now* Growth equity · United Kingdom **14** **$22M** median round **Oct 2026** last seen - 14 [National Reconstruction Fund](https://millionrounds.com/fund/national-reconstruction-fund) *Deploying now* Growth equity · Australia **11** **$40M** median round **Jun 2026** last seen - 15 [BluStone](https://millionrounds.com/fund/blustone) *Deploying now* Private equity · Brazil **5** **$7.5M** median round **Jun 2026** last seen - 16 [Seraphim](https://millionrounds.com/fund/seraphim) *Deploying now* Growth equity · India **5** **$100M** median round **Oct 2026** last seen - 17 [NewView](https://millionrounds.com/fund/newview) *Deploying now* Growth equity · United States **4** **$168M** median round **Mar 2026** last seen - 18 [DTCF](https://millionrounds.com/fund/dtcf) *Deploying now* Growth equity **4** **$48M** median round **Oct 2026** last seen - 19 [Lightsmith Group](https://millionrounds.com/fund/lightsmith-group) quiet Growth equity **4** **$20M** median round **Jan 2025** last seen - 20 [Rigel Capital Management](https://millionrounds.com/fund/rigel-capital-management) quiet Growth equity · Singapore **2** **$14M** median round **Apr 2025** last seen - 21 [Shaw and Partners](https://millionrounds.com/fund/shaw-and-partners) quiet Private equity · Australia **2** **$16M** median round **Jul 2025** last seen - 22 [33N](https://millionrounds.com/fund/33n) *Deploying now* Growth equity **2** **$58M** median round **Nov 2025** last seen - 23 [Ernij Next](https://millionrounds.com/fund/ernij-next) *Deploying now* Growth equity **2** **$46M** median round **Sept 2026** last seen - 24 [M&G Catalyst](https://millionrounds.com/fund/m-and-g-catalyst) *Deploying now* Growth equity **2** **$115M** median round **Oct 2026** last seen - 25 [Codan](https://millionrounds.com/fund/codan) quiet Growth equity · Australia **1** **$7.2M** median round **Jul 2025** last seen **10 more on this list** All 35 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000. [See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-iot) ## The Newest Cheques Rounds this list's investors joined most recently - **27** Oct **[MoSense](https://millionrounds.com/company/mosense)** Seed · $15M *Led by* [CDH Investments](https://millionrounds.com/fund/cdh-investments) - **23** Oct **[Cygrid](https://millionrounds.com/company/cygrid)** Pre-seed · $3M *Led by* [Atlantic](https://millionrounds.com/fund/atlantic) - **22** Oct **[Xona](https://millionrounds.com/company/xona)** Series D+ · $250M *With* [Seraphim](https://millionrounds.com/fund/seraphim) - **22** Oct **[Tractian](https://millionrounds.com/company/tractian)** Series D+ · $130M *Led by* [M&G Catalyst](https://millionrounds.com/fund/m-and-g-catalyst) - **15** Oct **[Rabot Energy](https://millionrounds.com/company/rabot-energy)** Series B · $50M *Led by* [DTCF](https://millionrounds.com/fund/dtcf) - **15** Oct **[North Cloud Holdings Inc.](https://millionrounds.com/company/north-cloud-holdings-inc)** Series B · $60M *With* [Gaingels](https://millionrounds.com/fund/gaingels) ## Stages This Year 366 rounds - Venture **30%** - Seed **13%** - Series A **13%** - Series B **11%** - Debt **7%** - Other **27%** ## What They Backed Sectors, last 12 months - AI **131** - Aerospace & Space **45** - Fintech **29** - Biotech **27** - Healthcare **18** - Big Data & Analytics **17** ## Cheques by Quarter Led Joined 95 Q1 25 103 Q2 25 103 Q3 25 136 Q4 25 133 Q1 26 103 Q2 26 83 Q3 26 17 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 PE firms backing IoT ### Who are the most active PE firms backing IoT? By cheques observed, the most active are Gaingels, Saif Partners, K5 Global, CDH Investments and Bond. ### How many PE firms backing IoT are there? 35 are on record. 83% made an investment in the last 12 months and 49% have led a round. ### Which stages do PE firms backing IoT back? Of the rounds with a named stage in the last 12 months, mostly Seed (22%) and Series A (21%). ### How big are the rounds PE firms backing IoT join? The typical (median) round among the leading investors here is $20M. ### Which sectors do PE firms backing IoT back most? In the last 12 months, mostly AI, Aerospace & Space and Fintech. ### Which PE firms backing IoT lead the most rounds? Expedition Growth Capital (13 led), Bond (11 led) and National Reconstruction Fund (7 led). ### Where are PE firms backing IoT based? Among the most active, most are based in the United States (6), Australia (3) and Hong Kong SAR China (2). ### What have PE firms backing IoT invested in recently? Recent rounds include MoSense (Seed, Oct 2026, with CDH Investments), Cygrid (Pre-seed, Oct 2026, with Atlantic) and Xona (Series D+, Oct 2026, with Seraphim). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)