Five of the top 12 IoT investors are now corporate venture arms, including Intel Capital, GE Ventures, and Cisco Investments.

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The Internet of Things (IoT) industry is on track to see nearly $3.7B in funding this year as connectivity and software are injected into sensor-laden objects and appliances. An increasing proportion of these dollars are being allocated to startups working specifically on the industrial IoT.

Related categories like 3D printing are also starting to see a resurgence as a host of corporate players like telecoms become involved in the industry.

Which firms are the most active players in the IoT? We used CB Insights data to rank VCs by their unique IoT investments over the past 5 years.

Our earlier 2015 analysis of most active IoT investors is appended at the bottom of this post. Click here to read it.

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Interestingly, 5 of the top 12 IoT investors are corporate venture arms. When we performed this analysis at the end of 2015, only 3 of the top investors were CVCs. Intel Capital still tops the list as the most active investor in IoT startups, with more than 40 unique IoT companies since 2012. GE Ventures wasn’t far behind (and is new to the ranking of top IoT investors) with recent investments in industrial-focused IoT startups like industrial analytics developer Sight Machine, fog computing platform Foghorn Systems, and commercial 3D printing startup Desktop Metal. Following Andreessen Horowitz, the fourth-most active IoT investor is another CVC, Qualcomm Ventures. As we’ve noted in our prior investor roundups, Intel and Qualcomm are involved in designing and/or manufacturing ever-smaller chips to power mobile devices, and IoT likely offers them strategic value.

This report was created with data from CB Insights’ emerging technology insights platform, which offers clarity into emerging tech and new business strategies through tools like:If you aren’t already a client, sign up for a free trial to learn more about our platform.