Top Hardware Startups of July 2023

In the fast-paced world of technology, hardware startups are at the forefront of innovation, designing and creating cutting-edge hardware solutions that shape the future of various industries. From consumer electronics to industrial machinery, these startups are revolutionizing the way we interact with technology.

In this article, we will explore some of the best hardware startups that have emerged as key players in their respective fields, driving advancements and pushing the boundaries of what’s possible.

Top Hardware Startups of July 2023



Aeva is a startup company based in Mountain View, California. It was founded in 2017 by ex-Apple engineers, Mina Rezk and Soroush Salehian. As for their funding, the company raised a substantial sum of $227 million in its latest funding round as of December 2020.

Aeva develops advanced sensing and perception systems. Its technology is centered around its unique 4D LiDAR sensors, which they are developing for use in autonomous vehicles and other applications. These sensors are designed to measure the distance to objects by bouncing a laser light off an object’s surface and measuring the time it takes for the light to return. This approach aids in creating an accurate, real-time 3D map of the environment, which can assist in the navigation and safety capabilities of autonomous vehicles. Aeva’s technology also detects velocity of objects around the self-driving vehicle, which sets it apart from most other LiDAR systems. Not only does this functionality provide extra safety measures, but it also enables to run low power operations, by cutting down unnecessary captures of static objects far out of the path of a vehicle.



Ambarella Inc. is a technology company that has its headquarters in Santa Clara, California, United States. The renowned organization was founded in the year 2004.

One should note that as a publicly-traded company, Ambarella’s funding doesn’t align with traditional venture capital rounds as it’s already listed on the stock market. But it’s worth mentioning the company had a successful Initial Public Offering (IPO) in October 2012, raising approximately $36 million from selling 6 million shares at $6 per share.

Concerning organizational background, Ambarella is a leading developer of low-power, high-definition (HD) and Ultra HD video compression and image processing solutions. The company’s technology is widely used in various visual computing devices such as cameras for drones, virtual reality applications, security cameras, and automotive dashcams. Moreover, Ambarella chips are used by several global brands in professional and consumer products, including cameras and broadcasting devices. The company continues to focus on developing leading-edge technology that enables the creation of compact, high-quality video and imaging solutions.

Cerebras Systems


Cerebras Systems is a computer systems company located in Los Altos, California, USA. It was founded in 2016.

According to various sources, the company has raised $475 million as of my last update.

Concerning its function, Cerebras Systems is a pioneer in the field of artificial intelligence (AI) computing. The company designs and manufactures high-speed, large-scale AI solutions. One of their notable products is the Wafer Scale Engine (WSE) – the largest chip ever built intended to speed up AI work. Cerebras Systems aims to address the burgeoning demands of data-intensive applications and accelerate computational processing, thereby speeding up the advancement of AI.


DigiLens Inc.

DigiLens Inc. is located in Sunnyvale, California, USA. Founded in 2003, the company is at the forefront of technology innovation in the field of augmented reality (AR) and holographic displays.

As for funding, DigiLens has performed impressively in drawing investors’ interest. According to Crunchbase, the company has successfully raised approximately $60 million in total funding over several rounds.

DigiLens specializes in the research and development of waveguide technology used for holographic and heads-up displays. The main focus of the company is designing and manufacturing high-performance, waveguide-based optic technology which is transparent, lightweight and compact. These displays are primarily used in industrial, enterprise, automotive, consumer technology, and the AR sectors, offering unprecedented visualization capabilities. Its technology is widely recognised for its potential to revolutionally the AR and HUD market.



Innoviz Technologies is a startup company based in Rosh HaAyin, Israel. It was founded in the year 2016. As per the latest available data, the company has raised approximately $252 million.

Innoviz Technologies is a leading provider of cutting-edge LiDAR (Light Detection and Ranging) remote sensing solutions. The company designs and manufactures solid-state and mass-producible LiDAR sensors and perception software that enable the mass production of autonomous vehicles. Innoviz’s solutions offer superior performance at the cost and size required for mass market adoption, providing vehicle manufacturers, Tier 1 suppliers, and tech companies with the ability to deliver exceptionally accurate and reliable perception while ensuring the safe operation of autonomous vehicles.



Nauto is an AI technology company that’s located in Palo Alto, California, USA. The company was founded in the year 2015 by Dr. Stefan Heck and Frederick Soo. Nauto has raised an impressive amount of funding, with total known funding amounting to about $173.9 million.

The company specializes in AI technology aimed at improving the safety, efficiency, and productivity of commercial fleets. They provide an intelligent driver safety system that consists of an in-vehicle device that utilizes dual cameras and embedded AI to prevent collisions by alerting drivers of potential dangers. Additionally, they offer a platform for fleet managers providing insights into driver behavior, which can be used to reduce risky behaviors and improve fleet operations. Their goal is to increase safety, not just for individual vehicles, but on a global scale with an aim to reduce traffic accidents and related injuries and fatalities.

Frequently Asked Questions

Q. What are hardware startups?

Hardware startups are companies that focus on developing and manufacturing physical products, including electronic devices, machinery, wearables, and other tangible technology solutions.

Q. How do hardware startups contribute to innovation?

Hardware startups drive innovation by introducing new and advanced technologies, improving the efficiency and performance of products, and addressing real-world challenges with creative hardware solutions.

Q. What industries do hardware startups typically operate in?

Hardware startups can operate in a wide range of industries, including consumer electronics, healthcare, automotive, robotics, aerospace, smart home devices, and more.

Q. What types of products do hardware startups create?

Hardware startups create diverse products, such as smartphones, wearable fitness trackers, 3D printers, smart home devices, medical devices, industrial sensors, and autonomous vehicles.

 Q. Are hardware startups involved in sustainability and eco-friendly solutions?

Yes, many hardware startups are dedicated to developing sustainable and eco-friendly products. They focus on energy efficiency, recyclability, and reducing the environmental impact of their hardware solutions.

Q. How do hardware startups secure funding for their projects?

Hardware startups often secure funding through a combination of sources, including venture capital investments, crowdfunding campaigns, angel investors, and partnerships with established companies.

Q. Do hardware startups face unique challenges compared to software startups?

Yes, hardware startups face distinct challenges, such as higher upfront costs for manufacturing and prototyping, longer development cycles, supply chain management complexities, and regulatory compliance.

Q. Can hardware startups collaborate with larger companies?

Yes, many hardware startups collaborate with larger companies to access resources, expertise, and distribution channels. Such partnerships can help startups scale their products and reach a broader audience.

Q. How do hardware startups handle product testing and quality control?

Hardware startups place a strong emphasis on product testing and quality control to ensure their products meet industry standards and customer expectations. Rigorous testing and feedback loops are essential for delivering reliable hardware solutions.

Q. What role do hardware startups play in the Internet of Things (IoT) ecosystem?

Hardware startups are significant contributors to the IoT ecosystem. They create IoT devices and sensors that enable seamless connectivity and data exchange between various smart devices and systems.

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