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Top Hardware Startups to Watch (and Work for) in 2023

July 14, 2023
      |      Kieran Ryan
Arc boat on the water

My Background

Hi, I'm Kieran! I worked in startups for five years at On Deck and Wefunder. Some of my favorite things that I've worked on during my career include:

  • Wefunder Workaway: 12 founders working on a new idea, 7 days, 1 mansion in Hawaii. One of the teams we picked raised a Series A from Andreessen Horowitz, and two people who met during the trip got married...
  • On Deck: As employee #15, I contributed to the startup's growth from no revenue to a $20 million run rate in less than a year. I led the team that built the admission infrastructure to support and scale ~20 fellowships for founders, capital allocators, operators, and creators.
  • XX: Worked on a pre-YC accelerator program that invested $125K on an MFN SAFE into 8-10 teams per cohort.
  • ODX: Worked on a $100 million accelerator program that invested $125K for 7% into 100s of startups. We partnered with leaders like Flexport to build vertical industry tracks around supply chain & logistics, etc.
  • Ryan Marketing: Created an influencer marketing startup (2 million+ Instagram followers) during college with my twin brother and realized early that monetization for creators was broken. I learned a lot, and it paid enough to cover my schooling, rent, and meals.

The Methodology

I considered several data points to arrive at the startups selected on this list, including company traction, funding raised, valuation, and investors. From my initial list, I then referenced each startup with my personal network to narrow down the list to the one you see below. I take my credibility seriously, so I do not take any money from startups who want to be included on this list to remain impartial. If you want to understand my analysis of startups and prefer long-form content, read my research on the top startups of 2023 afterward.

SpaceX Logo

SpaceX

SpaceX designs, manufactures, and launches advanced rockets and spacecraft.

Headquarters

Hawthorne, California

Industry

Space, Hardware, Aerospace

Founded

2002

Funding

$9.8 billion

Valuation

$137 billion

Traction

  • As of May 2023, SpaceX has 230 total launches, 191 total landings, and 165 total reflights.
  • As of May 2023, SpaceX has launched 1272 metric tons of payload into various orbits.
  • In 2022, SpaceX completed 61 launches.
Mill Logo

Mill

An all-inclusive food recycling service.

Headquarters

San Bruno, California

Industry

Climate, Food & Beverage, Hardware

Founded

2020

Funding

$100 million

Valuation

Undisclosed

Traction

  • As of June 2023, Mill claims a 24-hour or less compost conversion process.
Varda Logo

Varda

A platform for in-space manufacturing.

Headquarters

Torrance, California

Industry

Space, Hardware

Founded

2020

Funding

$51 million

Valuation

$500 million

Traction

  • In July 2023, Varda won a $1.9 million NASA Tipping Point contract.
  • In June 2023, Varda launched the world’s first commercial space factory into orbit on SpaceX’s Transporter-8 mission.
Remora Logo

Remora

Carbon capture for semi-trucks.

Headquarters

Wixom, Michigan

Industry

Climate, Mobility & Transportation, Hardware

Founded

2020

Funding

$5.5 million

Valuation

Undisclosed

Traction

  • As of May 2023, Remora claims its technology captures 80% of semi-truck CO2 emissions directly from the tailpipe and a 3.5-year payback from CO2 revenue.
  • Remora’s bolt-on technology has passed 26,000 hours worth of tests.
Hadrian Logo

Hadrian

A series of highly automated precision component factories across the US to enable Space & Defense manufacturers to get parts 10x faster.

Headquarters

Hawthorne, California

Industry

Space, Hardware

Founded

2020

Funding

$99.5 million

Valuation

Undisclosed

Traction

  • As of June 2023, Hadrian can deliver flight-grade machined parts in 5-21 days.
  • As of June 2023, Hadrian has completed Factory 1 in Hawthorne, California, and is working on Factory 2.
  • As of March 2022, Hadrian claims it can make space and defense parts 10x faster and more efficient than anyone else.
Swift Navigation Logo

Swift Navigation

Precise positioning solutions.

Headquarters

San Francisco, California

Industry

Hardware

Founded

2012

Funding

$200 million+

Valuation

Undisclosed

Traction

  • As of May 2023, Swift Navigation’s product offerings include eight categories: automotive, rail, commercial transport, robotics, industrial, mobile, UAS, and micro-mobility.
  • In 2022, Swift Navigation opened an office in Japan and South Korea to expand its international presence.
Relativity Space Logo

Relativity Space

An American aerospace manufacturing company.

Headquarters

Long Beach, California

Industry

Space, Hardware, Aerospace

Founded

2015

Funding

$1.3 billion

Valuation

$4.2 billion

Traction

  • In March 2023, Terran 1, a rocket made by Relativity Space, became the first methane-fueled rocket in the West to reach space. Additionally, Terran 1 became the first nearly entirely 3D rocket to fly.
  • Relativity Space is focused now on Terran R, which is expected to be ready for launch in 2026.
Augury Logo

Augury

AI for industrial manufacturing.

Headquarters

Haifa, Israel

Industry

Hardware, Artificial Intelligence (AI)

Founded

2011

Funding

$268 million

Valuation

$1 billion+

Traction

  • As of May 2023, Augury claims customers see a 3x-10x ROI within months.
  • As of May 2023, Augury has 100+ global manufacturers as customers, including DuPont, Roseburg, Heineken, ICL Group, and Colgate-Palmolive.
  • As of May 2023, Augury’s technology monitors 100,000+ machines, has a 99.9% accurate diagnostics success rate, and helps manufacturers reduce CO2 emissions of their equipment by 12% annually.
Arc Boats Logo

Arc Boats

Manufacturer of high-performance electric boats for watersports.

Headquarters

Los Angeles, California

Industry

Boating, Hardware

Founded

2021

Funding

$100 million

Valuation

Undisclosed

Traction

  • As of June 2023, Arc Boats’ first boat, Arc One, is sold out. They produced fewer than 25 Arc One boats and priced them at $300,000.
Capella Space Logo

Capella Space

An American space tech company with data and satellite solutions for government and commercial use.

Headquarters

San Francisco, California

Industry

Space, Hardware, Defense

Founded

2016

Funding

$239 million

Valuation

Undisclosed

Traction

  • From April 2021 to April 2022, Capella Space doubled its revenue.
  • Capella Space customers include the United States Airforce and National Reconnaissance Office.
  • In 2020, Capella Space successfully launched the first operational U.S. SAR satellite, Capella-2.
Mach Industries Logo

Mach Industries

Transforming the world of defense with hydrogen.

Headquarters

Austin, Texas

Industry

Defense, Hardware

Founded

2022

Funding

$5.7 million

Valuation

Undisclosed

Traction

  • Mach Industries is currently building a suite of oxyhydrogen defense platforms.
Heart Aerospace Logo

Heart Aerospace

Electrifying regional air travel.

Headquarters

Gothenburg, Sweden

Industry

Aerospace, Hardware

Founded

2018

Funding

$40.2 million

Valuation

Undisclosed

Traction

  • In July 2021, Heart Aerospace received an order purchase for 200 of its inaugural ES-19 electric aircraft from United Airlines and Mesa Air Group.
  • As of July 2021, Heart Aerospace claims its ES-19 electric motor is 20x less expensive than an equivalent turboprop, and maintenance costs will be reduced by 100x.
LeoLabs Logo

LeoLabs

Propelling the dynamic space era.

Headquarters

Menlo Park, California

Industry

Space, Hardware

Founded

2016

Funding

$82 million

Valuation

Undisclosed

Traction

  • As of June 2023, LeoLabs has ten independent radars across six operational sites.
Apex Logo

Apex

Fastest delivery of reliable spacecraft in the galaxy.

Headquarters

Los Angeles, California

Industry

Space, Hardware

Founded

2022

Funding

$27 million

Valuation

Undisclosed

Traction

  • Apex is building its first Aries bus scheduled to fly as a demonstration mission on SpaceX’s rideshare Transporter-10 mission in Q12024.
K2 Space Logo

K2 Space

Building satellite buses.

Headquarters

Torrance, California

Industry

Space, Hardware

Founded

2022

Funding

$8.5 million

Valuation

Undisclosed

Traction

  • As of March 2023, K2 Space has customer LOIs for commercial science and defense applications.
  • As of March 2023, K2 Space plans to launch its first Mega class spacecraft in 2025.
SpinLaunch Logo

SpinLaunch

A space technology company that has created an alternative method for putting 200 kg class satellites into low earth orbit.

Headquarters

Long Beach, California

Industry

Space, Hardware

Founded

2014

Funding

$146 million

Valuation

Undisclosed

Traction

  • In October 2022, SpinLaunch successfully launched its 10th suborbital test launch. 
Accion Systems Logo

Accion Systems

Redefining space mobility.

Headquarters

Boston, Massachusetts

Industry

Space, Hardware

Founded

2014

Funding

$68.5 million

Valuation

Undisclosed

Traction

  • Accion Systems' partners include MIT, Boeing, NASA, JPL, and the United States Department of Defense.
  • As of July 2021, Accion Systems was building its fourth-generation TILE propulsion system.
Whisper AI Logo

Whisper AI

The new hearing system that gets better over time.

Headquarters

San Francisco, California

Industry

Hardware, Artificial Intelligence (AI)

Founded

2017

Funding

$35 million

Valuation

Undisclosed

Traction

  • In March 2021, more than 40% of partners of Whisper AI wearers claimed to understand conversations better.
  • Whisper AI was an honorable mention for Fast Company’s World Changing Ideas 2021 Award.
Carbon Logo

Carbon

A 3D printing technology company.

Headquarters

Redwood City, California

Industry

3D Printing, Hardware

Founded

2013

Funding

$683.4 million

Valuation

$2.4 billion

Traction

  • The Carbon Platform is operational in 17 countries.
  • In 2019, the company reported a 33x increase in prints and a 5x increase in print hours over the past 12 months.
  • Carbon customers include Rawlings, Adidas, Ford, Riddell, JINS Eyewear, Protec Dental, and Aptiv.
AMP Robotics logo

AMP Robotics

Recycling reimagined.

Headquarters

Louisville, Colorado

Industry

Robotics, Hardware

Founded

2014

Funding

$175.1 million

Valuation

Undisclosed

Traction

  • AMP Robotics’ AI platform identified 75 billion objects in 2022 and deployed hundreds of sorting devices to increase recycling rates and landfill division.
  • AMP Robotics customers include businesses, governments, and NGOs like Sonoco, Caglia Environmental, Napa Recycling & Waste Services, FCC Medio Ambiente, Recycling and Disposal Solutions of Virginia, Evergreen, Single Steam Recyclers, Waste Connections, and Emmet Country.
Cobalt Robotics Logo

Cobalt Robotics

Seamless robotics safety for all situations.

Headquarters

San Mateo, California

Industry

Robotics, Hardware

Founded

2016

Funding

$53.3 million

Valuation

Undisclosed

Traction

  • Cobalt Robotics was named a 2017 ASIS Accolades Winner and Judges Choice.
  • Cobalt Robotics serves clients in various sectors spanning Technology, Defense, Finance, and Manufacturing.
Robco Logo

Robco

Modular industrial robots.

Headquarters

München, Bayern, Germany

Industry

Robotics, Hardware

Founded

2020

Funding

$17.5 million

Valuation

Undisclosed

Traction

  • As of December 2022, typical deployments start at 10 modular machines.
The Boring Company Logo

The Boring Company

The Boring Company creates safe, fast-to-dig, and low-cost transportation, utility, and freight tunnels.

Headquarters

Bastrop, Texas

Industry

Mobility & Transportation, Hardware

Founded

2016

Funding

$913 million

Valuation

$5.675 billion

Traction

  • The Boring Company completed the R&D Tunnel, a tunnel located in Hawthorne, California, in December 2018.
  • The Boring Company completed LVCC Loop, a tunnel with a capacity for 4,500 passengers per hour connecting the Las Vegas Convention Center, in April 2021.
Zipline Logo

Zipline

The world's largest autonomous delivery system, specializing in on-demand drone delivery and instant logistics.

Headquarters

South San Francisco, California

Industry

Logistics, Hardware, Drones

Founded

2014

Funding

$821 million

Valuation

$4.2 billion

Traction

  • As of May 2023, Zipline completed 600,000 autonomous delivers and is on pace to complete 1 million by year's end.
  • Zips can travel 70 mph to their destination.
  • Zipline’s fully electric aircraft fly with 97% fewer emissions than traditional delivery.
  • In 2021, Zipline was projected to deliver 2.4 million doses of the COVID-19 vaccine.
  • By the halfway mark in 2021, Zipline signed service contracts with five distribution centers in Nigeria, four in Ghana, and multiple service contracts with hospitals in the United States.
  • Zipline customers include Walmart, GNC, Pagliacci Pizza, and Associated Couriers.
Verkada Logo

Verkada

A company that develops cloud-based building security and operating systems.

Headquarters

San Mateo, California

Industry

Security & Compliance, Hardware

Founded

2016

Funding

$343.9 million

Valuation

$3.2 billion

Traction

  • As of May 2023, Verkada has 17,000 enterprise customers, including Kogan, La Canada Unified School District, the City of Los Angeles, the City of Las Vegas, Torchy’s Tacos, Canada Goose, Union Station Homeless Services, GEM Supply, and Equinox.
  • As of September 2022, Verkada had 13,000 customers, including over 36 companies from the Fortune 500.
  • Between January 2020 and September 2022, Verkada grew its customer base by 4x.
  • From September 2021 to September 2022, Verkada did nearly 2x revenue YoY.
Bolt Logo

Bolt

A European mobility platform.

Headquarters

Tallinn, Harjumaa, Estonia

Industry

Mobility & Transportation, Hardware

Founded

2013

Funding

$2 billion

Valuation

$8.4 billion

Traction

  • Bolt serves 100 million+ customers in 45 countries across 400 cities in Europe and Africa.
  • Bolt has 3.1 million drivers and couriers.
  • In 2020, Bolt’s revenue increased by 75% to 221.4 million euros.
Impulse Labs Logo

Impulse Labs

Next-generation home appliances.

Headquarters

San Francisco, California

Industry

Hardware, Climate

Founded

2021

Funding

$25 million

Valuation

Undisclosed

Traction

  • As of July 2023, Impulse Labs is building its first product, an induction stove, and is actively taking sign-ups on its waitlist.

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