SVB – State of HaaS

The landscape of innovation in the hardware industry has changed since the last report on Hardware-as-a-Service (HaaS) two years ago, with many hardware founders facing challenges such as rising input costs and slower growth rates. The best companies are adapting and evolving to meet the current economic challenges. In this updated report, new metrics have been introduced to track key elements of the business and communicate progress to stakeholders. Despite the challenges, there is a growing interest from investors in hardware companies, driven by trends like onshoring, clean energy investments, and increased defense spending. Hardware companies enabled by technology are attracting significant seed stage venture capital. The recurring revenue model is gaining popularity among hardware founders, and as the sector continues to evolve, these insights aim to be a valuable tool for the hardware tech community to measure and discuss progress. The report highlights the importance of collaboration to further grow the hardware industry and bring new innovations to life.