10 Most Promising New Technology Stocks According to Hedge Funds

5. Samsara Inc. (NYSE:IOT) 

Number of Hedge Funds: 30

Samsara Inc. (NYSE:IOT) is a technology company that focuses on Connected Operations Cloud. It is a platform designed to help businesses improve their efficiency and safety through data analysis. Major beneficiaries of its technologies are businesses that rely on physical operations, such as transportation, construction, and logistics. The company connects various physical assets to the cloud using Internet of Things (IoT) technology. This allows organizations to gather real-time data from these assets, which can be analyzed to make informed decisions.

Management of Samsara Inc. (NYSE:IOT) has been focused on expanding its customer base and enhancing its platform through AI and advanced technologies. In pursuit of these strategies, the company on November 12 announced several innovative products and a strategic partnership with ACSS, at the Go Beyond ’24 conference held in London.

New products announced during the conference include Connected Training, which uses data-driven insights to enhance driver training, reportedly reducing safety incidents by 35%, and the Low Bridge Strike Alerting system, which is designed to prevent collisions with low bridges, enhancing safety for fleet operations.

During the second quarter results for the fiscal year 2025, Samsara Inc. (NYSE:IOT) reported a strong performance showcasing execution towards its strategic goals. The company added 169 new customers with ARR exceeding $100,000 and set a quarterly record by adding 14 customers with ARR over $1 million. Moreover, the company also landed contracts with the State of Maine, one of the largest supermarket chains in the US, and one of the largest retail-owned hardware cooperatives globally.

Artisan Mid Cap Fund stated the following regarding Samsara Inc. (NYSE:IOT) in its Q3 2024 investor letter:

“Notable adds in the quarter included Samsara Inc. (NYSE:IOT), Illumina and Onto Innovation. Samsara is a software platform for asset-intensive industries that provides data and insights to enable asset tracking, performance measurement and safety monitoring. We believe the company’s attractive value proposition for customers makes it a durable top-line compounder that will become highly free cash flow generative over time. Recent quarterly results displayed the company’s rapid growth, and we believe it remains in the early stages of its profit cycle based on the size of its addressable markets. We added to the position.”