Litmus Announces Record 2022 Results and Projects 150% Growth in 2023
Gartner and Frost & Sullivan industry recognition coupled with product development, team expansion, and new partnerships demonstrate the rising importance of Litmus and its edge platform technology.
Litmus, an edge platform for industrial operations, announced another year of record growth in 2022 across all areas of the business. As manufacturers increasingly turn to Litmus to make Industry 4.0 gains by collecting, normalizing, and making business decisions based on their data, the company has realized on average a 100% revenue increase year-over-year for the past three years with continued growth expected to exceed 200% in 2023.
“We started Litmus as a customer-first company, to help manufacturers leverage the power of Industry 4.0 in record time to get real results,” said Vatsal Shah, Litmus CEO and Co-founder. “Recent industry recognition from Gartner and Frost & Sullivan, coupled with our Series B and revenue momentum from a worldwide network of channel partners and relationships with manufacturers, bodes well for continued acceleration.”
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Stronger Core Capabilities Coupled with New Functionality
Maintaining its industry leadership with the ability to connect to the most OT assets and industrial systems at scale, Litmus expanded its device connectivity library by 30% in 2022. Litmus now has more than 250 industrial device drivers which can be used to connect to industrial machines in a matter of minutes to streamline data connectivity and normalization. Additionally, individual instances of the platform are now able to support more than 1M tags.
In late 2022, Litmus released a major advancement requested by many of its customers—support for Digital Twins. Time to value with Litmus is a hallmark of the platform. One differentiation for customers with Litmus’ Digital Twins functionality is that Litmus is the source of the data (raw data from 250+ industrial drivers, as well as analyzed data, machine learning-inference and user-defined inputs) forming Litmus’ own Digital Twins Framework. This industry milestone means asset modeling and instances of digital twins working on the same platform for manufacturers. Litmus
Team Worldwide Expansion
In 2022, Litmus expanded its footprint by adding 50% headcount; introduced a European operation and sales leadership headquartered in Munich, Germany; hired regional sales leadership in Asia-Pacific in India and South Korea and added to its global leadership team with the announcement of a new Senior Vice President of Marketing, Paul Kühne.
Customer and Partner Momentum
2022 was a record year with 300% growth in sites deployed globally and 98% customer retention—a testament to the platform and the value of the customer success team that ensures successful project execution, supporting clients to transform Industry 4.0 plans into reality. In 2022, Litmus solutions were also white-labeled and OEMed by Fortune 500 companies including Google Cloud, Dell Technologies, Belden and more.
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Expanding Industry Recognition
Litmus was honored to be featured in the 2022 Gartner Magic Quadrant for Industrial IoT platforms for the fourth consecutive year. Litmus was also recognized in IDC’s 2022 Digital Industry Quadrant and as part of Frost & Sullivan’s Frost Radar Best Digital Industries Platforms. Litmus was recognized among a small group of leading vendors in each study, demonstrating Litmus’ niche status, focus and rising market leadership in accelerating digital transformation within Edge and Manufacturing. 150%
Growth Projected for 2023
“While 2022 was a record year for our company in many ways, our plans for 2023 are even more aggressive,” continued Shah. “Our product development roadmap and channel partner expansion will only strengthen our mission to support manufacturers and simplify industrial data complexity to help them make Industry 4.0 a reality.”