This article was updated on Aug. 17, 2015.

One technology stock that's poised to benefit from the Internet of Things, or IoT, is InvenSense (NYSE:INVN). The company makes micro-electro-mechanical system, or MEMS, gyroscopes for mobile and IoT devices, and even calls mobile juggernauts Samsung and Apple customers. The company already has technology in most of the smartwatches on the market, but notably got passed over by Apple for the Apple Watch. 

Despite being an integral technology in some the world's top smartphones and wearable tech, InvenSense's stock is down nearly 58% over the past 12 months, clearly leaving investors disappointed. 

Investors looking for some faster growing IoT stocks may want to take a look at these three companies instead:

Ambarella (NASDAQ:AMBA): Up 250% over the past 12 months
Ambarella is a small-cap stock that makes systems-on-a-chip (SoC) for GoPro's pervasive action cameras. Ambarella's stock is up more nearly 250% over the past 12 months, and 64.7% gross margins in the quarter ending in June are both keeping investors happy.

Aside from its business with GoPro, the company's SoCs are used in high-end filmmaking drones, security cameras, body-worn camers, and intelligent automotive cameras. On top of that, the company's SoC can be found in Chinese device-maker Xiaomi's Xiaoyi action camera.

On Ambarella's most recent earnings call, the company's, CEO Fermi Wang, said revenue for fiscal Q1 2016 is up 71% year-over-year and , "Revenue was strong in all our existing camera markets, including professional IP cameras, wearable and automotive dash cameras and we continue to make progress in new markets including consumer for monitoring cameras and drones or flying cameras." In short, things are looking great for the company right now. 

Skyworks Solutions (NASDAQ:SWKS): Up 61% over the past 12 months
Skyworks makes analog and mixed signal semiconductors for Apple, Samsung, and a host of other companies worldwide. And on the company's fiscal Q3 earnings call, its CEO, David J. Aldrich, said, that most of the company's revenue for the first half of 2015 came from the Internet of Things. 

The company just increased revenue by 38% in Q3 2015 year-over-year, with earnings per share jumping 61% over the same time.

Skyworks Solutions expected the IoT to continue driving revenue for the company as well. Aldrich said on the call that the company is, "capitalizing on powerful secular growth trends, including the rising adoption of streaming media services, the proliferation of connectivity in emerging markets, and the Internet of Things -- all of which are driving growth well in excess of the broader semiconductor market." 

Freescale Semiconductor (NYSE:FSL): Up 82% over the past 12 months
Freescale makes about 45% of its revenue from micro controllers, with a major focus on the automotive industry. Freescale's in the process of merging with NXP Semiconductors (NASDAQ:NXPI), which will make the combined company the fourth-largest semiconductor maker as as well as the top semiconductor supplier to the automotive industry.

And according to Freescale's CEO, Gregg Lowe, the combined company has much to look forward to. Referencing the merger on the company's recent earnings call, Lowe said, "I think the other thing that's really interesting from an automotive perspective as well as an IoT perspective is you're taking the leader in microcontrollers for the automotive market and you're combining it with the clear leader in identification and in security." He mentioned that this will allow the company to bring automotive solutions to its customers much faster. 

The deal with NXP is likely to close later this year, and the company believes it'll open up more opportunity in China's growing automotive market, as well as create one of the strongest IoT semiconductor companies. 

Investing in the Internet of Things
The Internet of Things is still in its infancy, which means the stock prices of these companies could fluctuate drastically. And even though InvenSense has failed to deliver for investors over the past 12 months, it does't mean the company's MEMS position in the IoT market should be ignored -- it may just take a bit longer for investors to see the gains.

Chris Neiger has no position in any stocks mentioned. The Motley Fool recommends Ambarella, Apple, GoPro, InvenSense, NXP Semiconductors, and Skyworks Solutions. The Motley Fool owns shares of Ambarella, Apple, GoPro, InvenSense, NXP Semiconductors, and Skyworks Solutions. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.