Tracxn - 5G Enablers Startup Landscape

Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - 5G Enablers - Jul 2019
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on July 5, 2019.
5G Enablers Feed Summary
4
5G Enablers > Feed Summary
5G is the latest mobile telecommunication standard which is expected to commercialize by late 2019 or early 2020. Its objectives include
high spectrum efficiency, low latency, simultaneous data speed of 1Gbps to multiple users, wider coverage, and lower power consumption.
Currently, the standard is in design and testing phase.
• Inclusions: Companies providing technologies that can enable the
commercialization of 5G in the future. Include software and hardware
solutions that automate, optimize the network (SON), solutions that
reduce the latency (MEC), solutions that enable faster deployment and
centralized control (SDN, NFV) of the network, and solutions which
provide high capacity backhaul using millimeter wave spectrum
(mmWAVE). Some of the companies are currently not providing the
solutions directly to the telecom industry but have the technology that
can be utilized in the commercialization of 5G in future.
• Exclusions: Excludes every other part of the Telecom value chain:
infrastructure (equipment, software), operations (OSS/BSS, system
integration), which is not related to the 5G standard. Excludes large
equipment vendors like Ericsson, Nokia Networks, Cisco which are
adding these technologies in their product portfolio. Also excludes
semiconductor/chip manufacturers
• Excludes funding information of Chinese companies Feed in Numbers
Overview
$5.1B
Funding
20
Mega
Companies
170232
FundedCovered on
Tracxn
4
Unicorns
38
Soonicorns
20
Minicorns
9
IPO’d Cos
115
Late Stage Cos
47
57
Acquisitions
9
DeadPooled
1
Acquihired
Series A+ Cos
Coriant
(2013, Naperville)
Arista
(2005, Santa Clara)
VMware
(1998, Palo Alto, $388M)
Top Companies

Investment Trend Summary
Summary of Funding Activity in 5G Enablers
5
$114M - Series C
Altiostar (2011, Tewksbury, $313M)
$43M - Series D
Cumulus Networks (2009, Mountain View,
$129M)
$90M - Series F
Silver Peak (2004, Santa Clara, $234M)
$42M - Series B
Federated Wireless (2013, Arlington, $69M)
$70M - Series D
Barefoot Networks (2013, Palo Alto, $225M)
$38M - Series C
Affirmed Networks (2010, Middlesex, $155M)
$65M - Series C
CloudGenix (2013, Santa Clara, $100M)
$30.7M - Series C
128 Technology (2014, Burlington, $62.7M)
$50M - Series F
Aryaka Networks (2009, Milpitas, $184M)
$25M - Series B
PacketFabric (2015, Los Angeles, $25M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
5G Enablers > Feed Summary > Investment Trend Summary
Seed Maxfield Capital (#2), Khosla Ventures (#1), Vertex Ventures (#1)
Series A/B Intel Capital (#4), New Enterprise Associates (#3), GV (#2)
Series C+
Qualcomm Ventures (#3), Cisco Investments (#3), Telstra
Ventures (#3)
Incubators
Alchemist Accelerator (#2), Jerusalem Venture Partners (#1),
Startupbootcamp (#1)
Other Notable
Investors
TriplePoint Capital (#5), Singtel Innov8 (#3), Goldman Sachs (#2)
Debt Investors
Western Technology Investment (#4), Eastward Capital Partners
(#3), Silicon Valley Bank (#1)
Most Active InvestorsRecent Investments
18
16
19
5
2
1
2014 2015 2016 2017 2018 2019*
Y-o-Y # of Companies Founded 27 45 30 31 33 10
$4.3B
$367M
$158M
$44.5M
$29.7M
US
Israel
Europe
Japan
Canada
$ Funding
$319M
$276M
$627M
$460M
$379M $365M
$547M
17
2014 2015 2016 2017 2018 2019*
$ Funding # Rounds

Summary of exit outlook in 5G Enablers
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Azure Capital
Partners
2
VMware (1998, Palo Alto, $388M)
Blue Planet (2006, Hanover, $97.6M)
Goldman
Sachs
2
Juniper
Networks
2
Virtela Communications (2000, Greenwood Village, $105M)
New
Enterprise
Associates
2
Nicira (2007, Palo Alto, $43.4M)
Norwest
Venture
Partners
2
Aug 2017 Viptela Acq by Cisco for $610M
May 2015 Blue Planet Acq by Ciena for $488M
Nov 2013 Insieme Networks Acq by Cisco for $863M
Oct 2013
Virtela Communications Acq by NTT
communications for $525M
Jan 2013 Intucell Acq by Cisco for $475M
Jul 2012 Nicira Acq by VMware for $1.3B
5G Enablers > Feed Summary > Exit Outlook Summary
Cisco 6
Insieme Networks (Nov 2013, $863M), Viptela (Aug 2017,
$610M), Intucell (Jan 2013, $475M)
Oracle 3 Corente (Jan 2014), Xsigo (Jul 2012), Talari (Nov 2018)
VMware 3
Nicira (Jul 2012, $1.3B), VeloCloud (Nov 2017), PLUMgrid (Dec
2016)
Amdocs 2 Celcite (May 2013, $129M), Actix (Sep 2013, $120M)
Ciena 2 Blue Planet (May 2015, $488M), Cyan (Aug 2015)
Recent IPOs Top Acquisitions
PCTEL Oct 1999
Antennas and RF testing solutions provide…
IPO MCap: $293M
Unwired Planet Jun 1999
Context aware mediation and messaging sol…
IPO MCap: $488M
Filtronic Nov 1994
Wireless broadband and microwave equipmen…
IPO MCap: -
Blue Planet
Multi-Vendor network management
IPO MCap: -
Megaport Dec 2015
SDN-based interconnect/connectivity provi…
IPO MCap: $63M
Arista Jun 2014
Software driven Cloud networking solution…
IPO MCap: $2.7B
VMware Aug 2007
Virtualization Software
IPO MCap: $10.9B
Telaxis Communications Feb 2000
Wireless broadband access equipment provi…
IPO MCap: $261M

* Upcoming Business Model
Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.
FACTSHEET
Funding data excludes Debt, Grants & Post-IPO rounds.
Excludes all details for Chinese companies.
Feed Report - 5G Enablers - Jul 2019
Marketmap: 5G Enablers
CORE NETWORK
SOFTWARE DEFINED
NETWORKING (SDN)
TRANSPORT NETWORK
MILLIMETER WAVE
(mmWAVE)
SD-WAN
CONTROLLER
SWITCH
NETWORK MANAGEMENT
NETWORK-AS-A-SERVICE
OPERATING SYSTEM
INTERNET EXCHANGE POINT*
NETWORK FUNCTION
VIRTUALIZATION (NFV)
RADIO ACCESS NETWORK
SPECTRUM EFFICIENCY
SELF-ORGANIZED NETWORK
(SON)
ANTENNA*
MOBILE EDGE COMPUTING
(MEC)*
CLOUD RAN (C-RAN)
SDN
NFV
Overview
Companies 232
Funded 170 Series A+ 115
Funding $5.1B Last 2 yrs $794M
Most Active Investors
Seed Maxfield Capital (2)
Series A/B Intel Capital (4)
Series C+ Qualcomm Ventures (3)
Others TriplePoint Capital (5)
Incubators Alchemist Accelerator (2)
Top Cities
Bay Area 65 Cos $2.7B
Tewksbury 1 Cos $313M
Feed in Numbers
Unicorns 4 Soonicorns 38
Minicorns 20 Editor Picks 101
Acquihired 1 Deadpooled 9
Top Companies
Coriant (2013, Naperville)
Arista (2005, Santa Clara)
Exits
IPOs 9 Vmware, Arista
Acquisitions 57 Nicira, Insieme Networks
Top Acquirers Cisco, Oracle
5G Enablers > Feed Summary > BlueBox
7

Key Sub Sectors in 5G Enablers Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Radio Access Network (RAN) >
Spectrum Efficiency 23 $74M 11
Core Network > Software Defined
Networking (SDN) >
SD-WAN
14 $227M 7
Antenna 16 $72.9M 10
Cloud RAN (C-RAN) 10 $126M 3
Networking (SDN) >
Network-as-a-service
27 $46.3M 5
Core Network >
Network Function Virtualization
(NFV)
23 $64.3M 3
Networking (SDN) >
Controller
15 $43.3M 3
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Core Network
Companies that provide solutions for Software
Defined Networking (SDN) and virtualization...
129 96 $3.4B
Radio Access Network (RAN)
Companies that provide solutions which enable self-
organization, improve spectrum efficiency...
84 62 $1.5B
Transport Network
Companies that provide solutions for fixed wireless
access using millimeter wave frequency...
19 12 $265M
5G Enablers > Feed Summary > Summary of Key Markets

List of Notable Companies in 5G Enablers
Notable Companies in the Sector
9
Note: *(Founded Year, Location, Total Funding)
5G Enablers > Feed Summary > Notable Companies in the Sector
Public
Arista
(2005, Santa Clara)*
PCTEL
(1994, Bloomingdale)
Megaport
(2013, Brisbane, $7.4M)
Enea
(1968, Kista)
Filtronic
(1977, Yeadon)
Acquired
Nicira
(2007, Palo Alto, $43.4M)
Insieme Networks
(2013, California)
VMware
(1998, Palo Alto, $388M)
Viptela
(2012, San Jose, $109M)
Virtela
Communications
(2000, Greenwood Village,
$105M)
Blue Planet
(2006, Hanover, $97.6M)
Intucell
(2008, Ra'anana, $8.5M)
Coriant
(2013, Naperville)
Contrail Systems
(2012, Santa Clara, $10M)
Celcite
(2003, Herndon)
Acquired
Actix
(1981, London, $76.1M)
Meta Networks
(2016, Tel Aviv, $10M)
Unicorns
Aryaka Networks
(2009, Milpitas, $184M)

List of Notable Companies by Market in 5G Enablers
Notable Companies by Market (1/7)
11
5G Enablers > Feed Summary > Notable Companies by Market
Self-Organized Network (SON)
Actix (1981, London, $76.1M)
Mobile network analytics and optimization
Stage: Acquired
Summit Partners
Intucell (2008, Ra'anana, $8.5M)
Software platform for SON (Self Optimizing
Network)
Editor's Pick. Stage: Acquired
Bessemer Venture Partners, Genesis Partners
Celcite (2003, Herndon)
SON and network management solutions
Stage: Acquired
Mobile Edge Computing (MEC)
Qwilt (2010, Hod Hasharon, $65.1M)
Open caching and video delivery platform at mobile
edge
Soonicorn. Stage: Series D
Accel, Redpoint Ventures, Innovation Endeavors
and 6 Other Investors
Vasona Networks (2010, Tel Aviv, $48M)
Solutions for mobile efficiency at the edge
Soonicorn. Stage: Acquired
New Venture Partners, Bessemer Venture Partners,
NexStar Partners and 1 Other Investors
Vapor (2015, Austin)
Provides design solutions for datacenters and
mobile networks
Soonicorn. Stage: Series C
Berkshire Partners, Crown Castle, AVX Partners
Cloud RAN (C-RAN)
Virtualized RAN & NFV solutions provider
Rakuten, Qualcomm Ventures, Tech Mahindra and 1
Other Investors
SpiderCloud (2007, San Jose, $136M)
Scalable Multi-Access Small Cell Systems
Charles River Ventures, Matrix Partners, Opus
Capital and 3 Other Investors
ASOCS (2003, Rosh Haayin, $29.3M)
Virtual RAN solution with enhanced network
capacity and secure connectivity
Taylor Frigon Capital Management, FGI, Vertex
Ventures and 4 Other Investors

12
Cloud RAN (C-RAN)
Dali Wireless (2006, California City, $29.3M)
SDN based router and virtual RAN fronthaul
solutions provider
Soonicorn. Stage: Series B
New Science Ventures, Authosis Ventures, Ironfire
Ventures
Spectrum Efficiency
Saas based spectrum efficiency solutions provider
Charter Communications, American Tower, ARRIS
Kumu Networks (2011, Sunnyvale, $45.4M)
Spectrum efficiency using full-duplex technology
Verizon Ventures, Deutsche Telekom, New
Enterprise Associates and 7 Other Investors
Cohere Technologies (2013, Santa Clara,
$35M)
OTFS based wireless connectivity
Lightspeed Venture Partners, AME Cloud Ventures,
Macquarie SBI Infrastructure Management and 5
Other Investors
Spectrum Efficiency
Unwired Planet (1994, Redwood City, $33M)
Context aware mediation and messaging solutions
Stage: Acquired
ABN AMRO Bank, Qualcomm Ventures, Bell and 7
Other Investors
Flash Networks (1996, Herzliya, $30.5M)
Internet optimization and monetization solutions
Viola Group, Mizrahi Bank, The Challenge Fund-
Etgar and 16 Other Investors

13
Antenna
Pivotal Commware (2016, Bellevue, $62.7M)
Software-defined antenna provider
Thermo Companies, DIG Investment, Bill Gates and
3 Other Investors
PCTEL (1994, Bloomingdale)
Antennas and RF testing solutions provider
Stage: Public
WK Technology Fund, Noventi Ventures, Marini
Investments
Core Network
Software Defined Networking (SDN)
WAN Optimization and Data Acceleration
Soonicorn. Stage: Series F
Golub Capital, TCV, Greylock Partners and 9 Other
Investors
High-speed programmable switches
Western Digital, Xilinx, Silicon Valley Bank and 11
Other Investors
WAN optimization and Accelerated application
delivery
Unicorn. Stage: Series F
Goldman Sachs, Trinity Ventures, Mohr Davidow
Cradlepoint (2004, Boise, $155M)
Network Routers and Services
TCV, Sorenson Capital, Delta-v Capital and 4 Other
Investors
$129M)
Linux operating system for networking hardware
Andreessen Horowitz, Battery Ventures, Sequoia
Big Switch Networks (2010, Mountain View,
$126M)
Software Defined Network Control Fabric
Dell Technologies, Silver Lake, Index Ventures and
10 Other Investors

14
Core Network
Viptela (2012, San Jose, $109M)
Providing Secure Extensible Networks
Sequoia Capital, Redline Capital Management,
Northgate Capital and 1 Other Investors
Virtela Communications (2000, Greenwood
Village, $105M)
Virtual Overlay Network Services
Stage: Acquired
Norwest Venture Partners, New Enterprise
Associates, Palomar Ventures and 5 Other Investors
Software-defined WANs
Bain Capital Ventures, Charles River Ventures, Intel
Stage: Acquired
Azure Capital Partners, Norwest Venture Partners,
Tenaya Capital and 5 Other Investors
Pluribus Networks (2010, Palo Alto, $92.5M)
Software-defined networks for data centers
Temasek, Ericsson, Newtech Technology and 9
Other Investors
Plexxi (2010, Cambridge, $83.4M)
Affinity networking services
GV, Lightspeed Venture Partners, Matrix Partners
VeloCloud (2012, Mountain View, $83M)
Cloud Based WAN Optimization
Hermes Growth Partners, Khazanah Nasional
Berhad, New Enterprise Associates and 7 Other
Investors
Software based networking platform for distributed
routing and network services
G20 Ventures, The Perkins Fund
Versa Networks (2012, Cupertino, $57.4M)
SD-WAN and SD-Security solutions based on NFV
Verizon Ventures, Sequoia Capital, Mayfield and 3
Other Investors

15
Core Network
Console Connect (2011, Santa Clara, $56.6M)
Global software-defined IXP provider
Formation 8, New Enterprise Associates, AME
Cloud Ventures and 6 Other Investors
Luminate Wireless (2013, Cupertino, $48M)
Cloud-enabled Mobile Network Connection
Sequoia Capital, New Enterprise Associates,
Qualcomm and 4 Other Investors
Talari (2004, San Jose, $45.3M)
Creating WAN by aggregation of private
connections
Square 1 Bank, Menlo Ventures, Silver Creek
Teridion (2013, Petah Tikva, $35M)
Cloud Routing Services between data centre and
enduser
Jerusalem Venture Partners, Magma Venture
Partners, Singtel Innov8 and 5 Other Investors
Cenx (2009, Jersey City, $27M)
Lifecycle Service Orchestration (LSO) for SDN &
NFV
Mistral Ventures, VMware, Highland Capital
Partners and 9 Other Investors
Meta Networks (2016, Tel Aviv, $10M)
Zero-trust Network as a service provider
Vertex Ventures, BRM Group
Contrail Systems (2012, Santa Clara, $10M)
Controller for SDN
Stage: Acquired
Khosla Ventures
Megaport (2013, Brisbane, $7.4M)
SDN-based interconnect/connectivity provider
Soonicorn. Stage: Public
Digital Realty
Software driven Cloud networking solutions
Unicorn. Stage: Public
Industry Ventures, Rho Ventures, Redpoint
Multapplied Networks (2008, Chilliwack)
Bonded internet and white-label platform to deploy
SD-WAN
Madison Partners, Victory Square Technologies
Insieme Networks (2013, California)
Hardware based response to SDN & NFV

16
Core Network
Network Function Virtualization (NFV)
Unicorn. Stage: Acquired
Strencom, Carl Icahn, Cisco Investments and 7
Other Investors
Mobile network virtualization solution
Centerview Capital, Qualcomm Ventures, Eastward
Capital Partners and 7 Other Investors
Midokura (2010, Tokyo, $44M)
Open source network virtualization solution
Simplex, INCJ, Allen Miner and 4 Other Investors
Nicira (2007, Palo Alto, $43.4M)
Network Virtualization platform for SDDC
Unicorn. Stage: Acquired
Lightspeed Venture Partners, New Enterprise
Associates, Andreessen Horowitz
Network Function Virtualization (NFV)
TiBit Communications (2014, Petaluma,
$40.1M)
Modules to virtualize access network using optical
switches
Intel Capital, Liberty Global
NFV based solutions provider
Oaktree Capital Management, Marlin Equity
Partners
Enea (1968, Kista)
Open source NFV platform and embedded software
solutions provider
Editor's Pick. Stage: Public
Transport Network
Millimeter Wave (mmWave)
LightPointe (1998, San Diego, $62M)
Manufacturer of outdoor wireless bridges solutions
Rho Ventures, Huawei, Sevin Rosen Funds and 3
Other Investors
Siklu (2008, Tel Aviv, $49M)
E-band and V-band radios manufacturer
Sercomm, Evergreen Venture Partners, Qualcomm
Fastback Networks (2010, California City,
$41M)
wireless backhaul technology for 4G/5G LTE
mobile infrastructure,
Harmony Partners, Foundation Capital, Juniper
Networks and 4 Other Investors
Filtronic (1977, Yeadon)
Wireless broadband and microwave equipment
provider
Stage: Public

17
Transport Network
Telaxis Communications (1982, South
Deerfield)
Wireless broadband access equipment provider
Stage: Acquired
El Dorado Ventures

Recent News in 5G Enablers Sector
Recent News
18
5G Enablers > Feed Summary > Recent News
Jul 2019
PCTEL Launches 5G NR & LTE Network Testing Solutions,
EverythingRF
Jul 2019 Enea signs up first customers for NFV access product, Telecompaper
Jul 2019
VMware Introduces Education Services To Train Teams On VMware
Cloud On AWS, -The Indian Express Pvt
Jul 2019 Electronics manufacturer set to slip to loss, Insider Media
Jul 2019
Basem Anshasi Appointed Chief Operating Officer at Dali Wireless,
Business Wire
Jun 2019
Expedient Announces Expanded DRaaS Offerings Based on VMware
vCloud Availability, PR Newswire
Jun 2019
DigiPlex partners with Megaport to expand cloud connectivity
across Nordics, Telecompaper
Jun 2019 Selectel secures VMware Cloud Verified certificate, Telecompaper
Jun 2019 Dell, Microsoft expand local cloud partnership, ITWeb
Jun 2019
SaaS Company MediPortal Selects Pureport’s Multicloud
Networking Connectivity Platform, HostingJournalist
Jun 2019
New Taoglas Cellular Antennas Include Latest LTE And 5G Bands
For Global Deployments, PR Newswire
Jun 2019 365 Data Centers reaches public clouds via Megaport, Fierce Telecom
Jun 2019
Cloudgenix Launches Cloudblades Platform To Enable The Cloud-
delivered Branch, CloudGenix
Key Recent News Key Recent News
Jun 2019
Pica8’s PICOS® Enables Automated Policy Enforcement with New
Round of Network Access Control Solution Integrations,
GlobeNewswire
Jun 2019 PacketFabric available in Sydney, Australia, Telecompaper
Jun 2019
Vubiq Networks Awarded New Waveguide Patent, Extending
Millimeter Wave Wireless Broadband Position, Business Wire
Jun 2019
Proofpoint’s $120 Million Acquisition of Meta Networks, Global Legal
Chronicle
Jun 2019
Frost & Sullivan Honors Versa Networks With ‘SDWAN Platform
Provider of the Year’ Award at the 2019 India ICT Awards, Business
Wire India
Jun 2019
XebiaLabs Attains VMware Partner Ready for VMware Cloud on
AWS Validation, Business Wire
Jun 2019
DCConnect picks Cumulus Networks' OS to power software defined
network (NG-SDN) platform, Telecompaper
Jun 2019
Dali awarded $9M in damages in CommScope patent trial, Seeking
Alpha
Jun 2019 Health insurer nib launches Skill for Amazon Alexa, iTWire
Jun 2019
US jury finds Dali Wireless willfully infringed CommScope patents,
Telecompaper
Jun 2019 EdgeConneX ramps up cloud access in Memphis, Fierce Telecom
Jun 2019
Enea signs Agreement for Embedded DPI worth 2.8 MUSD,
TELECOMDRIVE

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
19
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

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Investments ($M) and number of rounds in 5G Enablers; 2012-2019
Global Funding Trends (1/2)
21
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
5G Enablers > Investment Trends > Global Funding Trends
#Rounds
$Funding
3 Year CAGR
6 Year CAGR 10% # of Rounds2% $ Funding
0% # of Rounds
17% $ Funding
$319M
$319M $335M
$276M
$627M
$460M
$379M $365M
$547M
0
5
10
15
20
25
30
35
40
45
50
$0k
$100M
$200M
$300M
$400M
$500M
$600M
$700M
2012 2013 2014 2015 2016 2017 2018 2019*
$ Funding Predicted $ Funding # Rounds Predicted # Rounds

$8M $7M $3M $8M $5M $13M $12M
$198M $192M
$213M
$326M
$120M
$126M $119M
$52M
$113M $135M $59M $294M $335M $240M $234M $267M
2012 2013 2014 2015 2016 2017 2018 2019 YTD
Seed Early Stage Late Stage
9 9 7 13 7 9 10
19 25 16
20
12
13
17
6
6 6 4 12 11 9 6 4
2012 2013 2014 2015 2016 2017 2018 2019 YTD
Seed Early Stage Late Stage
34
10
Total # of Rounds
22
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded Club
Global Funding Trends (2/2)
Investments ($M) and number of rounds in 5G Enablers; 2012-2019
5G Enablers > Investment Trends > Global Funding Trends
30
7
16
9
10
8 80
$4.1M
$4.9M
$0.0M
$1.0M
$2.0M
$3.0M
$4.0M
$5.0M
$6.0M
$7.0M
$8.0M
$9.0M
0
10
20
30
40
50
60
70
80
90
2013 2014 2015 2016 2017 2018 2019 YTD Total
Entrants in Funding Club Avg. Ticket Size
$4.1M $8.5M $3.9M $6M $4.9M $6.8M - $4.9M
$319M $319M
Total $ Invested
$287M$180M
$121M $135M
$429M
$383M
$269M $259M
$492M
9
0
2
4
6
8
10
12
0
100000000
200000000
300000000
400000000
500000000
600000000
2012 2013 2014 2015 2016 2017 2018 2019 YTD
$ Funding Predicted $ Funding # of Rounds Predicted # Rounds
Mega Rounds
6 3 5 11 11 6 5 5

5G Enablers > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in 5G Enablers
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Bay Area 2.7B 156
Tewksbury 313M 8
Middlesex 155M 6
Boise 155M 7
Tel Aviv 110M 10
Cambridge 102M 8
Hanover 97.6M 6
Burlington 94.6M 6
London 76.1M 1
San Diego 73M 7
Total Funding
86
43
43
5
9
1
6
# Rounds
$4.3B
$367M
$158M
$44.5M
$29.7M
$7.4M
$5.6M
US
Israel
Europe
Japan
Canada
Australia
India
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$1.3 $1.0 $0.8 $0.7
$1.3
$1.7 $1.8
2012 2013 2014 2015 2016 2017 2018
5G Enablers > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in 5G Enablers; 2012-2018
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$16.5K* $10M
$1M $24M
$1.5M $52M
$1M $114M
$27M
$15.6M
$7M
$775K
Series C+
Series B
Series A
Seed
Stage
$22.0
$11.7
$18.5
$29.4
$14.1
$23.7
$11.3
$22.7 $27.0
$14.7
$29.4 $37.2 $30.0
$58.4
$8.5 $6.9
$10.8
$7.6 $7.1 $6.1 $7.8

Note: 44 companies with undisclosed funding amount are not included
25
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
9
38
53
14
13
No. of Companies
5G Enablers > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in 5G Enablers; as of Jul 2019
Distribution of companies by Funding Range
$4M
$176M
$1.5B
$1.B
$2.4B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
73%
50%
33%
20%
26
Note: Numbers in the brackets show the count of companies
Time to raise
next round
47
76
115
170
232
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
73% 24%
(55)
9%
(21)
0%
(1)
4%
(9)
22%
(52)
68% 31%
(52)
11%
(18)
1%
(1)
5%
(8)
27%
(46)
66% 41%
(47)
11%
(13)
1%
(1)
3%
(4)
30%
(34)
62% 58%
(44)
13%
(10)
1%
(1)
3%
(2)
34%
(26)
- 72%
(34)
19%
(9)
2%
(1)
2%
(1)
45%
(21)
5G Enablers > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in 5G Enablers
Funding Funnel
21 Months
19 Months
25 Months
Investment backedBootstrapped
38
4
52
7
5
2
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
5G Enablers > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in 5G Enablers; Jul 2017-Jul 2019
Notable Investments in last 24 months (1/4)
LATE STAGE
$114M - Series C Feb 2019
Rakuten, Qualcomm Ventures, Tech Mahindra
$90M - Series F Jun 2018
TCV
$70M - Series D Sep 2018
Western Digital, Xilinx
$65M - Series C Apr 2019
Capital, ClearSky, Mayfield
LATE STAGE
$50M - Series F May 2019
delivery
Ventures, Nexus Venture Partners, Third Point
Ventures, InterWest Partners, Presidio Ventures,
Deutsche Telekom Capital Partners
$43M - Series D Jan 2018
$129M)
Linux operating system for networking hardware
Andreessen Horowitz, Battery Ventures, Sequoia
Capital, Telstra Ventures
$38M - Series C Feb 2019
Mobile network virtualization solution
Centerview Capital, Qualcomm Ventures, Eastward
Capital Partners
LATE STAGE
$30.7M - Series C May 2018
Software based networking platform for distributed
routing and network services
G20 Ventures
$10M - Series C Oct 2017
ASOCS (2003, Rosh Haayin, $29.3M)
Virtual RAN solution with enhanced network
capacity and secure connectivity
Taylor Frigon Capital Management
$2M - Series C Aug 2017
$1M - Series E Jul 2017
Creating WAN by aggregation of private connections
PE Apr 2018
FusionLayer (2002, Espoo)
Cloud application deployment solutions
Privanet

LATE STAGE
Series C Sep 2018
Provides design solutions for datacenters and
mobile networks
Berkshire Partners, Crown Castle
EARLY STAGE
$42M - Series B Sep 2017
Charter Communications, American Tower, ARRIS,
GIC
$25M - Series B Jan 2018
PacketFabric (2015, Los Angeles, $25M)
Software controlled interconnection network
services
NantWorks
$20M - Series B Apr 2019
$40.1M)
switches
Intel Capital
$19.5M - Series B Nov 2017
Movandi (2016, Newport Beach, $39.5M)
5G antenna solutions with beamforming technology
EARLY STAGE
$16M - Series B Jun 2018
Mode (2014, San Francisco, $24.3M)
SD-WAN, UC and Ultra Low Latency optimizing
solution
GV, New Enterprise Associates
$14.7M - Series A Sep 2018
$11M - Series B Jan 2019
$10M - Series B Feb 2019
Cambridge Communication (2010,
Cambridge, $18.9M)
Self-organising mmWave small cell backhaul
solutions provider
Cambridge Angels, ADTRAN, IG Capital

EARLY STAGE
$10M - Series A May 2018
Metawave (2017, Palo Alto, $17M)
Smart radar and 5G antenna systems provider
Denso Corporation, AGC Glass Company, Toyota AI
Ventures, Motus Ventures, Khosla Ventures,
Autotech Ventures, Bold Capital Partners, SAIC
Capital, Western Technology Investment, Alrai
Capital, Infineon, Hyundai CRADLE
$9M - Series B Apr 2019
Teridion (2013, Petah Tikva, $35M)
Cloud Routing Services between data centre and
enduser
Jerusalem Venture Partners, Magma Venture
Partners, Singtel Innov8
$9M - Series A Sep 2017
$7.5M - Series B Dec 2018
Digital Global Systems (2012, Beltsville,
$33.4M)
Spectrum management, interference mitigation, and
asset protection solutions provider
EARLY STAGE
$7M - Series A Nov 2017
GenXComm (2016, Austin, $9.3M)
Full-duplex based wireless backhaul solutions
provider
Intel Capital, Azure Capital Partners, Bandgap
Ventures, Capital Factory, Innovation UT System,
Lip-Bu Tan
$6.3M - Series A Mar 2018
$40.1M)
switches
$4.9M - Series A Jan 2018
Bigleaf (2012, Beaverton, $6.4M)
SD-WAN optimization and redundancy service for
network
GoAhead Ventures, Oregon Angel Fund, Portland
Seed Fund, Seattle Angel Fund
EARLY STAGE
$4.5M - Series B Jul 2018
$33.4M)
$3.5M - Series B Jan 2018
$33.4M)
$2.7M - Series A Nov 2017
Anova Data (2007, Westford, $5.4M)
Real time intelligence at the radio edge
$2M - Series A Apr 2019
Lavelle Networks (2015, Bangalore, $4M)
WAN management platform
YourNest, Ideaspring Capital, KAAJ Ventures, ASM
Technologies

EARLY STAGE
Series B May 2018
Intel Capital
Series A May 2019
Cellwize (2012, Tel Aviv, $14.5M)
Self Organizing Network solution provider
Sonae IM
Series A Dec 2018
Cellwize (2012, Tel Aviv, $14.5M)
Self Organizing Network solution provider
Series A Dec 2018
Astrapi Corp (2011, Dallas, $1.8M)
Signal modulation technology rovider
Ascend Venture Capital
SEED STAGE
$7M - Seed Sep 2017
Thyra Global Management, Khosla Ventures, Motus
Ventures, SAIC USA, Western Technology
Investment, Autotech Ventures, Alrai Capital, Bold
Capital Partners, Rising Tide Fund
$269k - Seed Oct 2018
Lavelle Networks (2015, Bangalore, $4M)
WAN management platform
ASM Technologies

Most Active Investors (VC, PE) by Stage in 5G Enablers; Last 5 years (Jul 2014-Jul 2019)
Most Active VC & PE Investors
31
5G Enablers > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Maxfield Capital(2 Investments)
Yoics, NFWare
1
Khosla Ventures
Metawave
2
Vertex Ventures
Meta Networks
3
DN Capital
Parallel Wireless
4
Almaz Capital
NFWare
5
SoftBank Ventures Korea
Saguna
6
BRM Group
Meta Networks
7
Double M Partners
Yoics
8
Timark
Yoics
9
Alpine Meridian
Yoics
10
EARLY STAGE
Intel Capital(4 Investments)
CloudGenix, TiBit Communications, Sedona Systems
1
New Enterprise Associates(3 Investments)
Console Connect, Luminate Wireless, Mode
2
GV (2 Investments)
Luminate Wireless, Mode
3
Sequoia Capital(2 Investments)
Luminate Wireless, Blue Danube Systems
4
Verizon Ventures(2 Investments)
Versa Networks, Lumina Networks
5
Bessemer Venture Partners
Sedona Systems
6
Bain Capital Ventures
CloudGenix
7
Mayfield
Versa Networks
8
Cisco Investments
6WIND
9
Madrona Venture Group
M87
10
LATE STAGE
Qualcomm Ventures(3 Investments)
Altiostar, Affirmed Networks, Siklu
1
Cisco Investments(3 Investments)
VeloCloud, Qwilt, Kumu Networks
2
Telstra Ventures (3 Investments)
Cumulus Networks, VeloCloud, Cohere Technologies
3
TCV (2 Investments)
Silver Peak, Cradlepoint
4
AME Cloud Ventures(2 Investments)
Pluribus Networks, Cohere Technologies
5
Deutsche Telekom Capital Partners (2
Investments)
Aryaka Networks, Ngena
6
Hermes Growth Partners(2 Investments)
Barefoot Networks, VeloCloud
7
New Enterprise Associates
Cohere Technologies
8
GV
Plexxi
9
Temasek
Pluribus Networks
10

5G Enablers > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in 5G Enablers; Last 5 years (Jul 2014-Jul 2019)
Most Active Ecosystem Investors
INCUBATOR/ACCELERATOR
Alchemist Accelerator(2 Investments)
NFWare, Puloli
1
Jerusalem Venture Partners
Teridion
2
Startupbootcamp
Wimark
3
Plug and Play Tech Center
Metawave
4
Techstars
Mutable
5
NTT Docomo Ventures
UBiqube
6
Capital Factory
GenXComm
7
Wayra
NFWare
8
Portland Seed Fund
Bigleaf
9
Innovation UT System
GenXComm
10
OTHER NOTABLE INVESTORS
TriplePoint Capital(5 Investments)
Cyan, Plexxi, Console Connect
1
Singtel Innov8(3 Investments)
Kumu Networks, Teridion, Arista
2
Goldman Sachs(2 Investments)
Aryaka Networks, Vapor
3
BDC(2 Investments)
Cenx, Corsa
4
Deutsche Telekom(2 Investments)
Kumu Networks, Flash Networks
5
AT&T(2 Investments)
Blue Danube Systems, Lumina Networks
6
Telecom Infra Project(2 Investments)
Airrays, BISDN
7
UK Government
Zeetta
8
NSF
Mode
9
European Commission
Zeetta
10
DEBT INVESTORS
Western Technology Investment(4
Investments)
SpiderCloud, Metawave, ClearPath Networks
1
Eastward Capital Partners(3 Investments)
Affirmed Networks, SpiderCloud, Plexxi
2
Silicon Valley Bank
Barefoot Networks
3
Oaktree Capital Management
Coriant
4
Hercules Capital
BridgeWave
5
Golub Capital
Silver Peak
6

5G Enablers > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/5)

5G Enablers > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
39
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Investment Activity
Top Markets of Early Stage Investors
Market Deep Dive

Some more Sector Reports you might want to check out
Join 4000+ people taking sharper decisions with Tracxn
OSS & BSS
Apr 2019
Telecom Infrastructure Tech
Mar 2019
Telecom Operators
Jan 2019

Marketmap: 5G Enablers
41
5G Enablers > Market Details > BlueBox

Key Sub Sectors
42
Key Sub Sectors in 5G Enablers
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Core Network
Companies that provide solutions for Software Defined Networking (SDN) and virtualization
of the network infrastructure leading to a shift from hardwa...
VMware (1998, Palo Alto, Acquired)
Coriant (2013, Naperville, Acquired)
129 96 $3.4B
Companies that provide solutions which enable self-organization, improve spectrum
efficiency and enabling user/context relevant services
Federated Wireless (2013, Arlington,
$69M)
84 62 $1.5B
Transport Network
Companies that provide solutions for fixed wireless access using millimeter wave frequency
spectrum (20 - 300GHz) enabling high bandwidth services
Siklu (2008, Tel Aviv, $49M)
Mimosa (2012, Campbell, Acquired)
19 12 $265M
5G Enablers > Market Details > Key Sub Sectors

Taxonomy Description
# Cos
Tracked
Funded
Total
Funding
#IPO,
Unicorns
Last 2 years Notable
Companies# Rounds $M Invested
Companies that provide solutions which enable self-
organization, improve spectrum efficiency and ena....
84 62 $1.5B 1 Vapor
Self-Organized Network (SON)
Companies that provide Self-Organized Network solutions to
make the network automatically self-organ....
24 16 $191M P.I. Works
Mobile Edge Computing (MEC)
Companies that provide computing solutions at the edge of the
network to make the network intelligen....
11 8 $173M Vapor
Cloud RAN (C-RAN)
Companies that provide Cloud RAN solutions which enable
sharing of baseband units across multiple ra....
10 6 $531M Parallel Wireless
Spectrum Efficiency
Companies that provide solutions to improve the spectrum
efficiency and bandwidth optimization
23 20 $427M Federated Wireless
Antenna
Companies that provide MIMO (multi input multi output)
beamforming or beam steering antenna solution....
16 12 $148M 1 Taoglas
Core Network
Companies that provide solutions for Software Defined
Networking (SDN) and virtualization of the net....
129 96 $3.4B 6 VMware
Companies that provide Software Defined Networking
solutions which allow separation of control layer....
106 78 $2.5B 3 Arista
SD-WAN Companies that provide SDN-based WAN solutions 14 11 $997M 1 VeloCloud
Controller
Companies that provide SDN controller including equipment
and OS
15 12 $331M
Big Switch
Networks
Network-as-a-service
Companies that provide SDN and NFV based network as a
service
27 21 $284M 1 Megaport
Network Management
Companies that provide SDN-based network management
solutions
32 17 $287M Cenx
Detailed Sector Taxonomy in 5G Enablers
Detailed Sector Taxonomy (1/2)
43
5G Enablers > Market Details > Detailed Sector Taxonomy
7
5
3
7
26
29
10
11
3
2
2
28
$12.5M
$46.3M
$43.3M
$227M
$444M
$508M
$72.9M
$74M
$126M
$2.7M
$276M

Taxonomy Description
# Cos
Tracked
Funded
Total
Funding
#IPO,
Unicorns
Last 2 years Notable
Companies# Rounds $M Invested
OS
Companies that provide SDN OS to the developers enabling
them to make their own customized SDN control...
7 6 $183M Cumulus Networks
IXP
Companies that provide Internet exchange point/
interconnects (IXP) to the enterprises based on SDN an...
2 2 $56.6M Console Connect
Switch Companies that provide SDN switch 9 9 $362M 1 Arista
Network Function Virtualization
(NFV)
Companies that provide Network Function Virtualization
solutions which offer virtualization of the p....
23 18 $855M 3 VMware
Transport Network
Companies that provide solutions for fixed wireless access
using millimeter wave frequency spectrum ....
19 12 $265M 1 Siklu
Companies that provide wireless access and backhaul
equipment for millimeter wave frequency spectrum (...
19 12 $265M 1 Siklu
Detailed Sector Taxonomy in 5G Enablers
Detailed Sector Taxonomy (2/2)
44
5G Enablers > Market Details > Detailed Sector Taxonomy
1
1
3
1
-
3
$10M
$10M
$64.3M
$70M
$45.1M

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(+2)
Radio Access Network (RAN) > Spectrum Efficiency
Companies that provide solutions to improve the spectrum efficiency and bandwidth optimization
(Companies covered 23 | Funded 20 | Total Funding $427M)
$74M
(+$9.6M)
11
(+3)
Federated Wireless
(2013, Arlington, $69M)
2
(-1)
Core Network > Software Defined Networking (SDN) > SD-WAN
Companies that provide SDN-based WAN solutions
$227M
(-$95.6M)
7
(-)
Silver Peak
3
(+5)
Radio Access Network (RAN) > Antenna
Companies that provide MIMO (multi input multi output) beamforming or beam steering antenna
solutions by activating large number of antenna elements
$72.9M
(+$36.7M)
10
(+5)
Movandi
(2016, Newport Beach, $39.5M)
4
(-)
Radio Access Network (RAN) > Cloud RAN (C-RAN)
Companies that provide Cloud RAN solutions which enable sharing of baseband units across multiple
radio units based on the network requirement
$126M
(+$42.7M)
3
(-3)
Altiostar
(2011, Tewksbury, $313M)
5
(+6)
Core Network > Software Defined Networking (SDN) > Network-as-a-service
Companies that provide SDN and NFV based network as a service
$46.3M
(+$18.3M)
5
(+1)
PacketFabric
(2015, Los Angeles, $25M)
6
(+4)
Core Network > Software Defined Networking (SDN) > Network Management
Companies that provide SDN-based network management solutions
$12.5M
(-$14.5M)
7
(+2)
Volta Networks
(2015, San Francisco, $6.4M)
7
(-1)
Core Network > Network Function Virtualization (NFV)
Companies that provide Network Function Virtualization solutions which offer virtualization of the
proprietary network equipment for cost efficiency and reduced deployment time
$64.3M
(+$11.6M)
3
(-3)
Affirmed Networks
(2010, Middlesex, $155M)
45
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets of Investment Activity (1/2)
Top Markets by Funding in 5G Enablers in last 2 years (July 2017 - June 2019)
5G Enablers > Market Details > Top Markets of Investment Activity

Top Markets of Investment Activity (2/2)
5G Enablers > Market Details > Top Markets of Investment Activity

Rank Market # Investments Key Investments
1
Core Network > Network Function Virtualization (NFV)
Companies that provide Network Function Virtualization solutions which offer virtualization of the
proprietary network equipment for cost efficiency and reduced deployment time
(Companies created 23 | Funded 18 | Total Funding $855M )
1 TiBit Communications (2014, Petaluma,
$40.1M)
2
Radio Access Network (RAN) > Spectrum Efficiency
Companies that provide solutions to improve the spectrum efficiency and bandwidth optimization
1 GenXComm (2016, Austin, $9.3M)
3
Core Network > Software Defined Networking (SDN) > SD-WAN
Companies that provide SDN-based WAN solutions
1 CloudGenix (2013, Santa Clara, $100M)
Note: Investors considered - Sequoia Capital, Accel Partners, Andreessen Horowitz, NEA, Greylock Partners, General Catalyst Partners, Benchmark Capital, KPCB, Khosla Ventures, Redpoint Ventures, Founders Fund, SV Angel, Index Ventures, Bessemer
Venture Partners, Lightspeed Venture Partners, Venrock, Draper Fisher Jurvetson, Institutional Venture Partners, Intel Capital, Battery Ventures
47
Top Markets of Early Stage Investors
Top Markets where Early Stage Investors are investing in last 2 years (July 2017 - June 2019)
5G Enablers > Market Details > Top Markets of Early Stage Investors

Incubators Capital Factory (#1), Innovation UT System (#1)
Seed
Series A/B Intel Capital (#1), North Bridge (#1)
Series C+
New Enterprise Associates (#1), Lightspeed Venture
Partners (#1)
Unwired Planet Jun - 1999
IPO'd on NASDAQ
Mobixell Networks Jan - 2014
Acq by Flash Networks
$7.5M - Series B
Digital Global Systems (2012,
Beltsville, $33.4M)
Series A
$8M - Series A
Collision Communications (2011,
Nashua, $8M)
$100k - Seed
TM Technologies (2013, Tucson,
$1.4M)
$4.5M - Series B
Digital Global Systems (2012,
Beltsville, $33.4M)
$150k - Seed
$1.4M)
$500k - Seed
$1.4M)
$690k - Seed
$1.4M)
Jun 2019
Federated Wireless submits report card to hasten final
approval for CBRS, Fierce Wireless
May 2019
Kumu Networks Announces KU1500 RFIC Evaluation Board
Availability, Microwave Journal
May 2019
Federated Wireless looking to take SAS global after US
commercialization, RCRWireless
May 2019
Three More Companies Approved as CBRS Certified
Professional Installer Training Program Administrators by
Wireless Innovation Forum, Business Wire
May 2019
Flash Networks Named Winner of Safaricom Innovation
Award, PR Newswire
Apr 2019
Cohere Technologies targets Massive MIMO reboot,
MobileWorldLive
Feb 2019
Dolan joins Cohere Technologies as chairman, CEO,
Telecompaper
Feb 2019
Flash Networks Launches xtraAir Just in Time Video
Scheduling, Latest Software Testing News
Jan 2019
Rivada Networks supports establishment of global quantum
security technology standards, Financial News
Dec 2018
Unwired Planet: one small SEP for man, one giant leap for
FRAND-kind, Lexology
Dec 2018 Astrapi Corporation Closes Funding Round, Citybizlist
Dec 2018
Losses rise at Irish arm of Declan Ganley’s Rivada, The Irish
Times
Nov 2018
Amazon Makes Bold Entry Into CBRS with Ruckus,
Federated, Athonet Partnership, Multichannel News
News
3
6
16
20
23
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Radio Access Network (RAN) > Spectrum Efficiency: Market Factsheet
48
Exits
Recent InvestmentsCompanies that provide solutions
to improve the spectrum
efficiency and bandwidth
optimization
Federated Wireless
(2013, Arlington, $69M)
Rivada Networks
(2004, Colorado Springs)
Flash Networks
(1996, Herzliya, $30.5M)
Kumu Networks
(2011, Sunnyvale, $45.4M)
Cohere Technologies
Top Companies
#1 Top Markets of Investment Activity
5G Enablers > Market Details > Market: Spectrum Efficiency
Companies Created 23 | Funded 20 | Total Funding $427M
0
10
20
$0k
$50M
$100M
2014 2015 2016 2017 2018
Predicted Funding YoY Funding
Rounds Predicted Rounds
YoY Funding and Rounds
Market: Spectrum Efficiency

Radio Access Network (RAN) > Spectrum Efficiency: Top Companies
Analyst’s Pick
Charter Communications, American Tower, ARRIS
Kumu Networks (2011, Sunnyvale, $45.4M)
Verizon Ventures, Deutsche Telekom, New
Enterprise Associates and 7 Other Investors
Cohere Technologies (2013, Santa Clara,
$35M)
OTFS based wireless connectivity
Lightspeed Venture Partners, AME Cloud Ventures,
Macquarie SBI Infrastructure Management and 5
Other Investors
Analyst’s Pick
$33.4M)
Spectrum management, interference mitigation,
and asset protection solutions provider
Minicorn. Stage: Series B
Ancora
Flash Networks (1996, Herzliya, $30.5M)
Viola Group, Mizrahi Bank, The Challenge Fund-
Etgar and 16 Other Investors
GenXComm (2016, Austin, $9.3M)
Full-duplex based wireless backhaul solutions
provider
Minicorn. Stage: Series A
Intel Capital, Azure Capital Partners, Bandgap
Collision Communications (2011, Nashua,
$8M)
Advanced multi-user detection receiver solutions
provider
Editor's Pick. Stage: Series A
Analyst’s Pick
Signal modulation technology rovider
Ascend Venture Capital
TM Technologies (2013, Tucson, $1.4M)
Bandwidth optimization solutions provider
Editor's Pick. Stage: Seed
RED Technologies (2012, Paris, $1.1M)
Dynamic spectrum sharing and SON solutions
providers
Editor's Pick. Stage: Series A
CapDecisif Management
Spectrum Effect (2015, Tampa, $878k)
Spectrum Sharing solutions by mitigating external
RF interference
Editor's Pick. Stage: Seed
Rivada Networks (2004, Colorado Springs)
Spectrum sharing, bandwidth trading, open access
wireless networks solutions and location-based
services provider
Editor's Pick. Stage: Unfunded

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
50
Radio Access Network (RAN) > Spectrum Efficiency: Leaderboard
Better than Market Average
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0
Cohere
Technologies
2013 Santa Clara Series C $35M 1 - - - - 665 - - 6 - - 43 7%
5.0
Federated
Wireless
2013 Arlington Series B $69M 3 - - - - - - - 30 - - - -
4.7
Unwired
Planet
1994
Redwood
City
Acquired $33M 3 - - - - - - - 11 - - - -
4.6
Digital
Global
Systems
2012 Beltsville Series B $33.4M 7 - - - - 30 - - 4 - - - -
4.2
Flash
Networks
1996 Herzliya Series C $30.5M 4 - - - - 571 - - 9 - - -9 -2%
3.9
Mobixell
Networks
2000 Raanana Acquired $39M 6 - - - - 2.1k - - 5 - - -18 -1%
3.8 GenXComm 2016 Austin Series A $9.3M 3 - - - 3 47 - - 3 - - 3 7%
3.7
Shared
Spectrum
2000 Vienna Series A $3M 3 - - - - 109 - - 4 - - 4 4%
3.4
Collision
Communicati
ons
2011 Nashua Series A $8M 1 2 - - 5 15 - - 1 - - 2 15%
3.1 Astrapi Corp 2011 Dallas Series A $1.8M 2 3 - - - - - - 2 - - - -
2.9
Kumu
Networks
2011 Sunnyvale Series C $45.4M 3 - - - - 303 - - 8 - - -5 -2%

Incubators The Fabric (#1), Portland Seed Fund (#1)
Seed
Series A/B New Enterprise Associates (#2), Sequoia Capital (#2)
Series C+ TCV (#2), Cisco Investments (#1)
Talari Nov - 2018
Acq by Oracle
VeloCloud Nov - 2017
Acq by VMware
$50M - Series F
Aryaka Networks (2009, Milpitas,
$184M)
$65M - Series C
$90M - Series F
$16M - Series B
Series B
$4.9M - Series A
$1M - Series E
$8.3M - Series A
$89.2M - Series C
$35M - Series D
VeloCloud (2012, Mountain View,
$83M)
Jun 2019
Cloudgenix Launches Cloudblades Platform To Enable The
Cloud-delivered Branch, CloudGenix
Jun 2019
Frost & Sullivan Honors Versa Networks With ‘SDWAN
Platform Provider of the Year’ Award at the 2019 India ICT
Awards, Business Wire India
Jun 2019
Versa Networks Achieves NSS Labs Recommended Rating in
the 2019 SD-WAN Group Test with its Security-Enabled SD-
WAN, PR Newswire
Jun 2019
Aryaka Names Edward Frye Chief Information Security
Officer, ResponseSource
Jun 2019
Mervyn Byleveldt of Cradlepoint on the future of transport in
South Africa: digital, connected and s, Gigabit Magazine
Jun 2019
Aryaka delivers managed WAN connectivity for Coats,
Telecompaper
Jun 2019
Infrastructure-as-a-Service | Odine Solutions, Versa
Networks deploy SD-WAN core for Turkcell, TELECOMDRIVE
May 2019
Silver Peak Wins Two Network Computing Awards; SD-WAN
Vendor of the Year and Network Project of the Year with
Mazars, Business Wire
May 2019 Mushroom announces latest strategy, China Daily
May 2019 Deepend Melbourne rebrands as Versa, AdNews
May 2019
Versa Networks Partners with Nuvias to Offer Secure Cloud
IP Software Solutions across Europe, RealWire
May 2019 Aryaka snags $50M in funding; next stop IPO?, Fierce Telecom
May 2019
Cradlepoint eyes CBRS spectrum to offer private LTE as an
escape from Wi-Fi, Fierce Wireless
News
3
8
11
11
14
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Core Network > Software Defined Networking (SDN) > SD-WAN: Market Factsheet
51
Exits
Recent InvestmentsCompanies that provide SDN-
based WAN solutions
VeloCloud
(2012, Mountain View, $83M)
Versa Networks
(2012, Cupertino, $57.4M)
Aryaka Networks
(2009, Milpitas, $184M)
Silver Peak
Cradlepoint
(2004, Boise, $155M)
Top Companies
5G Enablers > Market Details > Market: SD-WAN
0
5
10
$0k
$100M
$200M
2014 2015 2016 2017 2018
Market: SD-WAN

Core Network > Software Defined Networking (SDN) > SD-WAN: Top Companies
Market: SD-WAN
Analyst’s Pick
Soonicorn. Stage: Series F
Golub Capital, TCV, Greylock Partners and 9 Other
Investors
delivery
Unicorn. Stage: Series F
Network Routers and Services
TCV, Sorenson Capital, Delta-v Capital and 4 Other
Investors
Viptela (2012, San Jose, $109M)
Sequoia Capital, Redline Capital Management,
Northgate Capital, Moment Ventures
Analyst’s Pick
VeloCloud (2012, Mountain View, $83M)
Hermes Growth Partners, Khazanah Nasional
Berhad, New Enterprise Associates and 7 Other
Investors
Versa Networks (2012, Cupertino, $57.4M)
SD-WAN and SD-Security solutions based on NFV
Verizon Ventures, Sequoia Capital, Mayfield and 3
Other Investors
Creating WAN by aggregation of private
connections
Square 1 Bank, Menlo Ventures, Silver Creek
Analyst’s Pick
SD-WAN, UC and Ultra Low Latency optimizing
solution
GV, New Enterprise Associates, NSF and 2 Other
Investors
SD-WAN optimization and redundancy service for
network
GoAhead Ventures, Oregon Angel Fund, Portland
Seed Fund and 3 Other Investors
Multapplied Networks (2008, Chilliwack)
Bonded internet and white-label platform to deploy
SD-WAN
Madison Partners, Victory Square Technologies

53
Core Network > Software Defined Networking (SDN) > SD-WAN: Leaderboard
Market: SD-WAN
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0 Talari 2004 San Jose Acquired $45.3M 8 5 - - - 2.3k - - 21 - - 69 3%
5.0 VeloCloud 2012
Mountain
View
Acquired $83M 5 5 - - - 5.5k - - 57 - - 351 7%
4.6
Versa
Networks
2012 Cupertino Series B $57.4M 2 4 - - - 16.7k - - 57 - - 1.6k 11%
4.5 Cradlepoint 2004 Boise Series C $155M 7 - 4 - - 3.6k 8k 42 38 3 8% 141 4%
4.3 CloudGenix 2013 Santa Clara Series C $100M 4 - - - - 2.1k - - 31 - - 112 6%
4.2 Mode 2014
San
Francisco
Series B $24.3M 3 4 - - 4 982 - - 4 - - 452 85%
4.2 Silver Peak 2004 Santa Clara Series F $234M 7 - - - - 27.1k - - 48 - - 207 1%
4.0
Aryaka
Networks
2009 Milpitas Series F $184M 8 5 - - - 14k - - 55 - - -170 -1%
4.0 Viptela 2012 San Jose Acquired $109M 2 4 - - - 51 - - 28 - - 22 76%
3.6 Bigleaf 2012 Beaverton Series A $6.4M 2 - - - - 403 - - 19 - - 57 16%
2.8
Multapplied
Networks
2008 Chilliwack Series C - 3 - - - - 491 - - 3 - - - -
1.6
Mushroom
Networks
2004 San Diego Unfunded - - - - - - 969 - - 4 - - - -
0.5 TELoIP 2002 Mississauga Unfunded - - - - - 4 - - - - - - -187
-
100%
0.0 Cosgrid 2016 Chennai Unfunded - - - - - - - - - - - - - -

Incubators
Seed
Khosla Ventures (#1), Western Technology Investment
(#1)
Series A/B Sequoia Capital (#1), Northgate Capital (#1)
Series C+
PHAZR Dec - 2018
Acq by JMA Wireless
$11M - Series B
Movandi (2016, Newport Beach,
$39.5M)
Seed
FreeFall (2016, Tucson)
$14.7M - Series A
Pivotal Commware (2016, Bellevue,
$62.7M)
$10M - Series A
Series A
Airrays (2013, Dresden)
$500k - Seed
Transform-X (2016, Tucson, $1.6M)
$19.5M - Series B
$39.5M)
$1.1M - Seed
Transform-X (2016, Tucson, $1.6M)
$9M - Series A
$39.5M)
$7M - Seed
Jul 2019
PCTEL Launches 5G NR & LTE Network Testing Solutions,
EverythingRF
Jun 2019
New Taoglas Cellular Antennas Include Latest LTE And 5G
Bands For Global Deployments, PR Newswire
Jun 2019
PCTEL Announces 5-Port LTE Multiband Antenna for Fixed
Industrial IoT Deployments, Business Wire
Mar 2019 Movandi aims to aim 5G better, EDN Asia
Mar 2019
5G startup Movandi says its technology can boost mmWave
signals, Fierce Wireless
Feb 2019 iDAS Antennas Boost Indoor Connectivity, Sensors Online
Feb 2019
NXP, Movandi form 5G partnership over BeamXR, eeNews
Analog
Feb 2019
Pivotal Commware Selects MACOM as Key RF Component
Supplier for Its Echo 5G In-Building Penetration Device,
Microwave Journal
Feb 2019 Movandi to Extend 5G mmWave Coverage, Light Reading
Dec 2018
Movandi Wins Prestigious 2018 Global Semiconductor
Alliance Award, GlobeNewswire
Dec 2018
JMA Wireless Acquires 5G focused PHAZR, Expanding In-
Building Solution Leadership and Becoming Immediate 5G
Radio Access Network Challenger, PRWeb
Dec 2018
Irish antenna firm signals strong growth in profit and
revenue, The Irish Times
Sep 2018
Taoglas technology provides up to 2dB performance
increase for onboard antennas, Financial News
Aug 2018 Future Electronics, Taoglas seal global pact, Electronic Specifier
News
2
1
5
12
16
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Radio Access Network (RAN) > Antenna: Market Factsheet
54
Exits
Recent InvestmentsCompanies that provide MIMO
(multi input multi output)
beamforming or beam steering
antenna solutions by activating
large number of antenna elements
Taoglas
(2005, Enniscorthy)
Metawave
(2017, Palo Alto, $17M)
Movandi
(2016, Newport Beach, $39.5M)
Blue Danube Systems
(2006, San Francisco, $23.9M)
Pivotal Commware
(2016, Bellevue, $62.7M)
Top Companies
5G Enablers > Market Details > Market: Antenna
0
5
10
$0k
$20M
$40M
$60M
2014 2015 2016 2017 2018
Market: Antenna

Radio Access Network (RAN) > Antenna: Top Companies
Market: Antenna
Analyst’s Pick
Thermo Companies, DIG Investment, Bill Gates and
3 Other Investors
Sierra Ventures, Cota Capital, DNX Ventures
Blue Danube Systems (2006, San Francisco,
$23.9M)
Wireless antenna solutions to increase capacity
Northgate Capital, Sequoia Capital, AT&T, Walnut
Ventures
Denso Corporation, AGC Glass Company, Toyota AI
Analyst’s Pick
JMA Wireless (2012, Syracuse)
RAN equipment provider
Editor's Pick. Stage: Unfunded
Plasma Antennas (2000, Winchester)
Semi-custom selectable multi-beam smart antennas
provider
Editor's Pick. Stage: Funded
Oxford Technology
Taoglas (2005, Enniscorthy)
Advanced Antenna and RF Solutions
Editor's Pick. Stage: Funded
European Space Agency, Mindseed

56
Radio Access Network (RAN) > Antenna: Leaderboard
Market: Antenna
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0 Movandi 2016
Newport
Beach
Series B $39.5M 3 - - - 4 44 - - 13 - - 15 52%
4.8
Pivotal
Commware
2016 Bellevue Series B $62.7M 3 - - - 4 33 - - 10 - - 6 22%
4.8 Taoglas 2005
Enniscorth
y
Funded - 1 - - - - 1.1k - - 22 - - 114 13%
4.7 Metawave 2017 Palo Alto Series A $17M 2 4 - - 3 774 - - 15 - - 624 416%
4.2
Blue Danube
Systems
2006
San
Francisco
Series B $23.9M 3 - - - - - - - 12 - - - -
3.6 PCTEL 1994
Bloomingd
ale
Public - - - - - 3 656 - - 52 - - 65 11%
2.7 JMA Wireless 2012 Syracuse Unfunded - - - - - 4 1.3k - - 2 - - - -
2.3 FreeFall 2016 Tucson Seed - 1 - - - 3 89 - - - - - 30 51%
2.2 Transform-X 2016 Tucson Seed $1.6M 3 - - - 3 - - - 3 - - - -
2.2 Airrays 2013 Dresden Series A - 2 - - - - - - - 1 - - - -
0.9
Plasma
Antennas
2000 Winchester Funded - - - - - 4 32 - - 3 - - -3 -9%
0.8 PHAZR 2015 Allen Acquired - - - - - 2 10 - - 3 - - - -
0.7
Antenna
Company
2013 Eindhoven Funded - - 4 - - 4 - - - - - - - -

5G Enablers > Market Details > Market: Cloud RAN (C-RAN)
Market: Cloud RAN (C-RAN)

5G Enablers > Market Details > Market: Network-as-a-service
Market: Network-as-a-service

5G Enablers > Market Details > Market: Network Management
Market: Network Management

5G Enablers > Market Details > Market: Network Function Virtualization (NFV)
Market: Network Function Virtualization (NFV)

5G Enablers > Market Details > Market: OS
Market: OS

Market: OS

5G Enablers > Market Details > Market: Controller
Market: Controller

Market: Controller

5G Enablers > Market Details > Market: Switch
Market: Switch

Market: Switch

Public Companies
Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
78
Notable Acquisitions
Top Acquirers
Acqui-hires

Public companies
80
List of Public Companies in 5G Enablers
IPO Date Company
IPO
Mcap
Exchange
Ticker
Dec 2015
Megaport (2013, Brisbane)
SDN-based interconnect/connectivity provider
$63M ASX:MP1
Jun 2014
Software driven Cloud networking solutions
$2.7B NYSE:ANET
Oct 1999
PCTEL (1994, Bloomingdale)
Antennas and RF testing solutions provider
$293M NASDAQ:PCTI
Nov 1994
Filtronic (1977, Yeadon)
Wireless broadband and microwave equipment provider
LON:FTC
Enea (1968, Kista)
Open source NFV platform and embedded software solutions
provider
STO:ENEA
5G Enablers > Exit Outlook > Public Companies

Notable Acquisitions (1/4)
81
Notable Acquisitions in 5G Enablers
5G Enablers > Exit Outlook > Notable Acquisitions
Acq. Date Company Acquirer Deal Size
Jun 2019
Barefoot Networks (2013, Palo Alto)
Intel
May 2019
Meta Networks (2016, Tel Aviv)
Zero-trust Network as a service provider
Proofpoint $120M
Nov 2018
Mimosa (2012, Campbell)
Wireless broadband equipment and network & device
management solutions provider
Airspan
Nov 2018
Talari (2004, San Jose)
Creating WAN by aggregation of private connections
Oracle
Sep 2018
Vasona Networks (2010, Tel Aviv)
Solutions for mobile efficiency at the edge
ZephyrTel
Sep 2018
Cenx (2009, Jersey City)
Lifecycle Service Orchestration (LSO) for SDN & NFV
Ericsson
Jul 2018
NFV based solutions provider
Infinera $430M
May 2018
Plexxi (2010, Cambridge)
Affinity networking services
Hewlett Packard
Enterprise
Nov 2017
Console Connect (2011, Santa Clara)
Global software-defined IXP provider
PCCW Global
Nov 2017
VeloCloud (2012, Mountain View)
VMware

82
Aug 2017
Viptela (2012, San Jose)
Cisco $610M
Jul 2017
SpiderCloud (2007, San Jose)
Scalable Multi-Access Small Cell Systems
Corning
Dec 2016
PLUMgrid (2011, Sunnyvale)
Network virtualization for SDN
VMware
Oct 2016
BLiNQ (2010, Plano)
Wireless backhaul solutions provider
CCI
Apr 2016
Unwired Planet (1994, Redwood City)
Context aware mediation and messaging solutions
$30M
Dec 2015
Pertino (2011, Los Gatos)
VPN to the power of the cloud
Cradlepoint
Aug 2015
Cyan (2006, Petaluma)
Optical transport equipment and SDN platform provider
Ciena
May 2015
ConteXtream (2006, Petah Tikva)
Carrier grade SDN solution
Hewlett-Packard
May 2015
Blue Planet (2006, Hanover)
Ciena $488M
Apr 2015
Embrane (2009, Santa Clara)
Platform for virtual network services
Cisco

83
Jan 2014
Mobixell Networks (2000, Raanana)
Mobile internet optimization solutions
Flash Networks
Nov 2013
Insieme Networks (2013, California)
Hardware based response to SDN & NFV
Cisco $863M
Oct 2013
Virtela Communications (2000, Greenwood Village)
Virtual Overlay Network Services
NTT communications $525M
Sep 2013
Actix (1981, London)
Mobile network analytics and optimization
Amdocs $120M
Jun 2013
BridgeWave (1999, Santa Clara)
Wireless backhaul and wireless point-to-point solutions to
service providers and enterprises.
REMEC Broadband
Wireless Networks
May 2013
Celcite (2003, Herndon)
SON and network management solutions
Amdocs $129M
Jan 2013
Intucell (2008, Ra'anana)
Software platform for SON (Self Optimizing Network)
Cisco $475M
Dec 2012
Contrail Systems (2012, Santa Clara)
Controller for SDN
Juniper Networks $176M
Nov 2012
Vyatta (2005, Belmont)
Network virtualization software
Brocade Communication
Systems
Jul 2012
Nicira (2007, Palo Alto)
Network Virtualization platform for SDDC
VMware $1.3B

84
Sep 2007
Cognio (2000, Germantown)
Spectrum Intelligence Provider
Cisco $47M
Mar 2006
IP Infusion (1999, Sunnyvale)
Network OS, Management and software solutions
Access Co
Dec 2003
VMware (1998, Palo Alto)
EMC $635M

Most Active Acquirers
85
5G Enablers > Exit Outlook > Most Active Acquirers

Acqui-hires
86
List of Acqui-hires in 5G Enablers
Excludes all details for Chinese companies
Date Target
May-13
E-Band Communications Acq by Moseley
Associates
5G Enablers > Exit Outlook > Acqui-hires
View all 1 Acqui-hired companies on Tracxn Platform

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
87
Details on VC & PE Investors
Seed Stage
Early Stage
Late Stage
Details on Top Ecosystem Players

5G Enablers > Investors > Index of Most Active VC & PE Investors
Index of Top Investors (VC, PE) by Stage in 5G Enablers; Last 5 years (Jul 2014 - Jun 2019)
Index of Most Active VC & PE Investors
SEED STAGE
Maxfield Capital (2 Investments)
Khosla Ventures
Vertex Ventures
DN Capital
Almaz Capital
SoftBank Ventures Korea
BRM Group
Double M Partners
Timark
Alpine Meridian
Compound
Rising Tide Fund
Openfund
Thyra Global Management
Motus Ventures
EARLY STAGE
Intel Capital (4 Investments)
New Enterprise Associates (3 Investments)
GV (2 Investments)
Sequoia Capital (2 Investments)
Verizon Ventures (2 Investments)
Mayfield
Cisco Investments
Lux Capital
AME Cloud Ventures
North Bridge
Azure Capital Partners
LATE STAGE
Qualcomm Ventures (3 Investments)
Cisco Investments (3 Investments)
Telstra Ventures (3 Investments)
TCV (2 Investments)
AME Cloud Ventures (2 Investments)
Deutsche Telekom Capital Partners (2
Investments)
Hermes Growth Partners (2 Investments)
GV
Temasek
Lightspeed Venture Partners
SV Angel
Wing Venture Capital
March Capital Partners
Northgate Capital

Khosla Ventures
90
Portfolio in 5G Enablers | Exits | Funds Link | Website | LinkedIn | Twitter
5G Enablers > Investors > Khosla Ventures
People
Investments
[Soonicorn] Big Switch Networks (2010, Mountain View,
$126M, Series D)
Software Defined Network Control Fabric
[Soonicorn] Kumu Networks (2011, Sunnyvale, $45.4M, Series
C)
[Minicorn] Metawave (2017, Palo Alto, $17M, Series A)
5G Enablers Notable Portfolio
[Unicorn] Instacart (2012, San Francisco, $2.8B, Series G)
Marketplace for same-day grocery delivery
[Unicorn] DoorDash (2013, Palo Alto, $2B, Series G)
On-demand food delivery marketplace
[Unicorn] View (2007, Milpitas, $1.7B, Series H)
Smart window glass for buildings
[Unicorn] Opendoor (2014, San Francisco, $1.3B, Series F)
Residential re-selling solution provider.
[Unicorn] Oscar (2012, New York City, $1.3B, Series D)
Internet-first health insurance provider
[Unicorn] Katerra (2015, Menlo Park, $1.2B, Series D)
End-to-end construction solutions and services provider
[Unicorn] Stripe (2010, San Francisco, $861M, Series E)
API-linked payment gateway for transaction processing
[Unicorn] Affirm (2012, San Francisco, $800M, Series F)
Online lending platform for purchase financing
[Unicorn] Impossible Foods (2011, Redwood City, $750M,
Series E)
Developer of substitute for animal meat based food
Other Notable Portfolio
Top Exits
Recent News on Fund & Portfolio
Vinod Khosla
Founder &
Investment Partner
Geographical Spread Stage of Entry
Jun 2019 Arista Brings Cognitive Networking to Enterprise, eWEEK
Apr 2019
Metawave Demonstrates First-of-its-Kind Millimeter
Wave Analog Phase Controller to Enable Beamsteering for
77GHz Automotive and Future 5G and Fixed Wireless
Deployments, Business Wire
Dec 2018
NTT DOCOMO and Metawave Announce Successful
Demonstration of 28GHz-Band 5G Using World's First
Meta-Structure Technology, Business Wire
Oct 2018
Metawave Names Karen C. Francis to Board of Directors,
Business Wire
Oct 2018
Metawave Successfully Demonstrates 300 Meter Radar on
Infineon Platform, Business Wire
Aug 2018 Infineon joins smart-antenna investors, eeNews Analog
Aug 2018
Infineon Invests in Metawave to Develop Innovative
Automotive Radar Technologies, EverythingRF
Aug 2018
Metawave Adds Infineon Technologies as New Investor to
Advance Its Wireless Technologies, Business Wire
Jul 2018
Metamaterial startup raises funds to improve automotive
radar, eeNews Analog
Contrail Systems
Acq by Juniper Networks - Dec
2012
Xsigo
(2004, San Jose)
Acq by Oracle - Jul 2012
Arista
(2005, Santa Clara)
IPO - Jun 2014
2
1 1
1
2014 2015 2016 2017 2018 2019
Follow On New Investments
1
-
1
3
1
Undisclosed
Series C+
Series B
Series A
Seed6
-
-
-
-
US

Vertex Ventures
91
5G Enablers > Investors > Vertex Ventures
People
Investments
[Soonicorn] Qwilt (2010, Hod Hasharon, $65.1M, Series D)
Open caching and video delivery platform at mobile edge
[Soonicorn] Flash Networks (1996, Herzliya, $30.5M, Series C)
[Soonicorn] ASOCS (2003, Rosh Haayin, $29.3M, Series C)
Virtual RAN solution with enhanced network capacity and secure
connectivity
[Unicorn] Grab (2012, Singapore, $8.5B, Series H)
Technology company focused on on-demand transportation services
[Unicorn] Facebook (2004, Menlo Park, $2.3B, Public)
Social networking site
[Unicorn] Cloudera (2008, Palo Alto, $1B, Public)
Commercialised versions of Hadoop distributions
[Unicorn] Desktop Metal (2015, Cambridge, $433M, Series E)
3D printers for printing metal parts
[Unicorn] Tango (2009, Mountain View, $367M, Series D)
Free video & voice calls app
[Unicorn] Quora (2009, Mountain View, $226M, Series D)
Social Q&A community
[Soonicorn] FirstCry (2010, Pune, $274M, Series E)
Online retail for baby products
[Soonicorn] Inside Secure (1995, Meyreuil, $181M, Public)
Embedded security for IoT & payment solution
[Soonicorn] Couchbase (2009, Mountain View, $146M, Series F)
NoSQL document oriented database technology
Other Notable Portfolio
Top Exits
Recent News on Fund & Portfolio
Chua Kee Lock
CEO & President
Jun 2019
Proofpoint’s $120 Million Acquisition of Meta Networks,
Global Legal Chronicle
Jun 2019
Proofpoint Enters Into Definitive Agreement To Acquire
Meta Networks; Boosting Cloud Security Capabilities,
iCrowdNewswire
May 2019
Proofpoint Enters into Definitive Agreement to Acquire
Meta Networks; Boosting Cloud Security Capabilities,
GlobeNewswire
Apr 2019
Meta Networks Recognized by 451 Research for Zero-
Trust Software Defined Perimeter, PRWeb
Mar 2019
Meta Networks Achieves top Ranking in Cybersecurity
Excellence Awards, PRWeb
Feb 2019
ASOCS Announces 5G Single Software Stack on Mobile
Edge Cloud, AiThority
Feb 2019
Meta Networks Zero-Trust Software Defined Perimeter
Outpaces Enterprise VPNs with New Enhancements,
PRWeb
Dec 2018
Meta Networks Forecasts Five Technology Trends that
Will Drive Demand for Software Defined Perimeters in
2019, PRWeb
Meta Networks
(2016, Tel Aviv, $10M)
Acq by Proofpoint - May 2019
1
2014 2015 2016 2017 2018 2019
1
-
1
1
1
Undisclosed
Series C+
Series B
Series A
Seed4
-
-
-
-
Israel

DN Capital
92
5G Enablers > Investors > DN Capital
Investments
[Minicorn] Parallel Wireless (2012, Nashua, $20M, Seed)
Virtual gateway, small cells, and cloud RAN solutions provider
Top Exits Recent News on Fund & Portfolio
May 2019
Inland Cellular Selects Parallel Wireless for Cost-Effective
4G Expansion, PR Newswire
May 2019
Parallel Wireless bags Leading Lights Award for most
innovative mobile product, Asian News International
Apr 2019
CCA Partners with Parallel Wireless to Provide End-to-
End Network Solutions for Mobile Operators, PR
Newswire
Apr 2019
How Parallel Wireless is helping to include rural
communities with 5G RuralFirst project, IT News Africa
Apr 2019
Parallel Wireless Adds AMPS (1G) Capabilities to Their
Unified ALL G Architecture, PR Newswire
Feb 2019
Open RAN to modernise existing infrastructure, Electronic
Specifier
Feb 2019
Comba Telecom partners with Parallel Wireless to Deliver
4G & 5G Open vRAN Solutions English, PR Newswire
Feb 2019
Zain Selects Parallel Wireless Open RAN to Modernize
Existing 2G and 3G Infrastructure, PR Newswire
Feb 2019
Kalimat Telecom Selects Parallel Wireless for Network
Build Out, PR Newswire
None
1
2014 2015 2016 2017 2018 2019
-
-
-
-
1
Undisclosed
Series C+
Series B
Series A
Seed1
-
-
-
-
US

Almaz Capital
93
5G Enablers > Investors > Almaz Capital

BRM Group
94
5G Enablers > Investors > BRM Group

Timark
95
5G Enablers > Investors > Timark

Rising Tide Fund
96
5G Enablers > Investors > Rising Tide Fund

Thyra Global Management
97
5G Enablers > Investors > Thyra Global Management

Motus Ventures
98
5G Enablers > Investors > Motus Ventures

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
99
Seed Stage
Early Stage
Late Stage

Intel Capital
100
5G Enablers > Investors > Intel Capital

101
5G Enablers > Investors > New Enterprise Associates

GV
102
5G Enablers > Investors > GV

Sequoia Capital
103
5G Enablers > Investors > Sequoia Capital

Verizon Ventures
104
5G Enablers > Investors > Verizon Ventures

105
5G Enablers > Investors > Bessemer Venture Partners

106
5G Enablers > Investors > Bain Capital Ventures

Mayfield
107
5G Enablers > Investors > Mayfield

Cisco Investments
108
5G Enablers > Investors > Cisco Investments

109
5G Enablers > Investors > Madrona Venture Group

Lux Capital
110
5G Enablers > Investors > Lux Capital

AME Cloud Ventures
111
5G Enablers > Investors > AME Cloud Ventures

North Bridge
112
5G Enablers > Investors > North Bridge

Azure Capital Partners
113
5G Enablers > Investors > Azure Capital Partners

114
5G Enablers > Investors > Deutsche Telekom Capital Partners

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
115
Seed Stage
Early Stage
Late Stage

Qualcomm Ventures
116
5G Enablers > Investors > Qualcomm Ventures

Cisco Investments
117
5G Enablers > Investors > Cisco Investments

Telstra Ventures
118
5G Enablers > Investors > Telstra Ventures

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Tracxn - 5G Enablers Startup Landscape

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