Tracxn - Internet of Things Infrastructure Startup Landscape

FEBRUARY 2019
INTERNET OF THINGS
INFRASTRUCTURE

Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Internet of Things Infrastructure - Feb 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 February 25, 2019.
Internet of Things Infrastructure Feed Summary
4
Internet of Things Infrastructure > Feed Summary
Enabling technologies & services that facilitate development of connected solutions
• Inclusions: Hardware and Software providers for
developing IoT applications. Also covers Network
Service Providers and Enablers, specifically for IoT
applications and includes Unlicensed Spectrum
providers and alliances like Sigfox, LoRaWAN, etc.
Scope also encompasses Sensor Platforms / Stacks
for prototyping/building apps along with software
platforms for Network Management, Device
Management, Data Management and Analytics
• Exclusions: Telecom Players, IoT Services and
Consulting companies, Design Companies.
• Excludes funding information of Chinese companies Feed in Numbers
Overview
$10.1B
Funding
80
Mega
Companies
6591757
FundedCovered on
Tracxn
10
Unicorns
33
Soonicorns
52
Minicorns
66
IPO’d Cos
255
Late Stage Cos
70
139
Acquisitions
127
DeadPooled
1
Acquihired
Series A+ Cos
IDEX
(1996, Fornebu)
Senet
(2009, Portsmouth, $24.2M)
IDEMIA
(2007, Courbevoie)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Internet of Things Infrastructure
5
$338M - Series E
Truphone (2006, London, $593M)
$89.6M - PE
TTTech (1998, Vienna, $175M)
$117M - Series D
Uptake (2014, Palo Alto, $252M)
$77M - Series C
Keyfactor (2001, Cleveland, $86.9M)
$106M - Series E
C3 (2009, Redwood City, $300M)
$75M - Series D
Actility (2012, Paris, $100M)
$100M - Series C
C3 IoT (2009, Redwood City, $170M)
$60M - Series D
Ayla Networks (2010, Sunnyvale, $124M)
$97M - Series E
$50M - Series C
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Internet of Things Infrastructure > Feed Summary > Investment Trend Summary
Seed
Momenta Partners (#4), Hubraum (#3), Right Side Capital
Management (#2)
Series A/B Cisco Investments (#6), Qualcomm Ventures (#5), Intel Capital
(#3)
Series C+
Cisco Investments (#2), Verizon Ventures (#2), Robert Bosch
Venture Capital (#2)
Incubators
Plug and Play Tech Center (#27), Techstars (#12), Alchemist
Accelerator (#9)
Other Notable
Investors
GE Ventures (#6), Cisco (#5), Bpifrance (#4)
Debt Investors
Western Technology Investment (#5), Silicon Valley Bank (#4),
Ares Capital Corporation (#2)
Most Active InvestorsRecent Investments
237
273
208
109
22
1
2014 2015 2016 2017 2018 2019*
Y-o-Y # of Companies Founded 84 117 127 127 89 14
$5.1B
$2.1B
$342M
$111M
$94.2M
US
Europe
Israel
Canada
India
$ Funding
$554M
$766M $1.B
$1.1B $1.1B
$216M
2014 2015 2016 2017 2018 2019*
$ Funding # Rounds

Summary of exit outlook in Internet of Things Infrastructure
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Intel Capital 4
MongoDB (2007, New York City, $311M)
Impinj (2000, Seattle, $132M)
Sequoia Capital 3
Jasper (2005, Santa Clara, $198M)
Herald Investment
Management
3
Cyan Connode (2000, Swavesey, $9.8M)
Nordic Semiconductor (1983, Trondheim)
TriplePoint Capital 3
Silver Spring Networks (2002, Redwood City,
$360M)
ARCH Venture
Partners
2
Adesto (2007, Sunnyvale, $72.7M)
Sep 2018 Relayr Acq by Munich Re for $300M
Sep 2017 Silver Spring Networks Acq by Itron for $830M
Feb 2016 Jasper Acq by Cisco for $1.4B
Feb 2015 Emulex Acq by Avago Tech for $606M
Oct 2014 CSR Acq by Qualcomm for $2.4B
Jun 2009 Wind River Acq by Intel for $884M
Jan 2008 Sagemcom Acq by The Gores Group for $560M
Internet of Things Infrastructure > Feed Summary > Exit Outlook Summary
Arm 7
Mistbase (Feb 2017), Sansa Security (Jul 2015), Stream
Technologies (Jun 2018)
Sierra Wireless 5
In Motion Technology (Jan 2014, $21M), MobiquiThings
(Sep 2015, $15.8M), flowthings.io (Jun 2017)
Silicon
Laboratories
4
Bluegiga (Jan 2015, $61M), Telegesis (Nov 2015, $20M), Zentri
(Jan 2017)
PTC 3
Axeda (Jul 2014, $170M), ThingWorx (Dec 2013, $130M),
ColdLight (May 2015, $105M)
Intel 1 Wind River (Jun 2009, $884M)
Recent IPOs Top Acquisitions
Sensera Dec 2016
MEMS-based sensors and modules for IoT a…
IPO MCap: $10.4M
Airgain Aug 2016
Manufactures wireless smart antenna and L…
IPO MCap: $57.9M
Impinj Jul 2016
RFID solutions for retail, healthcare, co…
IPO MCap: $249M
Kerlink May 2016
M2M communication equipments for connecti…
IPO MCap: $41.5M
Braingrid Dec 2018
Gateway and cloud server for collecting s…
IPO MCap: -
ForeScout Oct 2017
Network and endpoint security using polic…
IPO MCap: $814M
MongoDB Oct 2017
Provider of NoSQL database
IPO MCap: $1.2B
adeunis Oct 2017
Develops networking hardware and related…
IPO MCap: $29.1M

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 - Internet of Things Infrastructure - Feb 20197
Overview
Companies 1757
Funded 659 Series A+ 255
Funding $10.1B Last 2 yrs $2.6B
Most Active Investors
Seed Momenta Partners (4)
Series A/B Cisco Investments (6)
Series C+ Cisco Investments (2)
Others GE Ventures (6)
Incubators Plug and Play Tech Center (27)
Top Cities
Bay Area 191 Cos $2.9B
London 38 Cos $686M
Feed in Numbers
Unicorns 10 Soonicorns 33
Minicorns 52 Editor Picks 200
Acquihired 1 Deadpooled 127
Top Companies
IDEMIA (2007, Courbevoie)
IDEX (1996, Fornebu)
Senet (2009, Portsmouth, $24.2M)
Exits
IPOs 66 Braingrid, ForeScout
Acquisitions 139 CSR, Jasper
Top Acquirers Arm, Sierra Wireless
Marketmap: Internet of Things Infrastructure
IOT HARDWARE
IOT PLATFORMS
IOT MIDDLEWARE & OPERATING SYS.
COMMUNICATION MODULES
SENSORS
BEACONS
MICROCONTROLLERS
TAGS & READERS
SYSTEM ON CHIP
GATEWAYS & ROUTERS
IOT CONNECTIVITY
CELLULAR
SATELLITE
LPWA
CONNECTIVITY MANAGEMENT
END TO END PLATFORMS
ANALYTICS PLATFORM
IOT SECURITY
DEVICE SECURITY
NETWORK SECURITY
IOT STACK
IOT DEVELOPMENT BOARDS & KITS
Internet of Things Infrastructure > Feed Summary > BlueBox

Key Sub Sectors in Internet of Things Infrastructure Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
IoT Security >
Device Security 63 $213M 23
IoT Platforms >
End to End Platforms 201 $386M 17
IoT Platforms >
Development platforms 140 $371M 18
IoT Security >
Network Security 52 $156M 20
IoT Connectivity >
Cellular 85 $460M 10
IoT Chips >
SoC 24 $96.6M 13
IoT Platforms > Analytics Platforms >
Fog Computing 49 $86.2M 12
IoT Platforms > Analytics Platforms >
Cloud Analytics 52 $172M 7
IoT Devices >
Sensors 86 $18.8M 13
IoT Platforms >
Device Management 217 $25.1M 11
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
IoT Connectivity
Companies that provide various connectivity solutions
such as Cellular, LPWA, Satellite,...
200 77 $4B
IoT Platforms
Companies that provide cloud platforms to create and
manage IoT solutions.
834 283 $3.7B
IoT Security
Companies that provide security solutions for both
devices and networks in an IoT system.
130 79 $1.1B
IoT Chips
Companies that provide chips/ICs which are used in
IoT devices
81 52 $591M
IoT Devices
Companies that provide devices such as sensors,
beacons, tags, gateways, routers, etc....
274 106 $402M
IoT Stack
Companies that provide a full range of components
such as chips, devices, connectivity...
62 24 $304M
IoT Operating System
Companies that provide an operating system for the
Internet of Things.
25 6 $116M
Internet of Things Infrastructure > Feed Summary > Summary of Key Markets

List of Notable Companies in Internet of Things Infrastructure
Notable Companies in the Sector (1/2)
9
Note: *(Founded Year, Location, Total Funding)
Internet of Things Infrastructure > Feed Summary > Notable Companies in the Sector
Public
Silicon Laboratories
(1996, Huntsville)*
MongoDB
(2007, New York City, $311M)
ForeScout
(2000, Tel Aviv, $121M)
Lantronix
(1989, Irvine)
Bsquare
(1994, Bellevue)
ORBCOMM
(2003, Rochelle Park, $136M)
Impinj
(2000, Seattle, $132M)
Inside Secure
(1995, Meyreuil, $181M)
Adesto
(2007, Sunnyvale, $72.7M)
Jig Saw
(2001, Tokyo)
Public
Airgain
(2005, San Diego, $21.9M)
Optim
(2000, Tokyo)
Kerlink
(2004, Bretagne, $5.8M)
nTels
(2000, Seoul)
Cyan Connode
(2000, Swavesey, $9.8M)
adeunis
(2000, Crolles, $3.2M)
Oceasoft
(1999, Montpellier)
Xped
(2008, Melbourne)
Sensera
(2016, Boston)
Echelon
(1988, Santa Clara, $16M)
Public
Digi International
(1985, Minnetonka, $6.8M)
CYBRA Corporation
(1985, Yonkers, $2.5M)
Telecom Design
(2000, Canejan, $2.5M)
Braingrid
(2012, Toronto, $2.5M)
Numerex
(1992, Atlanta, $925k)
B-Scada
(2003, Crystal River, $19.2k)
Itron
(1977, Liberty Lake)
AP Memory
(2011, Zhubei)
H&D Wireless
(2009, Kista)
Microchip
(1989, Chandler)
Public
Nordic Semiconductor
(1983, Trondheim)
Software AG
(1969, Darmstadt)
Telit Communications
(1986, London)
AcSiP Technology
(2009, Taoyuan City)
Artilium
(1995, Bruges)
Billion Electric
(1973, Taipei)
DSP GROUP
(1987, Los Altos)
Franklin Wireless
(2001, San Diego)
Gemtek
(1988, Hsinchu)
HMS Networks
(1988, Halmstad)
Public
HMSAnybus
(1988, Halmstad)
Inseego
(1996, San Diego)
Invengo Technology
(1993, Singapore)
Jorjin Technologies
(1997, Taipei)
Nippon RAD
(1971, Minato)
Option
(1986, Leuven)
Sierra Wireless
(1993, Richmond)
Solbright Group
(1999, Charleston)
Terranet
(2004, Lund)
Vianet
(2001, Stockton-on-tees)

List of Notable Companies in Internet of Things Infrastructure
Notable Companies in the Sector (2/2)
10
Internet of Things Infrastructure > Feed Summary > Notable Companies in the Sector
Public
Wi2Wi
(2005, Madison)
Cytta Connect
(2006, San Ramon)
Eurotech
(1992, Udine)
KeyASIC
(2005, Petaling Jaya)
SMARTRAC
(2010, Amsterdam)
Z wave Sigma Designs
(1982, Fremont)
Aplix
(1986, Tokyo)
BLEep
(2013, Singapore)
DIMI Telematics
International
(2012, New York City)
Sierra Monitor
(1979, Milpitas)
Public
Skkynet Cloud Systems
(2011, Mississauga)
Acquired
CSR
(1999, Cambridge, $19.2M)
Jasper
(2005, Santa Clara, $198M)
Wind River
(1981, Alameda)
Silver Spring Networks
(2002, Redwood City, $360M)
Emulex
(1978, Costa Mesa)
Sagemcom
(2008, Rueil-malmaison)
Relayr
(2013, Berlin, $100M)
Telular
(1986, Chicago)
Bitstew Systems
(2005, Burnaby, $22.5M)
Cinterion Wireless
Modules
(1995, Munich)
Acquired
Soracom
(2014, Tokyo)
Axeda
(2000, Foxborough, $31.6M)
ThingWorx
(2009, Downingtown, $13M)
ColdLight
(2008, Wayne, $11M)
Covisint
(2000, Southfield)
Unicorns
Ligado Networks
(1985, Reston, $2.3B)
C3
Uptake
(2014, Palo Alto, $252M)
C3 IoT

List of Notable Companies by Market in Internet of Things Infrastructure
Notable Companies by Market (1/13)
12
Internet of Things Infrastructure > Feed Summary > Notable Companies by Market
IoT Chips
SoC
Wiliot (2017, Tel Aviv, $68M)
Batteryless BLE beacons for IoT applications
Soonicorn. Stage: Series B
Avery Dennison, Samsung Venture Investment,
Amazon Web Services and 6 Other Investors
Ineda Systems (2011, Hyderabad, $60.3M)
Low power computing device for wearables
Soonicorn. Stage: Acqui-Hired
Cisco Investments, Samsung, Qualcomm Ventures
and 8 Other Investors
Nordic Semiconductor (1983, Trondheim)
Ultra low power short range wireless
communication
Soonicorn. Stage: Public
Herald Investment Management
SoC
DSP GROUP (1987, Los Altos)
Wireless chipset provider for converged
communications
Stage: Public
Blumberg Capital, Bessemer Venture Partners,
Compass Ventures Group
KeyASIC (2005, Petaling Jaya)
Design and manufactures Wi-Fi platform, IoT chips
and systems
Stage: Public
MCU & RTC
Ambiq Micro (2010, Austin, $104M)
Low power energy microcontroller units for
electronics industry
Soonicorn. Stage: Series D
EDBI, Austin Ventures, Mercury Fund and 12 Other
Investors
Silicon Laboratories (1996, Huntsville)
Provides software, system and silicon solutions for
IOT and other applications
Unicorn. Stage: Public
Kernel Capital, Silverton Partners, CenterPoint
Ventures and 2 Other Investors
Microchip (1989, Chandler)
Provides connectivity hardware modules for
embedded wireless solutions
Saints Capital, Sequoia Capital, Adams Street
Partners and 1 Other Investors

13
IoT Chips
Memory Chips
Adesto (2007, Sunnyvale, $72.7M)
Low power CBRAM for IoT, health
Minicorn. Stage: Public
Wellington Management, Opus Bank, Adams Street
AP Memory (2011, Zhubei)
Developer of memory product for applications in
IoT
Editor's Pick. Stage: Public
Communication Modules
Gainspan (2006, San Jose, $106M)
Low Energy embedded WiFi modules and chips
Soonicorn. Stage: Acquired
Trinity Capital Investment, Freescale, Zebra
Technologies and 10 Other Investors
CSR (1999, Cambridge, $19.2M)
Semiconductor and software provider for wireless
technology IoT Connectivity
Unicorn. Stage: Acquired
Scottish Equity Partners, Amadeus Capital, August
Capital and 1 Other Investors
Telecom Design (2000, Canejan, $2.5M)
Provides technology and security solutions to IOT /
M2M devices over Sigfox network
Stage: Public
IXO, IRDI Soridec Gestion
AcSiP Technology (2009, Taoyuan City)
Provides technology products and services for IOT
Devices and their connectivity
Stage: Public
Communication Modules
Cinterion Wireless Modules (1995, Munich)
M2M wireless modules suite for cellular
connectivity
Stage: Acquired
Baird Capital
Emulex (1978, Costa Mesa)
Provides network connectivity, monitoring and
management solutions.
Stage: Acquired
Jorjin Technologies (1997, Taipei)
Wireless System-in-Package (SiP) modules and
application processor on module provider
Stage: Public
JAFCO Asia
Wi2Wi (2005, Madison)
Wireless technology modules and subsystems for
embedded applications
Stage: Public

14
Prodea (2006, Plano, $100M)
Provides a SaaS-based offering to bring all
connected devices on one platform
Soonicorn. Stage: Funded
Sovereign Wealth Fund Institute, Coral Group,
Perot Jain and 2 Other Investors
IoT Devices
IoT Devices
CYBRA Corporation (1985, Yonkers, $2.5M)
RFID software and barcode software developer
Stage: Public
Alpha Capital Partners, Ellis International
Sensors
Braingrid (2012, Toronto, $2.5M)
Gateway and cloud server for collecting sensor data
Stage: Public
Quinsam Capital
Libelium (2006, Zaragoza)
Open source wireless sensor network platform.
Soonicorn. Stage: Unfunded
Oceasoft (1999, Montpellier)
Designs and calibrates commercial smart wireless
sensors for IOT Applications
IRDI Soridec Gestion, Alto Invest
Sensera (2016, Boston)
MEMS-based sensors and modules for IoT
applications
Stage: Public
Xped (2008, Melbourne)
Hardware & software connectivity solutions for IoT
applications
Stage: Public

15
IoT Devices
Tags & Readers
RFID solutions for retail, healthcare, consumer
electronics and IoT
ARCH Venture Partners, GF Private Equity,
Madrona Venture Group and 13 Other Investors
Invengo Technology (1993, Singapore)
Provides RFID Technology and connectivity
solutions
Stage: Public
SMARTRAC (2010, Amsterdam)
RFID & NFC tag products for IoT solutions
Stage: Public
One Equity Partners, Mountain Partners, Visionary
Private Equity Group
Communication Devices
Airgain (2005, San Diego, $21.9M)
Manufactures wireless smart antenna and LAN
systems
Stage: Public
Generation3 Capital, Northwater Capital
Management
adeunis (2000, Crolles, $3.2M)
Develops networking hardware and related
software for M2M applications
Capital Export, TempoCap
Billion Electric (1973, Taipei)
Provider of network equipment and power supply
products
Stage: Public
Franklin Wireless (2001, San Diego)
Wireless broadband & IoT/M2M solutions provider
Stage: Public
Communication Devices
HMS Networks (1988, Halmstad)
Monitor and control field equipment and machinery
Stage: Acquired
Latour
HMSAnybus (1988, Halmstad)
Provides communication technology solutions for
Industrial automation applications
Stage: Public
Sagemcom (2008, Rueil-malmaison)
Provides communications and energy metering
solutions
Stage: Acquired
The Carlyle Group

16
IoT Development Boards & Kits
Itron (1977, Liberty Lake)
End to End solutions for smart grid
Red Rock Ventures
IoT Connectivity
Cellular
MVNO providing international mobile services
Soonicorn. Stage: Series E
Eden Ventures, Independent News and Media,
Wellington Partners Venture Capital and 2 Other
Investors
Cubic Telecom (2005, Dublin, $88M)
Global connectivity solution provider for IoT and
M2M
Soonicorn. Stage: Series C
Qualcomm, AUDI AG, Valid and 5 Other Investors
Soracom (2015, Minato, $34M)
MVNO providing data communication services to
IoT developers
Pavilion Capital Partners, World Innovation Lab,
Infinity Venture Partners
Soracom (2014, Tokyo)
Provider of cellular connectivity for IoT
Editor's Pick. Stage: Acquired
Cellular
Artilium (1995, Bruges)
Mobile virtual network enabler (MVNE) and the
Internet of Things enabler
Stage: Public

17
IoT Connectivity
LPWA
Sigfox (2009, Labege, $331M)
Cellular network operator for IoT devices &
Smartgrid
Khazanah, IFC, Alto Invest and 21 Other Investors
Senet (2009, Portsmouth, $24.2M)
Public network as a service provider
City Light Capital, Harbor Light Capital Partners,
Activate Venture Partners and 1 Other Investors
Kerlink (2004, Bretagne, $5.8M)
M2M communication equipments for connecting
objects
CM-CIC Investissement, Sodero Gestion, SFLD and 1
Other Investors
Gemtek (1988, Hsinchu)
Wireless, fixed line broadband products and
connected home equipment provider
Stage: Public
Satellite
Ligado Networks (1985, Reston, $2.3B)
Network Service Provider in Mid-Band Spectrum
Unicorn. Stage: Funded
Spectrum, Harbinger Capital Partners
Mesh
Eero (2014, San Francisco, $90M)
Mesh networked home WiFi system
Menlo Ventures, Index Ventures, First Round
Cyan Connode (2000, Swavesey, $9.8M)
Provider of narrowband RF mesh networks to
enable omni IoT communications
Stage: Acquired
The Cambridge Gateway Fund, NIF Ventures, ET
Terranet (2004, Lund)
Mesh network for IoT and M2M applications
Stage: Public

18
IoT Platforms
Connectivity Management
Jasper (2005, Santa Clara, $198M)
Network connectivity platform for mobile Internet
of Things
Unicorn. Stage: Acquired
Temasek, DAG Ventures, Sequoia Capital and 13
Other Investors
Telular (1986, Chicago)
Data connectivity & security solutions for IoT
applications
Stage: Acquired
Ares Capital Corporation, Constitution Capital
Partners, Global Emerging Markets and 1 Other
Investors
DIMI Telematics International (2012, New
York City)
Manufactures devices and technology solutions to
enable M2M/IOT device communication
Stage: Public
Connectivity Management
nTels (2000, Seoul)
Telecom OSS/BSS, media, publishing, and IoT
solutions provider
Stage: Public
KingsBay Capital
Device Management
Arrayent (2002, Redwood City, $33.6M)
M2M platform/cloud device management platform
DCM Ventures, Intel Capital, Comerica and 5 Other
Investors
Wind River (1981, Alameda)
Embedded, mobile software & other edge to cloud
solutions for IoT applications
Verdi Capital, Zygote Ventures, Hummer Winblad
Venture Partners
Eurotech (1992, Udine)
Infrastructure for IoT based device management
Stage: Public
BLEep (2013, Singapore)
Beacon management solution
Stage: Public

19
IoT Platforms
Device Management
Optim (2000, Tokyo)
Provides cloud-based platform and OS solutions for
IOT applications
Stage: Public
Database
Red Hat, Intel Capital, In-Q-Tel and 12 Other
Investors
Data Platforms
Bitstew Systems (2005, Burnaby, $22.5M)
Software defined operations for industrial IoT
Stage: Acquired
Yaletown Partners, GE Ventures, BDC and 3 Other
Investors

20
IoT Platforms
Analytics Platforms
Machine learning enabled predictive platform for
multiple industries
Unicorn. Stage: Series D
Baillie Gifford, GreatPoint Ventures, Revolution and
10 Other Investors
Sight Machine (2012, San Francisco, $56.1M)
Manufacturing analytics platform
Jump Capital, GE Ventures, Two Roads Group and
12 Other Investors
Space-Time Insight (2008, San Mateo, $54.6M)
Real time analytics for data from varied sources
NEC, E.on, EnerTech Capital and 5 Other Investors
Analytics Platforms
FogHorn (2014, San Francisco, $47.5M)
Machine learning-based software solution for OEMs
to enable edge computing feature in their devices
Intel Capital, Saudi Aramco Energy Ventures, March
Capital Partners and 6 Other Investors
ColdLight (2008, Wayne, $11M)
SaaS-based prescriptive Intelligence
Stage: Acquired
Intel Capital, Kayne Anderson Capital Advisors, Ben
Franklin Technology Partners
Solbright Group (1999, Charleston)
IoT platform for providing actionable insights
Stage: Acquired
AIP Private Capital
Vianet (2001, Stockton-on-tees)
Telemetry device and IoT platform for data
management & analytics
Stage: Public
Canaccord Genuity Group
Analytics Platforms
Cytta Connect (2006, San Ramon)
Cloud-based data capture solutions for connected
devices
Stage: Public

21
IoT Platforms
Development platforms
Developer of SaaS platform to deploy AI and IoT
applciations
Unicorn. Stage: Series E
TPG, The Rise Fund, Breyer Capital and 5 Other
Investors
Big data platforms deployment solutions for
multiple industries
Unicorn. Stage: Series C
TPG, Breyer Capital, Sutter Hill Ventures and 3
Other Investors
PubNub (2010, San Francisco, $46.6M)
Provides cloud- based platform for Real-Time IoT
Apps to scale
Cisco Investments, Ericsson, Sapphire Ventures and
9 Other Investors
Development platforms
Axeda (2000, Foxborough, $31.6M)
Cloud-based software for managing connected
devices
Stage: Acquired
Mitsui Group, JMI Management, Wipro and 3 Other
Investors
ThingWorx (2009, Downingtown, $13M)
Platform to build and run applications for
connected devices
Stage: Acquired
Safeguard Scientifics, Momenta Partners
End to End Platforms
$360M)
Mesh standards-based networking platform,
software, and services for utilities
Hitachi, EMC, GSV Capital and 14 Other Investors
Determinisitc ethernet and connectivity solutions
B&C, Samsung, Audi and 3 Other Investors
A platform for hosting connected devices
Sunsea, Ants Capital, Crosslink Capital and 12 Other
Investors
Platform for IOT deployments
Inmarsat, Idinvest Partners, Bpifrance and 13 Other
Investors

22
IoT Platforms
Relayr (2013, Berlin, $100M)
Provider of middleware and IoT solutions for
enterprises
Deutsche Telekom Capital Partners, B37 Ventures,
Purple Arch Ventures and 15 Other Investors
Greenwave Systems (2008, Irvine, $75M)
Platform to deploy IoT managed services
Business Development Corporation of America,
EDBI, ST Telemedia and 5 Other Investors
Evrythng (2011, London, $63.6M)
Solutions to enable smart, interactive and traceable
products
Sway Ventures, Bloc Ventures, Cisco Investments
Numerex (1992, Atlanta, $925k)
M2M solution provider for varied industries
Stage: Acquired
Hales Capital Partners, Grotech Ventures, Partners
For Growth and 1 Other Investors
B-Scada (2003, Crystal River, $19.2k)
HMI/SCADA Software Development
Stage: Public
Nexign (1992, Saint Petersburg)
Charging and billing solutions provider
Software AG (1969, Darmstadt)
BPM, Data Management, GRC solutions and
Consulting Services provider
Telit Communications (1986, London)
Connectivity solutions provider for Internet of
Things applications
Bank Hapoalim, HSBC Group,
MinSviluppoEconomico and 5 Other Investors
H&D Wireless (2009, Kista)
Nordic company providing solutions in the areas of
IoT and RTLS
Covisint (2000, Southfield)
Open enterprise cloud platform to build and
customize IoT and identity centric solutions
Stage: Acquired
Aplix (1986, Tokyo)
Provides beacon modules and cloud for IOT
applications
Stage: Public
Nippon Venture Capital, Japan Asia Investment

23
IoT Platforms
Bsquare (1994, Bellevue)
Device management solution stack for Industrial
IoT applications
Stage: Public
TA Associates Management
Jig Saw (2001, Tokyo)
Provides end-to-end cloud-based platform for IOT
device and modules
Stage: Public
Suneight
Sierra Monitor (1979, Milpitas)
Developer of gateways to take devices online and
provider of fire and gas detection solutions
Stage: Public
Skkynet Cloud Systems (2011, Mississauga)
Secure & networked SCADA and IOT solution
Stage: Public
IoT Security
Device Security
Inside Secure (1995, Meyreuil, $181M)
Embedded security for IoT & payment solution
Gimv, Sofinnova Partners, Vertex Ventures and 16
Other Investors
Mocana (2004, San Francisco, $98.1M)
IoT device and application security platform
Sway Ventures, Shasta Ventures, Trident Capital
Developer of secure digital identity management
solutions for enterprises
Insight Venture Partners
Network Security
ForeScout (2000, Tel Aviv, $121M)
Network and endpoint security using policy
integration
Wellington Management, Pitango Venture Capital,
Amadeus Capital and 10 Other Investors
Bastille (2014, Atlanta, $40M)
IoT security for enterprise
Bessemer Venture Partners, Keel Funds, Ballentine
Partners

24
IoT Stack
IoT Stack
ORBCOMM (2003, Rochelle Park, $136M)
M2M communication solutions for asset tracking,
management and remote control
AIG, Pacific Corporate Group, MH Equity and 10
Other Investors
Altierre (2003, San Francisco, $81M)
Developer of ultra-low power long-range wireless
technology for the IoT
Trinity Capital Investment, Stratim Capital, The D E
Shaw and 8 Other Investors
Echelon (1988, Santa Clara, $16M)
Provides open-standard embedded platform for
IOT Applications
Mayfield, Venture Capital, Mohr Davidow Ventures
IoT Stack
Digi International (1985, Minnetonka, $6.8M)
Provides hardware modules & gateways for M2M
communication
Inseego (1996, San Diego)
IoT networking hardware and device management
platform
Stage: Public
Tavistock Group, Governing Dynamics
Lantronix (1989, Irvine)
Provider of IoT enabled devices and connectivity
solutions
Stage: Acquired
Herald Investment Management, Hales Capital
Partners
Nippon RAD (1971, Minato)
Developer of an end-to-end solution for IoT
Stage: Public
IoT Stack
Option (1986, Leuven)
Provides cloud-based platform for connectivity and
security of M2M applications
Stage: Public
Jerome Wittamer, Gimv
Sierra Wireless (1993, Richmond)
SIMs, Embedded and gateway solutions for IoT
Stage: Public
Tera Capital, CampVentures, Granite Ventures
Z wave Sigma Designs (1982, Fremont)
Provides System on Chip (SoC) and module
solutions to provide connectivity for Z-wave
powered IOT
Stage: Acquired
Panasonic Venture Group

List of Notable Companies in Internet of Things Infrastructure in China
Notable Companies in the Sector in China
25
Internet of Things Infrastructure > Feed Summary > Notable Companies in the Sector in China
Public
Shenzhen Yuanwang
Valley Information
Technology
(1999, Shenzhen)
Century
(2003, Hangzhou)
Kyland Technology
(2004, Beijing)

Recent News in Internet of Things Infrastructure Sector
Recent News
26
Internet of Things Infrastructure > Feed Summary > Recent News
Feb 2019
Telensa Announces Smart City Sensor Devices for the Urban Data
Project to be Powered by Qualcomm Technologies Chipsets, Digital
Journal
Feb 2019
Avnet Announces First Solution with LTE-M Connectivity that
Provides AI and Security at the Edge, Digital Journal
Feb 2019
IDEMIA Partners with ITSO to Bring Smart Mobile Ticketing in the
UK, Digital Journal
Feb 2019
Xh Smart Tech Showcasing Dual-interface Biometric Card With Idex
Sensor At Mobile World Congress In Barcelona, GlobeNewswire
Feb 2019
Telit's New WL865E4-P Module Enables Enterprise-Grade Wi-Fi
and Bluetooth Low Energy IoT, PR Newswire
Feb 2019
Synopsys and Palma Ceia SemiDesign Collaborate to Develop a
Complete Hardware/Software NB-IoT IP Solution, PR Newswire
Feb 2019
Tiempo Secure lowers entry barriers to securing the Internet of
Things with its CC EAL5+ grade Secure Element IP macro dedicated
to secure Systems-on-Chip, Design And Reuse
Feb 2019
Trusted Objects TS Defender Secure Software Solution is Now
Available on Murata LoRaWAN™ Module, PRWeb
Feb 2019
Newtec Collaborates with Wind River on 5G Technology,
TELECOMDRIVE
Feb 2019
Kerlink to launch IoT products with partners for key verticals at
MWC, Telecompaper
Feb 2019
Cubic Telecom delivers connectivity for Microsoft connected car
platform, Telecompaper
Key Recent News Key Recent News
Feb 2019
Cubic Telecom to enable global connectivity for the Microsoft
Connected Vehicle Platform, GlobeNewswire
Feb 2019
Hardware update announced by ‘balena’ for fleet owners managing
connected devices, theinternetofallthings.com
Feb 2019
DSP Group Teams with Snips to Build Multi-Room Voice
Recognition Platform, Find Biometrics
Feb 2019
Technologic Systems, Inc. and Haxiot Bring LoRaWAN™ to the TS-
7553-V2 Single Board Computer, PRWeb
Feb 2019
IDEMIA Makes Urban Mobility Easier in Lisbon with Cosmo Fly, the
First EMV Dual Interface Payment Card Certified by the Calypso
Networks Association, Business Wire
Feb 2019
EMnify and 1NCE Disrupt the Global IoT Connectivity Market, IoT
Business News
Feb 2019
Quectel Leads the Road to 5G with Commercial 5G Modules
Featuring New Qualcomm Snapdragon 5G Modem in 2019, PR
Newswire
Feb 2019
PIC MCU-based applications connect to Google Cloud in minutes,
European Business Press
Feb 2019
RAD, Aspider-NGI offer edge computing-enabled IIoT platform with
global eSIM, Telecompaper
Feb 2019
NimbeLink and Polte Team Up on Location Technologies for IoT
Asset TrackingNimbeLink and Polte Team Up on Location
Technologies for IoT Asset Tracking, iotevolutionworld.com
Feb 2019
Fractus Antennas Launches a 5G Mobile IoT Tiny Antenna, No
Clearance Beyond the Footprint, Microwave Journal

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
27
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

Some more Sector Reports you might want to check out
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Construction Tech
Jan 2019
HRTech
Jan 2019
OSS & BSS
Jan 2019

Investments ($M) and number of rounds in Internet of Things Infrastructure; 2011-2018
Global Funding Trends (1/2)
29
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Internet of Things Infrastructure > Investment Trends > Global Funding Trends
#Rounds
$Funding
3 Year CAGR
6 Year CAGR 9% # of Rounds20% $ Funding
8% # of Rounds
13% $ Funding
$365M
$609M
$554M
$766M
$1.B
$1.1B $1.1B
$216M
0
20
40
60
80
100
120
140
$0k
$200M
$400M
$600M
$800M
$1.B
$1.2B
2012 2013 2014 2015 2016 2017 2018 2019*
$ Funding # Rounds

26 39 43 58 53 53 33 4
18 27
28
45
60 58 47
8
12 14 13
14
14 16
9 2
2012 2013 2014 2015 2016 2017 2018 2019 YTD
Seed Early Stage Late Stage
56
14
Total # of Rounds
$20M $23M $34M $31M $57M $53M $41M $8M
$117M
$178M
$222M $371M $509M
$480M
$340M
$97M
$228M $408M $298M $364M
$474M
$588M $737M
$111M
2012 2013 2014 2015 2016 2017 2018 2019 YTD
Seed Early Stage Late Stage
30
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 Internet of Things Infrastructure; 2011-2018
Internet of Things Infrastructure > Investment Trends > Global Funding Trends
62
42
59
64
63
35
6
331
$2.1M $3.2M
$0.0M
$1.0M
$2.0M
$3.0M
$4.0M
$5.0M
$6.0M
0
50
100
150
200
250
300
350
2013 2014 2015 2016 2017 2018 2019 YTD Total
Entrants in Funding Club Avg. Ticket Size
$2.1M $1.6M $2.4M $3.8M $3.7M $4M $4.9M $3.2M
$197M $319M $303M
$487M
$638M
$765M $826M
$141M
0
2
4
6
8
10
12
14
16
18
0
100000000
200000000
300000000
400000000
500000000
600000000
700000000
800000000
900000000
2012 2013 2014 2015 2016 2017 2018 2019 YTD
$ Funding # of Rounds
Mega Rounds
6 4 6 11 13 17 11 3
$365M
$216M
Total $ Invested

Internet of Things Infrastructure > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Internet of Things Infrastructure
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Bay Area 2.9B 250
London 686M 27
New York City 371M 27
Labege 334M 9
Tel Aviv 269M 27
Reston 265M 1
Austin 206M 20
Seattle 204M 28
Meyreuil 182M 7
Vienna 178M 7
Total Funding
578
222
41
21
20
12
9
7
# Rounds
$5.1B
$2.1B
$342M
$111M
$94.2M
$48.4M
$36.8M
$20.7M
US
Europe
Israel
Canada
India
Japan
Australia
SEA
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.9 $0.9 $1 $0.8
$1.6
$1.2
$1.5
2012 2013 2014 2015 2016 2017 2018
Internet of Things Infrastructure > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Internet of Things Infrastructure; 2012-2018
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$11.2K* $13.2M
$361K $35M
$500K $70M
$90K $338M
$19M
$11.9M
$4.9M
$775K
Series C+
Series B
Series A
Seed
Stage
$14.3
$9.6
$14.3 $13.2
$16.8 $19
$12.2
$20.7 $29.2 $24.8 $26
$36.5
$45.2
$92.2
$4.1 $4.5 $5.3
$8.7
$5.6 $5.5
$7.6

Note: 323 companies with undisclosed funding amount are not included
33
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
80
170
90
14
21
No. of Companies
Internet of Things Infrastructure > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Internet of Things Infrastructure; as of Feb 2019
Distribution of companies by Funding Range
$26M
$722M
$2.1B
$1B
$6.3B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
38%
15%
7%
4%
34
Note: Numbers in the brackets show the count of companies
Time to raise
next round
70
121
255
659
1757
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
38% 6%
(106)
5%
(84)
0%
(1)
7%
(126)
55%
(971)
39% 15%
(96)
11%
(75)
0%
(1)
5%
(31)
56%
(372)
47% 20%
(52)
10%
(26)
0%
(1)
3%
(7)
49%
(126)
58% 37%
(45)
15%
(18)
1%
(1)
2%
(3)
39%
(47)
- 56%
(39)
24%
(17)
1%
(1)
3%
(2)
31%
(22)
Internet of Things Infrastructure > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Internet of Things Infrastructure
Funding Funnel
16 Months
18 Months
20 Months
Investment backedBootstrapped
33
10
99
59
40
7
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Internet of Things Infrastructure > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Internet of Things Infrastructure; Feb 2017-Feb 2019
Notable Investments in last 24 months (1/8)
LATE STAGE
$338M - Series E Oct 2018
MVNO providing international mobile services
$117M - Series D Dec 2017
multiple industries
Baillie Gifford, GreatPoint Ventures, Revolution
$106M - Series E Jan 2018
applciations
TPG, The Rise Fund, Breyer Capital, Sutter Hill
Ventures, Pat House Comedy, Thomas M. Siebel
$100M - Series C Jan 2018
multiple industries
TPG, Breyer Capital, Sutter Hill Ventures
LATE STAGE
$97M - Series E Mar 2018
applciations
$89.6M - PE Sep 2017
Samsung, Audi
$77M - Series C Jan 2019
$75M - Series D Jun 2017
Inmarsat, Idinvest Partners, Bpifrance, Ginko
Ventures, Orange Digital Ventures, Swisscom,
Foxconn Electronics, KPN Ventures, Cisco
Investments, Robert Bosch Venture Capital, BNP
Paribas, CREADEV
LATE STAGE
$60M - Series D Nov 2017
Sunsea
$50M - Series C Apr 2017
multiple industries
$47.1M - Series C Aug 2017
Cubic Telecom (2005, Dublin, $88M)
Global connectivity solution provider for IoT and
M2M
Qualcomm, AUDI AG, Valid, Ireland Strategic
Investment Fund
$40M - Series C Nov 2017
Globetouch (2010, Oakland, $40M)
Connectivity platform and OSS/BSS solutions
provider
Hermes Growth Partners, Impact Venture Capital,
Verizon Ventures

LATE STAGE
$34.1M - Series D Jan 2019
$30M - Series C Feb 2018
enterprises
Purple Arch Ventures, Munich Re, Kleiner Perkins
$29.1M - Series D Nov 2018
EDBI
$25.5M - Series C Aug 2018
Sight Machine (2012, San Francisco, $56.1M)
Manufacturing analytics platform
LATE STAGE
$19.9M - Series C Dec 2017
enterprises
$15.8M - Series E Mar 2017
Smartgrid
IFC
$15M - Series C Mar 2017
Filament (2012, Reno, $35.6M)
Decentralized Internet of Things stack
Verizon Ventures, Bullpen Capital, Intel Capital,
JetBlue Technology Ventures, CME Group, Flex Lab
IX, Backstage Capital, Tappan Hill Ventures,
Samsung NEXT, Resonant Venture Partners, Digital
Currency Group
$11.8M - Series E Mar 2018
applciations
LATE STAGE
$11M - Series E May 2017
Sway Ventures, Shasta Ventures, Trident Capital, GE
Ventures
$7.7M - Series F Mar 2017
Red Hat, Intel Capital, In-Q-Tel
PE Jun 2018
B&C
Series E May 2017
Smartgrid
Khazanah

LATE STAGE
Series E Mar 2017
applciations
Breyer Capital, TPG, Sutter Hill Ventures, Wildcat
Venture Partners, Pat House Comedy, Thomas Siebel
Series D Jun 2017
Eero (2014, San Francisco, $90M)
Mesh networked home WiFi system
EARLY STAGE
$32.5M - Series B Jun 2017
SparkCognition (2013, Austin, $62.9M)
Machine Learning & AI powered security platform
Verizon Ventures, Boeing
$30M - Series B Jan 2019
Avery Dennison, Samsung Venture Investment,
Amazon Web Services
$30M - Series B Oct 2017
Machine learning-based software solution for OEMs
to enable edge computing feature in their devices
Intel Capital, Saudi Aramco Energy Ventures, March
Capital Partners, Dell Technologies, Robert Bosch
Venture Capital, Yokogawa, Darling Ventures, The
Hive
EARLY STAGE
$30M - Series B Apr 2018
Armis Security (2015, Palo Alto, $47M)
Wireless security platform focused on BYOD security
Red Dot Capital Partners, Bain Capital Ventures,
Sequoia Capital, Tenaya Capital
$28.8M - Series B Mar 2017
products
$27.9M - Series B Sep 2017
Sixgill (2007, Los Angeles, $33.9M)
Sensor agnostic device management & monitoring
solutions for IoT applications
DRW Trading Group
$27.7M - Series B Jul 2017
Particle (2012, San Francisco, $42.3M)
Prototype to Production connectivity platform for
Internet of Things
Spark Capital, Qualcomm Ventures

EARLY STAGE
$27M - Series B Sep 2017
Bastille (2014, Atlanta, $40M)
IoT security for enterprise
Bessemer Venture Partners, Keel Funds, Ballentine
Partners
Wireless Innovation (2004, Gloucester,
$25.9M)
M2M data connectivity services for remote and
hostile environments
Lyceum Capital
$25M - Series A May 2018
Volterra Edge Services (2017, San Francisco,
$25M)
SaaS provider for edge computing
Mayfield, Khosla Ventures, Microsoft
EARLY STAGE
$24.8M - Series B Mar 2017
products
Sway Ventures, Bloc Ventures, Cisco Investments,
Advance Venture Partners, Samsung, Atomico, Dawn
Capital, Generation Ventures
$24M - Series B Feb 2018
SparkCognition (2013, Austin, $62.9M)
Machine Learning & AI powered security platform
Verizon Ventures, Boeing, CME Group, Brevan
Howard, John Chambers, Pankaj Patel, Energize
$22M - Series B Sep 2017
Zingbox (2014, Mountain View, $24.3M)
IoT security solution to prevent threats on internet
Oriza Ventures, StartX, Dell Technologies,
Triventures, GSR Ventures
EARLY STAGE
$21.9M - Series A Feb 2018
Red Balloon Security (2012, New York City,
$21.9M)
Host based intrusion detection system for
embedded systems
Bain Capital Ventures, Greycroft Partners, American
Family Ventures, Abstract Ventures, Flight Ventures
$19M - Series B Nov 2017
Qualcomm Ventures, Merck Ventures
$17M - Series A Jun 2017
Armis Security (2015, Palo Alto, $47M)
Wireless security platform focused on BYOD security
Sequoia Capital, Tenaya Capital, Zohar Zisapel,
Mickey Boodaei, Rene Bonvanie
$16.5M - Series A Jul 2018
Xage Security (2016, Palo Alto, $20.5M)
Blockchain-based security Industrial IoT solutions
March Capital Partners, General Electric, City Light
Capital, NexStar Partners

EARLY STAGE
$16M - Series A Jan 2019
Chronicled (2014, San Francisco, $21.3M)
Blockchain-based supply chain solutions provider
Mandra Capital, Streamlined Ventures, The Perkins
Fund, David Aho, Frank Fiore
$16M - Series A Oct 2018
Kepler Communications (2015, Toronto,
$21M)
Space based telecommunications company
Costanoa Venture, Deutsche Bahn, IA Ventures
$15.6M - Series A Mar 2018
Myriota (2015, Adelaide, $17M)
M2M connectivity solutions for remote applications
Main Sequence Ventures, Boeing, Singtel Innov8,
Right Click Capital
EARLY STAGE
$15M - Series A Jun 2018
Rigado (2012, Portland, $23.5M)
Provider of wireless solutions by leveraging edge
computing
Madrona Venture Group, Vanedge Capital, Rogue
Venture Partners, FusionX Ventures, Oregon Angel
Fund
Iotium (2014, Santa Clara, $22M)
Cloud-based platform for network management in
IOT Applications
March Capital Partners, JC2 Ventures, General
Electric, Juniper Networks, Honeywell, Pankaj Patel,
Hanna Capital
$13M - Series A Feb 2019
Axonius (2017, Tel Aviv, $17M)
Monitoring and threat detection of IoT devices in an
enterprise
Bessemer Venture Partners, YL Ventures, Vertex, E-
Merge, WTI
EARLY STAGE
$12M - Series A Apr 2017
V5 Systems (2015, Fremont, $19.9M)
Provides outdoor security solutions and platform for
IOT Applications
$11.3M - Series A Nov 2018
Sentryo (2014, Lyon, $14.7M)
Cybersecurity & situation awareness solution for
industrial networks & IoT
Kreaxi, Omnes Capital, Alliance Entreprendre, Breed
Reply, BNP Paribas Developpement, Sopra Steria
$11M - Series A Mar 2017
Bayshore Networks (2002, New York City,
$15M)
Cybersecurity solution for Indusrial IoT & OT
network
Benhamou Global Ventures, ForgePoint Capital
$10M - Series B Jul 2018
Swim (2015, San Francisco, $18M)
Analytics platform for processing sensor data in real
time
Cambridge Innovation Capital, Silver Creek
Ventures, H. Barton Asset Management, Arm

EARLY STAGE
$10M - Series A Feb 2019
CoreTigo (2017, Kadima, $14M)
Wireless gateway for industrial applications
Qualcomm Ventures, Sierra Ventures, Magma
Venture Partners, cardumen, Meron
$10M - Series A Aug 2018
UnaBiz (2016, Singapore, $10M)
Licensed IoT operator and the official Sigfox
operator in Singapore and Taiwan
KDDI, ENGIE New Ventures, Soracom
$8.4M - Series A May 2017
Iotium (2014, Santa Clara, $22M)
Cloud-based platform for network management in
IOT Applications
GE Ventures, March Capital Partners, Juniper
Networks, Pankaj Patel
EARLY STAGE
$8M - Series B Nov 2017
Pwnie Express (2009, Boston, $28M)
Threat detection of IoT & BYOD devices in
enterprise
.406 Ventures, Ascent Venture Partners, Fairhaven
Capital, Vermont Center for Emerging Technologies
$8M - Series A Nov 2017
Seebo (2012, Tel Aviv, $22M)
Cloud based platform for IoT products' lifecycle
management
TPY Capital, Viola Group, Pritzker Group, Global IoT
technology Ventures
$7.9M - Series B Aug 2017
Thinxtra (2015, Alexandra, $17.5M)
Provides network solutions for IOT Applications in
Australia and New Zealand
CEFC
$6M - Series A Apr 2017
802 Secure (2014, Livermore, $6M)
SDR & big data analytics based IoT security
EARLY STAGE
$5M - Series B Jun 2018
Resin.io (2011, Guildford, $17M)
Device Management Platform
Soracom, KDDI Open Innovation Fund, Global Brain
$5M - Series A Nov 2017
Qualcomm Ventures, Merck Ventures
$5M - Series A Mar 2017
Scriptr (2014, New York City, $9M)
Cloud based platform for IoT Application
Development
Endeavor, Berytech Fund, Middle East Venture
Partners
$4M - Series A Dec 2018
Xage Security (2016, Palo Alto, $20.5M)
Blockchain-based security Industrial IoT solutions
Saudi Aramco Energy Ventures

EARLY STAGE
$4M - Series A Aug 2017
CoreTigo (2017, Kadima, $14M)
Wireless gateway for industrial applications
Magma Venture Partners
$3M - Series A Sep 2018
Mode (2014, San Mateo, $5.1M)
Cloud platform for connected device development
True Ventures
$1.7M - Series A Sep 2018
Rubicon Labs (2011, San Francisco, $14.6M)
Key provisioning & protection platform for IoT
Security
$1M - Series A Jul 2018
Altizon (2013, Pune, $5.8M)
Build connected devices and process data at scale
Wipro, The Hive, Pi Ventures
$907k - Series A Dec 2018
IOT Applications
EARLY STAGE
Series B Oct 2017
Aster Capital
Series A May 2018
Chronicled (2014, San Francisco, $21.3M)
Blockchain-based supply chain solutions provider
Broadway Angels
Series A Nov 2018
IOT Applications
Decathlon Capital Partners
Series A Jun 2018
Ubirch (2014, Cologne, $2.3M)
Platform for tracking device identity and encrypting
data
Reply
SEED STAGE
$5.2M - Seed Aug 2017
computing
Oregon Angel Fund, Rogue Venture Partners
$4M - Seed Sep 2017
enterprise
YL Ventures, Vertex Ventures, Emerge Innovation
Capital
$3.3M - Seed Aug 2017
computing
Cascade Angels, Oregon Angel Fund
$2M - Seed Mar 2017
Slock.it (2015, Mittweida, $2M)
Blockchain-based IoT smart contract solution

SEED STAGE
$1.9M - Seed Mar 2018
Nowi Energy (2015, Delft, $3M)
Wireless charging sensor infrastructure for small
IoT devices
Disruptive Technology Ventures
$1.1M - Seed Jan 2019
Nowi Energy (2015, Delft, $3M)
Wireless charging sensor infrastructure for small
IoT devices
$342k - Seed Dec 2018
Things Mobile (2017, Milan, $4.8M)
Mobile operator that provides connectivity for IoT
and M2M

Internet of Things Infrastructure > Investment Trends > Notable Investments in last 24 months in China
Notable Investments in last 24 months in China
LATE STAGE
$200M - Series C Jul 2018
Tuya (2014, Hangzhou, $200M)
Smart cloud platform for IoT with smart devices and
rapid app development
Future Fund, New Enterprise Associates, CBC
Capital, Global Bridge Capital, Quadrille Capital,
CAPITAL ADVISORS, CICC
EARLY STAGE
$36M - Series B Jun 2018
Easylinkin (2015, Wuhan, $59.9M)
Provider of LoRaWAN module, gateway, and
network management system
China Growth Capital, IDG Capital, The Hina Group
$23.9M - Series B Apr 2018
Easylinkin (2015, Wuhan, $59.9M)
Provider of LoRaWAN module, gateway, and
network management system
IDG Capital, Hina Group, Optics Valley United
Series B Oct 2017
Tuya (2014, Hangzhou, $200M)
Smart cloud platform for IoT with smart devices and
rapid app development
CICC, Quadrille Capital, Shenzhen Dongfang Fuhai
Investment Management, New Enterprise Associates

Most Active Investors (VC, PE) by Stage in Internet of Things Infrastructure; Last 5 years (Feb 2014-Feb 2019)
Most Active VC & PE Investors
44
Internet of Things Infrastructure > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Momenta Partners (4 Investments)
Expeto, Devicify, Plat.One
1
Hubraum (3 Investments)
Micropall, Teraki, Device Hub
2
Morado Ventures(2 Investments)
Edge Intelligence, VIMOC Technologies
3
Pantera Capital (2 Investments)
Chronicled, LaunchKey
4
Right Side Capital Management(2
Investments)
D4DT, Aspinity
5
East Ventures(2 Investments)
Strobo, connectFree
6
Almi (2 Investments)
Crosser, Evothings
7
Compound (2 Investments)
Mode, LaunchKey
8
Investinor(2 Investments)
TelluCloud, Mender
9
Starquest Capital(2 Investments)
eVaderis, Oridao
10
EARLY STAGE
Cisco Investments(6 Investments)
Veniam, Ineda Systems, Relayr
1
Qualcomm Ventures (5 Investments)
CoreTigo, Wiliot, Particle
2
Intel Capital(3 Investments)
FogHorn, ColdLight, LISNR
3
New Enterprise Associates(3 Investments)
Runtime, Uptake, PsiKick
4
March Capital Partners(3 Investments)
Xage Security, FogHorn, Iotium
5
Pritzker Group (3 Investments)
Seebo, Red Balloon Security, Sight Machine
6
Mercury Fund (2 Investments)
LISNR, Sight Machine
7
In-Q-Tel (2 Investments)
Red Balloon Security, PsiKick
8
DFJ (2 Investments)
Balena, Resin.io
9
Verizon Ventures(2 Investments)
Veniam, SparkCognition
10
LATE STAGE
Cisco Investments(2 Investments)
Actility, PubNub
1
Robert Bosch Venture Capital (2
Investments)
Actility, PubNub
2
Sutter Hill Ventures(2 Investments)
C3, C3 IoT
3
Breyer Capital(2 Investments)
C3, C3 IoT
4
Verizon Ventures(2 Investments)
Filament, Globetouch
5
EDBI (2 Investments)
Greenwave Systems, Ambiq Micro
6
Intel Capital
Filament
7
Kleiner Perkins
Ambiq Micro
8
Opus Capital
Arrayent
9
Sapphire Ventures
PubNub
10

Internet of Things Infrastructure > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Internet of Things Infrastructure; Last 5 years (Feb 2014-Feb 2019)
Most Active Ecosystem Investors
INCUBATOR/ACCELERATOR
Plug and Play Tech Center(27
Investments)
ThingOS, Surance, Xage Security
1
Techstars(12 Investments)
Omnio, Aspinity, Losant
2
Alchemist Accelerator(9 Investments)
Puloli, Ubiquios, Thinnect
3
500 Startups(8 Investments)
TagMonkey, Nodal Security, Wivity
4
Startupbootcamp(6 Investments)
Smart Sensor Devices, Thingtrax, Zolertia
5
Magma Venture Partners(3 Investments)
CoreTigo, JpU, Argus Cyber Security
6
The Hive(3 Investments)
Xage Security, FogHorn, Altizon
7
CyLon(3 Investments)
Threat9, IoTSploit, Mentat Innovations
8
BGI(3 Investments)
Veniam, Sensefinity, Atooma
9
Wayra(2 Investments)
DevicePilot, TheThings
10
OTHER NOTABLE INVESTORS
GE Ventures(6 Investments)
Iotium, Ingenu, TTTech
1
Cisco(5 Investments)
NWave Technologies, Algo Engines, Waygum
2
Bpifrance(4 Investments)
eVaderis, Ijenko, Actility
3
Dell Technologies(4 Investments)
VDOO, IOTech, FogHorn
4
Qualcomm(3 Investments)
Qterics, Eero, Cubic Telecom
5
Salesforce(3 Investments)
OpenDataSoft, Sigfox, 2lemetry
6
Munich Re(3 Investments)
Waygum, Helium, Relayr
7
General Electric(3 Investments)
Xage Security, Balena, Iotium
8
Foxconn Electronics(3 Investments)
Thingpark, Actility, Electric Imp
9
Samsung(3 Investments)
TTTech, Ineda Systems, Evrythng
10
DEBT INVESTORS
Western Technology Investment(5
Investments)
V5 Systems, Particle, Zipit Wireless
1
Silicon Valley Bank(4 Investments)
MagicCube, Telensa, Gooee
2
Ares Capital Corporation(2 Investments)
KORE Wireless, Telular
3
TPG(2 Investments)
C3, C3 IoT
4
Idinvest Partners(2 Investments)
Actility, Sigfox
5
Trinity Capital Investment(2 Investments)
Altierre, Gainspan
6
Adams Street Partners
Microchip
7
Mercia Technologies
Smart Antenna Tech
8
MMV Financial
ORBCOMM
9
Lighter Capital
Zipit Wireless
10

Internet of Things Infrastructure > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/6)

Internet of Things Infrastructure > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
53
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Investment Activity
Top Markets of Early Stage Investors
Other Notable Markets
Market Deep Dive

Some more Sector Reports you might want to check out
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Geographic Information Systems
Jan 2019
Security & Surveillance Technology
Jan 2019
Industrial Robotics
Dec 2018

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 - Internet of Things Infrastructure - Feb 201955
Marketmap: Internet of Things Infrastructure
IOT DEVELOPMENT BOARDS & KITS
Internet of Things Infrastructure > Market Details > BlueBox

Key Sub Sectors
56
Key Sub Sectors in Internet of Things Infrastructure
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
IoT Connectivity
Companies that provide various connectivity solutions such as Cellular, LPWA, Satellite, etc
for the....
Ingenu (2008, San Diego, Acquired)
Ligado Networks (1985, Reston, $2.3B)
200 77 $4B
IoT Platforms
Companies that provide cloud platforms to create and manage IoT solutions.
Silver Spring Networks (2002, Redwood
City, Acquired)
834 283 $3.7B
IoT Security
Companies that provide security solutions for both devices and networks in an IoT system.
Inside Secure (1995, Meyreuil, Public)
130 79 $1.1B
IoT Chips
Companies that provide chips/ICs which are used in IoT devices
Gainspan (2006, San Jose, Acquired)
81 52 $591M
IoT Devices
Companies that provide devices such as sensors, beacons, tags, gateways, routers, etc. which
are used in IoT solutions.
Impinj (2000, Seattle, Public)
Helium (2006, San Francisco, $38.8M)
274 106 $402M
IoT Stack
Companies that provide a full range of components such as chips, devices, connectivity
services, pla....
ORBCOMM (2003, Rochelle Park, Public)
Altierre (2003, San Francisco, $81M)
62 24 $304M
Companies that provide an operating system for the Internet of Things.
Prodea (2006, Plano, $100M)
Pepper (2013, Kansas City, $8.5M)
25 6 $116M
IoT Middleware
Companies that provide a middleware which serves as an interface between the components
of the IoT.
ProSyst (1997, Cologne, Acquired)
LISNR (2012, Cincinnati, $14.7M)
47 17 $31.8M
Companies that provide development boards and kits which are used in creating IoT
solutions.
RFduino (2013, California, Acquired)
Interstacks (2014, Pittsburgh, $2.5M)
104 15 $4.3M
Internet of Things Infrastructure > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/4)
57
Internet of Things Infrastructure > Market Details > Detailed Sector Taxonomy

58

59

60

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(+6)
IoT Security > Device Security
Companies that provide security solutions for devices in an IoT system.
(Companies covered 63 | Funded 45 | Total Funding $589M)
$213M
(+$172M)
23
(+9)
Keyfactor
(2001, Cleveland, $86.9M)
2
(-1)
IoT Platforms > End to End Platforms
Companies that provide cloud platforms to manage devices & networks, perform analytics, and enable
IoT application development.
(Companies covered 201 | Funded 58 | Total Funding $1.2B)
$386M
(+$104M)
17
(-5)
TTTech
(1998, Vienna, $175M)
3
(-1)
IoT Platforms > Development platforms
Companies that provide cloud platforms which enable IoT application development.
$371M
(+$165M)
18
(-8)
C3
4
(-)
IoT Security > Network Security
Companies that provide security solutions for networks in an IoT system.
$156M
(+$25M)
20
(-2)
SparkCognition
(2013, Austin, $62.9M)
5
(+4)
IoT Connectivity > Cellular
Companies that provide IoT device connectivity using cellular communications.
$460M
(+$400M)
10
(+2)
Truphone
(2006, London, $593M)
6
(-)
IoT Chips > SoC
Companies that provide System on Chips (SOCs) used in IoT devices
$96.6M
(+$30.9M)
13
(+3)
Wiliot
(2017, Tel Aviv, $68M)
7
(+5)
IoT Platforms > Analytics Platforms > Fog Computing
Companies that provide platforms to perform analytics at the edge
$86.2M
(+$72.3M)
12
(+7)
FogHorn
(2014, San Francisco, $47.5M)
61
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets of Investment Activity (1/3)
Top Markets by Funding in Internet of Things Infrastructure in last 2 years (February 2017 - January 2019)
Internet of Things Infrastructure > Market Details > Top Markets of Investment Activity

Rank Market # Investments Key Investments
1
IoT Platforms > Analytics Platforms > Fog Computing
Companies that provide platforms to perform analytics at the edge
(Companies created 49 | Funded 22 | Total Funding $136M )
2
Volterra Edge Services (2017, San
Francisco, $25M)
2
IoT Security
Companies that provide security solutions for both devices and networks in an IoT system.
(Companies created 15 | Funded 6 | Total Funding $85.8M )
1 Armis Security (2015, Palo Alto, $47M)
3
IoT Security > Device Security
Companies that provide security solutions for devices in an IoT system.
1 Axonius (2017, Tel Aviv, $17M)
4
IoT Platforms > Device Management
Companies that provide cloud platforms to manage devices in an IoT solution.
1 Runtime (2014, Redwood City, $7.5M)
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
64
Top Markets of Early Stage Investors
Top Markets where Early Stage Investors are investing in last 2 years (February 2017 - January 2019)
Internet of Things Infrastructure > Market Details > Top Markets of Early Stage Investors

Incubators JetBlue Technology Ventures (#1), Techstars (#1)
Seed VTF Capital (#2), Vertex Ventures (#1)
Series A/B Dell Technologies (#2), Aster Capital (#2)
Series C+ Intel Capital (#2), GE Ventures (#1)
Secure Thingz Mar - 2018
Acq by IAR Systems for $28.1M
Cellnetrix Oct - 2017
Acq by Truphone
LaunchKey Sep - 2016
Acq by Iovation
Sansa Security Jul - 2015
Acq by Arm
Escrypt Apr - 2012
Acquired
Inside Secure Feb - 2012
IPO'd on EURONEXT
$13M - Series A
$5.5M - Seed
NXM Labs (2016, San Francisco, $5.5M)
$77M - Series C
$1M - Seed
Onclave (2016, Mclean, $1M)
$1.7M - Series A
Rubicon Labs (2011, San Francisco,
$14.6M)
$225k - Seed
Ockam (2017, San Francisco, $325k)
Series A
Feb 2019
IDEMIA Partners with ITSO to Bring Smart Mobile Ticketing
in the UK, Digital Journal
Feb 2019
Tiempo Secure lowers entry barriers to securing the Internet
of Things with its CC EAL5+ grade Secure Element IP macro
dedicated to secure Systems-on-Chip, Design And Reuse
Feb 2019
Trusted Objects TS Defender Secure Software Solution is
Now Available on Murata LoRaWAN™ Module, PRWeb
Feb 2019
IDEMIA Makes Urban Mobility Easier in Lisbon with Cosmo
Fly, the First EMV Dual Interface Payment Card Certified by
the Calypso Networks Association, Business Wire
Feb 2019
Idemia streamlines transactions business units, Planet
Biometrics
Feb 2019
Integrated automotive Ethernet solution, Autonomous Vehicle
Tech
Feb 2019
IDEMIA Changes Its Management Structure to Consolidate
Its Augmented Identity Global Leadership and Appoints
Pierre Barrial CEO of Its New Secure Enterprise Transactions
Division, Business Wire India
Feb 2019
IDEMIA wins second-chance contract to support Australian
national biometric system, BiometricUpdate.com
Feb 2019
IAR Systems and Secure Thingz Break New Ground for IoT
Security With the Launch of Embedded Trust and C-Trust, PR
Newswire
Feb 2019
Axonius raises $13 million to secure connected devices for
businesses and accelerate customer growth, TechStartups.com
Feb 2019
NXM Labs Completes $5.5 Million Pre-Series A Financing to
Commercialize Revolutionary Autonomous Security and
Data Integrity Platform, AiThority
News
6
5
19
45
63
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
IoT Security > Device Security: Market Factsheet
65
Exits
Recent InvestmentsCompanies that provide security
solutions for devices in an IoT
system.
Inside Secure
(1995, Meyreuil, $181M)
Mocana
Keyfactor
(2001, Cleveland, $86.9M)
Filament
(2012, Reno, $35.6M)
Sansa Security
(2000, Kfar Saba, $32M)
Top Companies
#1 Top Markets of Investment Activity
Internet of Things Infrastructure > Market Details > Market: Device Security
Companies Created 63 | Funded 45 | Total Funding $589M
0
2
4
6
8
10
12
$0k
$10M
$20M
$30M
$40M
$50M
$60M
$70M
$80M
2014 2015 2016 2017 2018
YoY Funding Rounds
YoY Funding and Rounds
Market: Device Security

IoT Security > Device Security: Top Companies
Market: Device Security (1/3)
Analyst’s Pick
Inside Secure (1995, Meyreuil, $181M)
Embedded security for IoT & payment solution
Gimv, Sofinnova Partners, Vertex Ventures and 16
Other Investors
Sway Ventures, Shasta Ventures, Trident Capital
Filament (2012, Reno, $35.6M)
Decentralized Internet of Things stack
Minicorn. Stage: Series C
Verizon Ventures, Bullpen Capital, Intel Capital and
18 Other Investors
Analyst’s Pick
Sansa Security (2000, Kfar Saba, $32M)
Embedded chip security for IoT devices
Sequoia Capital, Accel Partners, Eurocom Group
Minicorn. Stage: Series B
Aster Capital, Oriza Ventures, StartX and 6 Other
Investors
Red Balloon Security (2012, New York City,
$21.9M)
Host based intrusion detection system for
embedded systems
Editor's Pick. Stage: Series A
In-Q-Tel, Bain Capital Ventures, Greycroft Partners
Analyst’s Pick
enterprise
Minicorn. Stage: Series A
Bessemer Venture Partners, YL Ventures, Vertex
Rubicon Labs (2011, San Francisco, $14.6M)
Key provisioning & protection platform for IoT
Security
Akamai, Pelion Venture Partners, Third Point, Third
Point Ventures
VDOO (2017, Herzliya, $13M)
IoT security detection and vulnerability assessment
solution
83North, Dell Technologies, David Strohm and 2
Other Investors

Analyst’s Pick
MagicCube (2014, Sunnyvale, $10.7M)
Provides security solutions for digital transactions
Bold Capital Partners, EPIC Venture Fund, Social
Starts and 8 Other Investors
Dover Microsystems (2017, Boston, $6M)
Hardware-based embeddable security solution
Editor's Pick. Stage: Seed
Hyperplane Venture Capital, Draper Associates,
Qualcomm Ventures, Hub Angels
NXM Labs (2016, San Francisco, $5.5M)
Blockchain-based IoT solutions provider
Rising Tide Fund
LaunchKey (2012, Las Vegas, $4.6M)
Decentralized mobile-based MFA platform
Crosslink Capital, Pantera Capital, VTF Capital and 8
Other Investors
Analyst’s Pick
NanoLock Security (2015, Tel Aviv, $4.5M)
Cyber threat prevention for M2M, mobile and IoT
devices
Awz HLS Fund
Platform for tracking device identity and encrypting
data
Reply
Slock.it (2015, Mittweida, $2M)
Blockchain-based IoT smart contract solution
Minicorn. Stage: Seed
Zuul (2016, Columbia, $300k)
IIoT enabled secure device management platform
TEDCO, masterpeace
AKUA (2016, Baltimore)
IoT based secure tracking solution
Editor's Pick. Stage: Funded
Hack VC, CSC Upshot Ventures
Analyst’s Pick
Cellnetrix (2006, Hamburg)
Embedded secure SIM OS for smart cards, mobile
and M2M devices
Corlina (2017, Menlo Park)
Platform to monitor and manage the integrity of
connected infrastructure
Editor's Pick. Stage: Unfunded
Icon Labs (1996, Iowa)
Embedded security software for IoT and M2M
solutions
IDEMIA (2007, Courbevoie)
Payment and SIM card manufacturer
Editor's Pick. Stage: Funded
IFE Mezzanine, Advent International
Iota Security (2013, Toronto)
Threat detection & intelligence for mobile devices
Pallasite Ventures

Analyst’s Pick
PFP Cybersecurity (2010, Vienna)
Machine learning & data analytics based IoT
security
DARPA, Plug and Play Tech Center, Blu Venture
Investors

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
69
IoT Security > Device Security: Leaderboard
Better than Market Average
Market: Device Security
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 Filament 2012 Reno Series C $35.6M 9 - - - - 2.3k - - 16 - - 373 20%
4.7
Inside
Secure
1995 Meyreuil Public $181M 7 4 - - - 820 - - 37 - - 40 5%
4.7 Mocana 2004
San
Francisco
Series E $98.1M 9 - - - - 2.1k - - 19 - - 20 1%
4.5
Device
Authority
2013
San
Francisco
Series A $3.4M 3 - - - - 2.1k - - 12 - - 153 8%
4.3 Axonius 2017 Tel Aviv Series A $17M 2 4 - - 4 230 - - 4 - - 71 45%
4.2 Keyfactor 2001 Cleveland Series C $86.9M 3 5 4 - 4 1.3k 3k 7 1 - - - -
4.2
Dover
Microsystem
s
2017 Boston Seed $6M 1 - - - 4 329 - - 6 - - 154 88%
4.1 VDOO 2017 Herzliya Series A $13M 1 5 - - 4 1.5k - - 2 - - 1 -
4.0 Zingbox 2014
Mountain
View
Series B $24.3M 3 5 - - - - - - 23 - - - -
3.9
Sansa
Security
2000 Kfar Saba Acquired $32M 2 5 - - - - - - 10 - - - -
3.9
Rubicon
Labs
2011
San
Francisco
Series A $14.6M 4 4 - - - 107 - - 10 - - 2 2%
3.7 MagicCube 2014 Sunnyvale Series A $10.7M 2 5 - - - 2.9k - - 9 - - -49 -2%
3.7 Ockam 2017
San
Francisco
Seed $325k 2 5 - - 2 2k - - 1 - - 1.9k
1527
%

Incubators muru-D (#1), 500 Startups (#1)
Seed Mercury Fund (#1), Hubraum (#1)
Series A/B Munich Venture Partners (#2), Qualcomm Ventures (#1)
Series C+ Cisco Investments (#1), Kleiner Perkins (#1)
Relayr Sep - 2018
Acq by Munich Re for $300M
Numerex Mar - 1994
IPO'd on NASDAQ
Silver Spring Networks Mar - 2013
IPO'd
Covisint Sep - 2013
IPO'd on NASDAQ
Proximetry Dec - 2016
Acq by Relayr
Meshify Oct - 2016
Acq by Hartford Steam Boiler
Plat.one Sep - 2016
Acq by SAP
$5M - Series A
Haltian (2012, Oulu, $5M)
$1M - Series A
PE
$1.5M - Series A
IoTecha (2015, Miami, $2.9M)
$17.5M - Series A
Eigen Technologies (2004, Delhi,
$17.5M)
$30M - Series C
Feb 2019
Telit's New WL865E4-P Module Enables Enterprise-Grade
Wi-Fi and Bluetooth Low Energy IoT, PR Newswire
Feb 2019
Telit says buyer of its automotive division expects to be in a
position to complete transaction shortly, Proactive Investors
Feb 2019
Telit sees further delay in sale of automotive unit,
Telecompaper
Feb 2019
Data Cards Ramp Wireless Broadband Up To 5G Speeds,
Sensors Online
Feb 2019
Final Talks Ongoing For Telit Communications Automotive
Unit Sale, Morningstar
Feb 2019
Skkynet Announces Year-End 2018 Financial Results and
Corporate Update, NewMediaWire
Feb 2019
Telit announces the first NavIC-enabled GNSS Module on the
SL869 Form Factor, Geospatial Media and Communications
Feb 2019 Software AG builds out APJ strategy with new president, ARN
Feb 2019
Clovity Showcases their Upgraded IoT Healthcare
Accelerator CSensorNet at HIMSS19 Conference, PRWeb
Jan 2019
Software AG CEO: can spend 1-1.5 billion euros on
acquisitions, Reuters
Jan 2019 Software AG reports Q4 results, Seeking Alpha
Jan 2019
Global Cellular IoT Market 2018 – Qualcomm Incorporated,
Sierra Wireless, Gemalto NV, Telit Communications PLC,
Lincoln Trail Publishing
Jan 2019
M2M Platform Market to Witness Huge Growth | Gemalto,
Aeris, Comarch, Xively, Amdocs, Digital Journal
Jan 2019
Ayla Networks Announces LTE IoT Solutions, Includes the
Qualcomm LTE IoT SDK, Business Wire
News
20
10
27
58
201
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
IoT Platforms > End to End Platforms: Market Factsheet
70
Exits
Recent InvestmentsCompanies that provide cloud
platforms to manage devices &
networks, perform analytics, and
enable IoT application
development.
Skkynet Cloud Systems
(2011, Mississauga)
Jig Saw
(2001, Tokyo)
Covisint
(2000, Southfield)
Silver Spring Networks
Numerex
(1992, Atlanta, $925k)
Top Companies
Internet of Things Infrastructure > Market Details > Market: End to End Platforms
Companies Created 201 | Funded 58 | Total Funding $1.2B
0
2
4
6
8
10
12
14
$0k
$50M
$100M
$150M
$200M
$250M
$300M
$350M
2014 2015 2016 2017 2018
YoY Funding Rounds
Market: End to End Platforms

IoT Platforms > End to End Platforms: Top Companies
Market: End to End Platforms (1/2)
Analyst’s Pick
$360M)
Mesh standards-based networking platform,
software, and services for utilities
Hitachi, EMC, GSV Capital and 14 Other Investors
B&C, Samsung, Audi and 3 Other Investors
Sunsea, Ants Capital, Crosslink Capital and 12 Other
Investors
Inmarsat, Idinvest Partners, Bpifrance and 13 Other
Investors
Analyst’s Pick
enterprises
Purple Arch Ventures and 15 Other Investors
Greenwave Systems (2008, Irvine, $75M)
Platform to deploy IoT managed services
Business Development Corporation of America,
EDBI, ST Telemedia and 5 Other Investors
products
Sway Ventures, Bloc Ventures, Cisco Investments
Aeris (1992, Santa Clara, $30M)
Machine to machine connectivity platform
Minicorn. Stage: Funded
Rogers Communications, Qualcomm, Capital
Communications FCU and 5 Other Investors
Analyst’s Pick
Afero (2014, Los Altos, $20.3M)
Secure BLE module and cloud platform for
connectivity of IoT devices
Presidio Ventures, Sanshin Electric, Fenox Venture
Qowisio (2009, Angers, $11.9M)
Low cost and low energy consumption wireless
networks for connected objects
Ouest Croissance, Go Capital, Sodero Gestion, BNP
Paribas Developpement
Build connected devices and process data at scale
Wipro, The Hive, Pi Ventures and 11 Other
Investors
Connit (2012, Labege, $3.3M)
Platform for storing and analysing IoT data,
managing IoT devices and creating dashboards
ENGIE New Ventures, Demeter

IoT Platforms > End to End Platforms: Top Companies
Market: End to End Platforms (2/2)
Analyst’s Pick
Nexign (1992, Saint Petersburg)
Charging and billing solutions provider
Software AG (1969, Darmstadt)
BPM, Data Management, GRC solutions and
Consulting Services provider
Telit Communications (1986, London)
Connectivity solutions provider for Internet of
Things applications
Bank Hapoalim, HSBC Group,
MinSviluppoEconomico and 5 Other Investors
Clovity (2016, Dublin)
Provider of end-to-end IoT solutions for enterprises
H&D Wireless (2009, Kista)
Nordic company providing solutions in the areas of
IoT and RTLS
Analyst’s Pick
NetObjex (2013, Newport Beach)
Cloud-based IoT platform for device management
and analytics

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
73
IoT Platforms > End to End Platforms: Leaderboard
Better than Market Average
Market: End to End Platforms
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 Actility 2012 Paris Series D $100M 2 - - - - 4.1k - - 37 - - 744 23%
4.7 Evrythng 2011 London Series B $63.6M 5 - - - - 11k - - 15 - - 26 -
4.4 Altizon 2013 Pune Series A $5.8M 3 - - - - 1.5k - - 14 - - 102 8%
4.3
Ayla
Networks
2010 Sunnyvale Series D $124M 5 5 5 - - 1.7k 2k 6 28 1 20% 54 3%
4.1 Particle 2012
San
Francisco
Series B $42.3M 3 - 4 - - - 60k 561 11 29 5% - -
4.0 Relayr 2013 Berlin Acquired $100M 8 4 - - - 4 - - 9 - - 1 33%
4.0 Haltian 2012 Oulu Series A $5M 2 - - - - 1.8k - - 2 - - 23 1%
3.9
Zipit
Wireless
2007 Greenville Series A $13.6M 7 - 3 - - 222 32k 46 8 7 18% 12 6%
3.8
Silver Spring
Networks
2002
Redwood
City
Acquired $360M 15 4 - - - 4.6k - - 18 - - -81 -2%
3.8
Greenwave
Systems
2008 Irvine Series C $75M 4 - - - - - - - 18 - - - -
3.7
KORE
Wireless
2003 Alpharetta Acquired - 1 5 - - 3 4.5k - - 9 - - 218 5%
3.7 Aeris 1992 Santa Clara Funded $30M 2 - - - - 19.9k - - 47 - - -193 -1%
3.7 TTTech 1998 Vienna Funded $175M 5 - - - - - - - 13 - - - -
3.6 Gooee 2014
Saint
Petersburg
Funded - 1 4 - - - 819 - - 5 - - 79 11%

Incubators Techstars (#2), TechNexus (#1)
Seed Momenta Partners (#1), Almi (#1)
Series A/B Intel Capital (#1), CincyTech (#1)
Series C+ TPG (#2), Sutter Hill Ventures (#2)
Simfony Mobile Oct - 2018
Acq by Mondicon
C-Labs Aug - 2017
Acq by TRUMPF for $10M
IQP Corporation Jul - 2017
Acq by General Electric
Carriots Jun - 2017
Acq by Altair
Cumulocity Mar - 2017
Acq by Software AG
InSync Software Jan - 2015
Acq by ORBCOMM
Axeda Jul - 2014
Acq by PTC for $170M
$4.3M - Series A
Losant (2015, Cincinnati, $15.3M)
$9.8M - Series A
Vantiq (2013, San Francisco, $20.3M)
Series A
Hanhaa (2014, London)
$6M - Series A
Axonize (2015, Tel Aviv, $7.5M)
$97M - Series E
$11.8M - Series E
Jan 2019
M2M Platform Market to Witness Huge Growth | Gemalto,
Aeris, Comarch, Xively, Amdocs, Digital Journal
Jan 2019
TrustNote Announces Strategic Partnership with Winjit to
Offer Complete IoT Blockchain Solutions, PRWeb
Jan 2019
PubNub Wins 2019 DEVIES Award from DeveloperWeek for
Best Innovation in API Infrastructure, PR Newswire
Jan 2019
C3 Provides Enel with AI Suite for Digital Transformation,
Business Wire
Dec 2018
Winjit's New Automated Machine Learning Platform,
PredictSense, Showcased at AI & Big Data Expo, Santa Clara,
Newswire
Nov 2018
PubNub Announces Muter Plugin for ChatEngine,
DEVOPSdigest
Nov 2018
Hellmann launches real-time tracking system, Transport
Intelligence (Ti)
Nov 2018
Simfony integrates Squire technology with IoT platform,
Telecompaper
Oct 2018 ClearVue finds data partner, TechInvest
Oct 2018
Module and Microsoft combine for rapid IoT deployment,
Electronic Specifier
Oct 2018
PubNub Launches Sentiment Analysis Machine to Analyze
Twitter’s Feelings on 2018 Midterm in Realtime, AiThority
Oct 2018
C3 and Amazon Web Services Expand Collaboration to Drive
Enterprise Artificial Intelligence Adoption, CloudCow
Oct 2018
Intel, Arduino and myDevices join the rapidly expanding
Arm Pelion IoT Platform ecosystem, Design And Reuse
News
9
8
25
49
140
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
IoT Platforms > Development platforms: Market Factsheet
74
Exits
Recent InvestmentsCompanies that provide cloud
platforms which enable IoT
application development.
C3
C3 IoT
PubNub
Axeda
(2000, Foxborough, $31.6M)
SensorLogic
(2001, Dallas, $30.5M)
Top Companies
Internet of Things Infrastructure > Market Details > Market: Development platforms
Companies Created 140 | Funded 49 | Total Funding $717M
0
2
4
6
8
10
12
14
$0k
$50M
$100M
$150M
$200M
$250M
$300M
$350M
$400M
2014 2015 2016 2017 2018
YoY Funding Rounds
Market: Development platforms

IoT Platforms > Development platforms: Top Companies
Internet of Things Infrastructure > Market Details > Market: Development platforms
Market: Development platforms
Analyst’s Pick
applciations
Unicorn. Stage: Series E
TPG, The Rise Fund, Breyer Capital and 5 Other
Investors
multiple industries
Unicorn. Stage: Series C
TPG, Breyer Capital, Sutter Hill Ventures and 3
Other Investors
PubNub (2010, San Francisco, $46.6M)
Provides cloud- based platform for Real-Time IoT
Apps to scale
Cisco Investments, Ericsson, Sapphire Ventures and
9 Other Investors
Analyst’s Pick
Seebo (2012, Tel Aviv, $22M)
Cloud based platform for IoT products' lifecycle
management
TPY Capital, Viola Group, Pritzker Group and 4
Other Investors
Losant (2015, Cincinnati, $15.3M)
Provides a cloud-based platform for IOT application
development
CincyTech, TechNexus, Vine Street Ventures and 3
Other Investors
Scriptr (2014, New York City, $9M)
Cloud based platform for IoT Application
Development
Endeavor, Berytech Fund, Middle East Venture
Partners
Sirqul (2013, Seattle, $8M)
IoT platform to launch connected applications
Miteno
Analyst’s Pick
Axonize (2015, Tel Aviv, $7.5M)
Provides platform and backend as a service for IOT
Applications
Meron, StageOne Ventures, Cornerstone Venture
com2m (2013, Dortmund, $1.2M)
IoT platform for developing asset monitoring and
management solutions
Adesso
Blustream (2011, Worcester, $608k)
Connected solution for monitoring environmental
condition and product usage

Tracxn - Internet of Things Infrastructure Startup Landscape

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