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Tracxn Research — Telecom Infrastructure Landscape, December 2016

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This report provides an overview of the telecom infrastructure sector as of December 2016, detailing its value chain, entrepreneurial activity, investment trends, and market outlook. It highlights the expected decline in wireless infrastructure before the anticipated boom from 5G technologies, while also covering emerging areas with increased funding like small cells and carrier Wi-Fi. The analysis includes details on significant players, funding amounts, and major acquisitions in the sector, excluding multiple specific industry segments.

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Tracxn Research — Telecom Infrastructure Landscape, December 2016
Telecom Infrastructure – December 2016 Tracxn World’s Largest Startup Research Platform 2
Telecom Infrastructure – December 20163 Contents Topic Page No. Scope of Report 04 Entrepreneur Activity 06 Investment Trend 11 Who is Investing 20 Exit Outlook - IPO, Acquisitions 24 Sub Sector Analysis 28 Interesting Companies 76 Useful Links 87 Company List 90 Team 227
Telecom Infrastructure – December 20164 Sector Overview Scope of report We have structured the Telecom industry on the basis of the value chain. This report covers the infrastructure segment of the value chain (infrastructure -> OSS/BSS & operations & maintenance -> operators). It covers companies that provide hardware and software that is used in the transmission and optimization of the signal across the various segments of the telecom infrastructure (RAN, Network, Transport), companies which own the network (sub-sea cables, fiber, IP) and provide wholesale services (interconnection) to the service providers, telecom towers, and SIM providers covering emerging technologies like Soft SIM. Being a matured industry, telecom sees incremental technological evolution in every 10 years (2G -> 3G -> 4G/LTE -> 5G). Wireless infrastructure market is expected to slightly decline (CAGR 1%) over the next 2-3 years before 5G investments start to kick-in. But we do see some exciting segments which are witnessing higher spending - Small Cell, DAS (distributed antenna system), and carrier Wi-Fi (Wi-Fi offloading). 5G should bring the next growth phase in the industry and is expected to commercialize by 2020. In this report, we also cover enabling technologies that are expected to help in meeting 5G objectives, including SON (Self-Organized Network), MEC (Mobile Edge Computing), SDN (Software Defined Networking), and NFV (Network Function Virtualization). The report doesn't cover companies that provide semiconductors, content delivery network, content management, end user equipment (boosters, modems, phones), VAS (value-added services), defense communication, resellers, distributors , marketplaces. Also excludes companies that provide OSS/BSS solutions (network management, monitoring, customer management, product management), testing equipment, system integrators, and telecom operators (cellular, fixed-line, Wi-Fi hotspots, MVNOs). The scope of this report includes equity as well as debt funding received by the companies. Disclaimer: The information and data in the report is based on global developments tracked in the sector till November 21, 2016. This is to categorically state that any events and relevant developments after the said date will not reflect in the report.
Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 5
Telecom Infrastructure – December 2016 39 38 37 31 53 42 0 12 24 36 48 60 2010 2011 2012 2013 2014 2015/16 NumberofCompanies 6 YoY – Number of companies founded Affirmed Networks Altiostar Viptela Africa Mobile Networks Vertical Bridge Big Switch Networks Capella Photonics Gainspeed Luminate Wireless Apollo Towers wOnefone Voip-Pal Brain4Net Uniti Fiber
Telecom Infrastructure – December 20167 Large Upcoming Sectors No. of Companies Founded Average Age No. of Companies Funded Business Model Total Funding Example 8 Jan-2009 7 Software > MEC $209M qwilt.com Qwilt 2010, Hod Hasharon 7 Nov-2007 5 Equipment > C-RAN $363M spidercloud.com SpiderCloud 2007, San Jose 22 May-2006 16 Software > SON $169M cellwize.com Cellwize 2012, Tel Aviv 17 Jun-2003 16 Software > Spectrum Efficiency $236M kumunetworks.com Kumu Networks 2011, Sunnyvale 11 Jul-2002 11 Equipment > Small Cell $547M ipaccess.com ip.access 1999, Cambridge 9 Feb-1997 6 Equipment > Antenna > DAS $186M mobileaccess.com MobileAccess Networks 1997, Lod
Telecom Infrastructure – December 20168 Large Upcoming Sectors No. of Companies Founded Average Age No. of Companies Funded Business Model Total Funding Example 60 May-2010 47 SDN $1.2B tibitcommunications.com Tibit Communications 2014, Petaluma 1 Jan-2015 1 SDN > OS $2M Zeetta 2015, Bristol 3 Jan-2014 3 SDN > IXP $57M IIX 2011, Santa Clara 10 Apr-2012 7 SDN > Controller $231M Big Switch Networks 2010, Mountain View 9 Oct-2010 7 SDN > Network Management $192M Sedona Systems 2014, Ra’anana
Telecom Infrastructure – December 20169 Large Upcoming Sectors No. of Companies Founded Average Age No. of Companies Funded Business Model Total Funding Example 6 Apr-2010 6 SDN > Switch $128M Plexxi 2010, Cambridge 18 Jun-2009 13 SDN > Network-as-a-Service $159M Virtela Communications 2000, Greenwood Village 8 Feb-2009 7 SDN > SD-WAN $372M Viptela 2012, San Jose 2 Jan-2007 1 SDN > SDR $7M Xetawave 2010, Boulder 15 Apr-2009 12 NFV $348M affirmednetworks.com Affirmed Networks 2010, Middlesex
Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 10
Telecom Infrastructure – December 201611 YoY – Number of Rounds and Total Funding Note: The funding excludes debt and post IPO rounds. $1.4B $1.3B $0.9B $0.8B $1.1B $1.0B $2.2B $1.3B $0.5B 70 86 85 71 71 73 59 66 39 0 20 40 60 80 100 0.0 0.5 1.0 1.5 2.0 2.5 2008 2009 2010 2011 2012 2013 2014 2015 2016 NumberofRounds FundingAmount(inBillions) Funding Amount Number of Rounds
Telecom Infrastructure – December 201612 YoY – Number of Rounds by Stage 7 11 9 15 8 8 34 27 33 29 30 14 30 28 29 15 28 15 0 16 32 48 64 80 2011 2012 2013 2014 2015 2016 NumberofRounds Seed Early Late
Telecom Infrastructure – December 201613 Average Ticket Size – Early Stage $4.6M $9.8M $6.5M $6.7M $6.9M $6.9M $107.1M $89.7M $102.5M $96.9M $63.7M $36.5M $137.7M $98.3M $147.8M $163.2M $258.8M $34.0M 0.0 50.0 100.0 150.0 200.0 250.0 300.0 2011 2012 2013 2014 2015 2016 FundingAmount(inMillions) Seed Series A Series B
Telecom Infrastructure – December 201614 Top investments in last one year Company Funding Amount Round Name Date Investors Wireless Infrastructure Group $97M PE Apr-2016 3i Infrastructure viptela.com Viptela (San Jose, 2012) $75M Series C May-2016 Sequoia Capital, Redline Capital, Northgate comsol.co.za Comsol (Midrand, 1997) $33M PE Jun-2016 Convergence Partners, Nedbank, Industrial Development Corporation of SA Ltd. (IDC) Big Switch Networks $49M Series C Jan-2016 Index Ventures, Khosla Ventures, Redpoint Ventures & others Altiostar $30M Series E Sep-2016 velocloud.com VeloCloud (Mountain View, 2012) $27M Series C Jan-2016 March Capital Partners, Cisco Investments, NEA, Venrock Kumu Networks $25M Series C Jan-2016 Cisco, Verizon Ventures, Deutsche Telekom & others Midokura $20M Series B Jun-2016 Simplex, Innovation Network, Corporation of Japan
Telecom Infrastructure – December 201615 Top investments in last one year Company Funding Amount Round Name Date Investors Vasona Networks $15M Series C Apr-2016 New Venture Partners , Bessemer Venture Partners Sedona Systems $14M Series B Aug-2016 Intel Capital, Bessemer Venture Partner Tibit Communications $14M Series A Sep-2016 KNL Networks $10M Series A Oct-2016 Creandum, Butterfly Ventures Calient $6M Series G Aug-2016 M87 $5M Series B Nov-2016 Moadrona Venture Group, Qualcomm Ventures, Triology Equity Partners Saguna $5M Series A May-2016 CEIIF Alef Mobitech $5M Series A Jan-2016 Tata Capital
Telecom Infrastructure – December 201616 Top investments in last one year Company Funding Amount Round Name Date Investors Simulity $4M Series A Nov-2016 Foresight Group Tilson Tech $3M Series C Sep-2016 Accelleran $3M Series A Apr-2016 Capital-E Partners, Ark Angels Activator Fund Anova Data $3M Series C Mar-2016 Airwavz Solutions $2M Series A Oct-2016 Brain4Net $2M Series A Mar-2016 Rostelecom, LETA Capital Actelis $2M Series F Feb-2016 Zeetta $2M Series A Jan-2016 IP Group, Reply iBus Networks $2M Series A Jan-2016
Telecom Infrastructure – December 201617 Top investments in last one year Company Funding Amount Round Name Date Investors Air-Lynx $2M Seed Jan-2016 Innovacom CAILabs (Rennes, 2013) $1M Seed Jul-2016 Starquest Capital Nivetti Systems $1M Seed May-2016 Infosys Wytec International $1M Series A Apr-2016 CAILabs (Rennes, 2013) $1M Seed Feb-2016 Innovacom, Paris Business Angels, Kima Ventures Insite Wireless Undisclosed Series B Aug-2016 Macquarie Group
Telecom Infrastructure – December 201618 Funnel view of Sector Percent of Previous 76% 75% 50% 429 204 290 584 774 1025 0 240 480 720 960 1200 M&A & IPO Late Series B Series A Funded Founded Number of Companies
Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 19
Telecom Infrastructure – December 201620 Most Active Investors in Sector 30 26 21 18 17 17 17 15 15 12 0 7 14 21 28 35 Western Technology Investment NEA Intel Capital Accel Partners Bessemer Venture Partners Oak Investment Partners Saints Capital Goldman Sachs Matrix Partners North Bridge Venture Partners TotalNumberofRounds Polaris Networks Quantum Bridge Communications Engana NextG Networks Qwilt NextG Networks OnFiber Communications Nuera Communications Plexxi Plexxi Rapid5 Networks Pluribus Networks Genband QMC Telecom Ocular Networks Qtera Radisys Ellacoya Networks Convergent Networks Convergent Networks
Telecom Infrastructure – December 201621 Where are Top Investors investing
Telecom Infrastructure – December 201622 Top Investor by Stage of Entry
Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 23
Telecom Infrastructure – December 201624 Top IPOs in last three years IPO Date Company Overview Funding Amount Mcap at IPO Exch:Ticker Apr-2016 angel-telecom.com Angel Telecom (Baar, 2004) Wholesale VOIP carrier VIE:AGLT Sep-2015 nuranwireless.com NuRAN Wireless (Quebec City, 2013) Low cost RAN and backhaul solutions for rural areas NUR:CN Nov-2015 xtera.com Xtera (Allen, 1998) Optical and IP networking solutions NEA, InterWest Partners, VantagePoint Capital Partners, Saints Capital, Star Ventures, EDF Ventures, Sevin Rosen Funds, Rho Ventures, ComVentures, Wellcome Trust, ARCH Venture Partners, Newbury Ventures, Trellis Partners, CenterPoint Ventures, KLM Capital Group, Berkeley International, Berkeley VC International, CenterPoint Ventures, Pharus Capital Management, KLM Capital Group, hookandpartners.co.uk, startventures.ca $284.3M OTCMKTS:XCOMQ May-2015 cellnextelecom.com Cellnex Telecom (Barcelona, 2000) Wireless telecom infrastructure Harbourvest Partners BME:CLNX Jun-2014 arista.com Arista (Santa Clara, 2005) Software driven Cloud networking solutions Accel Partners, Greylock Partners, Summit Partners, Index Ventures, Khosla Ventures, Rho Ventures, Singtel Innov8, HighGearVentures NYSE:ANET Jan-2014 cityfibre.com CityFibre (London, 2011) Wholesale fiber network infrastructure provider LON:CITY
Telecom Infrastructure – December 201625 Major Acquisitions in last one year
Telecom Infrastructure – December 201626 Major Acquisitions in last one year
Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 27
Telecom Infrastructure – December 201628 1000+ companies in the sector, 240 companies funded in last 5 years, $525M invested in 2016 December 2016Tracxn BlueBox : Telecom Infrastructure
Telecom Infrastructure – December 201629 RAN – Business Model Description
Telecom Infrastructure – December 201630 RAN – Entrepreneur Activity and Investment Trend
Telecom Infrastructure – December 201631 Top Business Models by Funding $1.6B $1.1B $647M 0 360 720 1080 1440 1800 Equipment Infrastructure Software TotalFundingAmount(inMillions) Avg. Age Jan-98 Jan-06 Jul-05 # Cos. 81 12 50 Airspan NextG Networks Actix Altiostar ExteNet Systems Qwilt
Telecom Infrastructure – December 201632 RAN – Most Funded Companies
Telecom Infrastructure – December 201633 RAN > Equipment – Business Model Description
Telecom Infrastructure – December 201634 RAN > Equipment – Entrepreneur Activity and Investment Trend
Telecom Infrastructure – December 201635 RAN > Equipment – Most Funded Companies
Telecom Infrastructure – December 201636 RAN > Infrastructure – Business Model Description & Entrepreneur Activity and Investment Trend
Telecom Infrastructure – December 201637 RAN > Infrastructure – Most Funded Companies
Telecom Infrastructure – December 201638 RAN > Software – Business Model Description
Telecom Infrastructure – December 201639 RAN > Software – Entrepreneur Activity and Investment Trend
Telecom Infrastructure – December 201640 RAN > Software – Most Funded Companies
Telecom Infrastructure – December 201641 Network – Business Model Description
Telecom Infrastructure – December 201642 Network – Entrepreneur Activity and Investment Trend
Telecom Infrastructure – December 201643 Top Business Models by Funding $6.3B $2.5B $2.2B $1.2B $0.3B 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Equipment Wholesale Carrier Software SDN NFV TotalFundingAmount(inBillions) Avg. Age Feb-90 Nov-01 Sep-01 May-10 Apr-09 # Cos. 254 171 110 60 15 Zhone Technologies Zayo Group Genband Viptela Affirmed Networks Calient West Corporation Taqua Virtela Communications Midokura
Telecom Infrastructure – December 201644 Network – Most Funded Companies
Telecom Infrastructure – December 201645 Network > Equipment – Business Model Description
Telecom Infrastructure – December 201646 Network > Equipment – Entrepreneur Activity and Investment Trend
Telecom Infrastructure – December 201647 Network > Equipment – Most Funded Companies
Telecom Infrastructure – December 201648 Network > Wholesale Carrier – Business Model Description
Telecom Infrastructure – December 201649 Network > Wholesale Carrier – Entrepreneur Activity and Investment Trend
Telecom Infrastructure – December 201650 Network > Wholesale Carrier – Most Funded Companies
Telecom Infrastructure – December 201651 Network > Software – Business Model Description
Telecom Infrastructure – December 201652 Network > Software – Entrepreneur Activity and Investment Trend
Telecom Infrastructure – December 201653 Network > Software – Most Funded Companies
Telecom Infrastructure – December 201654 Network > SDN – Business Model Description
Telecom Infrastructure – December 201655 Network > SDN – Entrepreneur Activity and Investment Trend
Telecom Infrastructure – December 201656 Network > SDN – Most Funded Companies
Telecom Infrastructure – December 201657 Network > NFV – Business Model Description & Entrepreneur Activity and Investment Trend
Telecom Infrastructure – December 201658 Network > NFV – Most Funded Companies
Telecom Infrastructure – December 201659 Transport – Business Model Description
Telecom Infrastructure – December 201660 Transport – Entrepreneur Activity and Investment Trend
Telecom Infrastructure – December 201661 Top Business Models by Funding $3.6B $483M 0 800 1600 2400 3200 4000 Equipment Software TotalFundingAmount(inMillions) Avg. Age Feb-99 Jan-03 # Cos. 121 30 FiberTower Ellacoya Networks Navini Networks Seven Networks
Telecom Infrastructure – December 201662 Transport – Most Funded Companies
Telecom Infrastructure – December 201663 Transport > Equipment – Business Model Description
Telecom Infrastructure – December 201664 Transport > Equipment – Entrepreneur Activity and Investment Trend
Telecom Infrastructure – December 201665 Transport > Equipment – Most Funded Companies
Telecom Infrastructure – December 201666 Transport > Software – Business Model Description
Telecom Infrastructure – December 201667 Transport > Software – Entrepreneur Activity and Investment Trend
Telecom Infrastructure – December 201668 Transport > Software – Most Funded Companies
Telecom Infrastructure – December 201669 Tower – Entrepreneur Activity and Investment Trend
Telecom Infrastructure – December 201670 Tower – Most Funded Companies
Telecom Infrastructure – December 201671 SIM Providers – Business Model Description
Telecom Infrastructure – December 201672 Top Business Models by Funding $67M $7M $0.4M 0 16 32 48 64 80 Soft SIM Removable SIM Software Embedded SIM TotalFundingAmount(inMillions) Avg. Age Jan-09 Sep-93 Jun-92 Jun-10 # Cos. 20 14 2 2 wOnefone Fogg Mobile Movenda Skyroam Gemalto Aspects Software Cellnetrix Sensorise Digital services Pvt Ltd
Telecom Infrastructure – December 201673 SIM Providers – Most Funded Companies
Telecom Infrastructure – December 201674 Suite – Business Model Description & Most Funded Companies
Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 75
Telecom Infrastructure – December 201676 Interesting Early Stage Funded Companies Curated list of companies by the sector analyst are defined as Interesting Company Overview Business Model Total Funding Cellwize (2012, Israel) Self Organizing Network solution provider Viola Group, Vintage Investment Partners RAN > SON $14.5M (+ $10M Debt) Parallel Wireless (2012, Nashua) Virtual gateway, small cells, and cloud RAN solutions provider RAN > C-RAN ($1.8M Debt)
Telecom Infrastructure – December 201677 Interesting Series B Companies
Telecom Infrastructure – December 201678 Interesting Series B Companies
Telecom Infrastructure – December 201679 Interesting Late Stage Companies
Telecom Infrastructure – December 201680 Interesting Late Stage Companies
Telecom Infrastructure – December 201681 Interesting Late Stage Companies
Telecom Infrastructure – December 201682 Top Funded Deadpooled Companies
Telecom Infrastructure – December 201683 Top Funded Deadpooled Companies
Telecom Infrastructure – December 201684 Top Funded Deadpooled Companies
Telecom Infrastructure – December 201685 Top Funded Deadpooled Companies
Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 86
Telecom Infrastructure – December 201687 Useful Links Slide Title Content Platform Link List of All Companies in readable format Companies Link Large Upcoming Sectors Entrepreneur Activity Link Top investments in last one year Investment Trend Link IPOs in Telecom Infrastructure Exit Outlook - IPO, Acquisitions Link Major Acquisitions in last one year Exit Outlook - IPO, Acquisitions Link
Telecom Infrastructure – December 201688
Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 89
Telecom Infrastructure – December 201690 Telecom Infrastructure – Company List Network Tower Transport RAN Suite SIM Providers 774 FUNDED COMPANIES AND 250 UNFUNDED COMPANIES COVERS THE FOLLOWING SECTORS
Telecom Infrastructure – December 201691 Network (1/78) Company Overview Business Model Total Funding 2Wire (1998, San Jose) Network equipment provider Accel Partners, Venrock, GGV Capital, Meritech Capital, Technology Crossover Ventures, DCM Ventures, Dell Ventures, Invesco, Weber Capital Management, Lake Street Capital, Oak Investment Partners, Stratim Capital Equipment $200M Hatteras Networks (2000, Durham) Ethernet Over Copper Bessemer Venture Partners, Globespan Capital Partners, Columbia Capital, Grotech Ventures, ComVentures Equipment $118.63M Casa Systems (2003, Andover) Cable and mobile edge devices to operators Summit Partners, SeaChange Equipment $107.81M Alphion (2000, Princeton Junction) Optical networking solutions Goldman Sachs, Battery Ventures, Tallwood Venture Capital, Axiom Venture Partners, Narra Venture Capital, ICCP Venture Partners, Cypress Semiconductor, Aditya Birla Private Equity, Velocity Financial Equipment $62.88M Convergent Networks (1998, Billerica) Broadband voice infrastructure gateways Battery Ventures, Matrix Partners, North Bridge Venture Partners, VantagePoint Capital Partners, Saints Capital, Worldview Technology Partners Equipment $57M Zeugma Systems (2004, Richmond) Edge of network equipment supplier BDC Capital, Granite Ventures, GrowthWorks, Yaletown Partners, Ventures West Capital, BC Advantage Funds, Vertex Ventures Equipment $50M Sonus (1997, Westford) SBCs and network equipment providers Bessemer Venture Partners, Charles River Ventures, Matrix Partners, North Bridge Venture Partners, KTB Ventures, Mitsubishi, North Bridge, Williams Communications, Samsung Venture Investment, Global Capital, Bedrock Group Equipment $46M Go to BM List >> Tower
Telecom Infrastructure – December 201692 Network (2/78) Company Overview Business Model Total Funding Bay Microsystems (1998, San Jose) Internetwoking Products for Optical and packet switching Selby Ventures, In-Q-Tel, W Capital Partners, Saints Capital, Thomas Weisel Venture Partners, Alliance Technology Ventures, Quicksilver Ventures, Needham Capital Partners, Pacifica Fund, Alliance Venture, Crossbridge Capital, Franklin Park, Glenbrook Consumer, In-Q-Tel, Panasonic Venture Group Equipment $34.4M NewPort Communications (1996, Irvine) Routing solutions on semiconductor Bessemer Venture Partners, Cisco, Mayfield, Integral Capital Partners, Western Technology Investment, Tallwood Venture Capital, Sumitomo Corp, Lucent Venture Partners, Vertex Ventures Equipment $28M Accelerated Networks (1996, Santa Barbara) Gateways and network management solutions provider NEA, US Venture Partners, ONSET Ventures, Walden International, Windward Ventures Equipment $20.1M ThinkEngine Networks (1962, Danbury) Media & application servers provider VantagePoint Capital Partners, Prism Venture Management, Vencore Capital Equipment $15M Resolute Networks (1999, Modiin) Provides OEM solutions for TDM circuit-emulation-services applications Accel Partners, Benchmark Capital, Giza Venture Capital, Genesis Partners, Delta Ventures, Partech Ventures Equipment $15M Ethos Networks (2003, Herzliya) Carrier Ethernet and Network Management Platform Vertex Ventures Israel, Carmel Ventures, Evergreen Venture Partners Equipment $12M PolyTrax Information Technology (1997, Rosenheim) Home networking company Alta Berkeley, TVM Capital, Guild Capital, Innovacom, Vertex Ventures Equipment $9.52M Go to BM List >> Tower
Telecom Infrastructure – December 201693 Network (3/78) Company Overview Business Model Total Funding Traffix Systems (2005, Hod Hasharon) Diameter signaling solutions Bessemer Venture Partners, StageOne Ventures Equipment $7M Digi International (1985, Minnetonka) Provides hardware modules & gateways for M2M communication Equipment $6.8M InteliCloud (2007, Newport Beach) Next Generation Network Equipment Media One Direct Equipment $4.39M Sunsea (1994, Shenzhen) High tech enterprise developing ICT solutions by R&D IDG Capital Partners Equipment $3.93M DrayTek (1997, Hsinchu) Broadband Equipment Manufacturer Draper Fisher Jurvetson Equipment $350k 4Cable (2005, Myrtle Beach) Outdoor transmission equipment manufacturer for Cable TV and Internet providers. Equipment $20.9k Electronia (1989, Khobar) Telecom, networking, smart card, and business automation solutions provider Equipment Tainet Communication (1998, Taipei) Carrier-class network equipment manufacturer Equipment Go to BM List >> Tower
Telecom Infrastructure – December 201694 Network (4/78) Go to BM List >> Tower
Telecom Infrastructure – December 201695 Network (5/78) Go to BM List >> Tower
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Telecom Infrastructure – December 2016169 Tower (1/9) Network << Go to BM List >> Transport
Telecom Infrastructure – December 2016170 Tower (2/9) Network << Go to BM List >> Transport
Telecom Infrastructure – December 2016171 Tower (3/9) Network << Go to BM List >> Transport
Telecom Infrastructure – December 2016172 Tower (4/9) Network << Go to BM List >> Transport
Telecom Infrastructure – December 2016173 Tower (5/9) Network << Go to BM List >> Transport
Telecom Infrastructure – December 2016174 Tower (6/9) Network << Go to BM List >> Transport
Telecom Infrastructure – December 2016175 Tower (7/9) Network << Go to BM List >> Transport
Telecom Infrastructure – December 2016176 Tower (8/9) Network << Go to BM List >> Transport
Telecom Infrastructure – December 2016177 Tower (9/9) Network << Go to BM List >> Transport
Telecom Infrastructure – December 2016178 Transport (1/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016179 Transport (2/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016180 Transport (3/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016181 Transport (4/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016182 Transport (5/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016183 Transport (6/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016184 Transport (7/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016185 Transport (8/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016186 Transport (9/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016187 Transport (10/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016188 Transport (11/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016189 Transport (12/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016190 Transport (13/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016191 Transport (14/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016192 Transport (15/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016193 Transport (16/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016194 Transport (17/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016195 Transport (18/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016196 Transport (19/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016197 Transport (20/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016198 Transport (21/21) Tower << Go to BM List >> RAN
Telecom Infrastructure – December 2016199 RAN (1/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016200 RAN (2/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016201 RAN (3/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016202 RAN (4/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016203 RAN (5/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016204 RAN (6/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016205 RAN (7/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016206 RAN (8/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016207 RAN (9/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016208 RAN (10/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016209 RAN (11/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016210 RAN (12/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016211 RAN (13/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016212 RAN (14/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016213 RAN (15/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016214 RAN (16/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016215 RAN (17/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016216 RAN (18/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016217 RAN (19/19) Transport << Go to BM List >> Suite
Telecom Infrastructure – December 2016218 Suite (1/3) RAN << Go to BM List >> SIM Providers
Telecom Infrastructure – December 2016219 Suite (2/3) RAN << Go to BM List >> SIM Providers
Telecom Infrastructure – December 2016220 Suite (3/3) RAN << Go to BM List >> SIM Providers
Telecom Infrastructure – December 2016221 SIM Providers (1/5) Suite << Go to BM List
Telecom Infrastructure – December 2016222 SIM Providers (2/5) Suite << Go to BM List
Telecom Infrastructure – December 2016223 SIM Providers (3/5) Suite << Go to BM List
Telecom Infrastructure – December 2016224 SIM Providers (4/5) Suite << Go to BM List
Telecom Infrastructure – December 2016225 SIM Providers (5/5) Suite << Go to BM List
Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 226
Telecom Infrastructure – December 2016227 Team Mukul Aggarwal Lead Analyst – Telecom Pradeep Nair Senior Analyst – Telecom
Telecom Infrastructure – December 2016228

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Tracxn Research — Telecom Infrastructure Landscape, December 2016

  • 2. Telecom Infrastructure – December 2016 Tracxn World’s Largest Startup Research Platform 2
  • 3. Telecom Infrastructure – December 20163 Contents Topic Page No. Scope of Report 04 Entrepreneur Activity 06 Investment Trend 11 Who is Investing 20 Exit Outlook - IPO, Acquisitions 24 Sub Sector Analysis 28 Interesting Companies 76 Useful Links 87 Company List 90 Team 227
  • 4. Telecom Infrastructure – December 20164 Sector Overview Scope of report We have structured the Telecom industry on the basis of the value chain. This report covers the infrastructure segment of the value chain (infrastructure -> OSS/BSS & operations & maintenance -> operators). It covers companies that provide hardware and software that is used in the transmission and optimization of the signal across the various segments of the telecom infrastructure (RAN, Network, Transport), companies which own the network (sub-sea cables, fiber, IP) and provide wholesale services (interconnection) to the service providers, telecom towers, and SIM providers covering emerging technologies like Soft SIM. Being a matured industry, telecom sees incremental technological evolution in every 10 years (2G -> 3G -> 4G/LTE -> 5G). Wireless infrastructure market is expected to slightly decline (CAGR 1%) over the next 2-3 years before 5G investments start to kick-in. But we do see some exciting segments which are witnessing higher spending - Small Cell, DAS (distributed antenna system), and carrier Wi-Fi (Wi-Fi offloading). 5G should bring the next growth phase in the industry and is expected to commercialize by 2020. In this report, we also cover enabling technologies that are expected to help in meeting 5G objectives, including SON (Self-Organized Network), MEC (Mobile Edge Computing), SDN (Software Defined Networking), and NFV (Network Function Virtualization). The report doesn't cover companies that provide semiconductors, content delivery network, content management, end user equipment (boosters, modems, phones), VAS (value-added services), defense communication, resellers, distributors , marketplaces. Also excludes companies that provide OSS/BSS solutions (network management, monitoring, customer management, product management), testing equipment, system integrators, and telecom operators (cellular, fixed-line, Wi-Fi hotspots, MVNOs). The scope of this report includes equity as well as debt funding received by the companies. Disclaimer: The information and data in the report is based on global developments tracked in the sector till November 21, 2016. This is to categorically state that any events and relevant developments after the said date will not reflect in the report.
  • 5. Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 5
  • 6. Telecom Infrastructure – December 2016 39 38 37 31 53 42 0 12 24 36 48 60 2010 2011 2012 2013 2014 2015/16 NumberofCompanies 6 YoY – Number of companies founded Affirmed Networks Altiostar Viptela Africa Mobile Networks Vertical Bridge Big Switch Networks Capella Photonics Gainspeed Luminate Wireless Apollo Towers wOnefone Voip-Pal Brain4Net Uniti Fiber
  • 7. Telecom Infrastructure – December 20167 Large Upcoming Sectors No. of Companies Founded Average Age No. of Companies Funded Business Model Total Funding Example 8 Jan-2009 7 Software > MEC $209M qwilt.com Qwilt 2010, Hod Hasharon 7 Nov-2007 5 Equipment > C-RAN $363M spidercloud.com SpiderCloud 2007, San Jose 22 May-2006 16 Software > SON $169M cellwize.com Cellwize 2012, Tel Aviv 17 Jun-2003 16 Software > Spectrum Efficiency $236M kumunetworks.com Kumu Networks 2011, Sunnyvale 11 Jul-2002 11 Equipment > Small Cell $547M ipaccess.com ip.access 1999, Cambridge 9 Feb-1997 6 Equipment > Antenna > DAS $186M mobileaccess.com MobileAccess Networks 1997, Lod
  • 8. Telecom Infrastructure – December 20168 Large Upcoming Sectors No. of Companies Founded Average Age No. of Companies Funded Business Model Total Funding Example 60 May-2010 47 SDN $1.2B tibitcommunications.com Tibit Communications 2014, Petaluma 1 Jan-2015 1 SDN > OS $2M Zeetta 2015, Bristol 3 Jan-2014 3 SDN > IXP $57M IIX 2011, Santa Clara 10 Apr-2012 7 SDN > Controller $231M Big Switch Networks 2010, Mountain View 9 Oct-2010 7 SDN > Network Management $192M Sedona Systems 2014, Ra’anana
  • 9. Telecom Infrastructure – December 20169 Large Upcoming Sectors No. of Companies Founded Average Age No. of Companies Funded Business Model Total Funding Example 6 Apr-2010 6 SDN > Switch $128M Plexxi 2010, Cambridge 18 Jun-2009 13 SDN > Network-as-a-Service $159M Virtela Communications 2000, Greenwood Village 8 Feb-2009 7 SDN > SD-WAN $372M Viptela 2012, San Jose 2 Jan-2007 1 SDN > SDR $7M Xetawave 2010, Boulder 15 Apr-2009 12 NFV $348M affirmednetworks.com Affirmed Networks 2010, Middlesex
  • 10. Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 10
  • 11. Telecom Infrastructure – December 201611 YoY – Number of Rounds and Total Funding Note: The funding excludes debt and post IPO rounds. $1.4B $1.3B $0.9B $0.8B $1.1B $1.0B $2.2B $1.3B $0.5B 70 86 85 71 71 73 59 66 39 0 20 40 60 80 100 0.0 0.5 1.0 1.5 2.0 2.5 2008 2009 2010 2011 2012 2013 2014 2015 2016 NumberofRounds FundingAmount(inBillions) Funding Amount Number of Rounds
  • 12. Telecom Infrastructure – December 201612 YoY – Number of Rounds by Stage 7 11 9 15 8 8 34 27 33 29 30 14 30 28 29 15 28 15 0 16 32 48 64 80 2011 2012 2013 2014 2015 2016 NumberofRounds Seed Early Late
  • 13. Telecom Infrastructure – December 201613 Average Ticket Size – Early Stage $4.6M $9.8M $6.5M $6.7M $6.9M $6.9M $107.1M $89.7M $102.5M $96.9M $63.7M $36.5M $137.7M $98.3M $147.8M $163.2M $258.8M $34.0M 0.0 50.0 100.0 150.0 200.0 250.0 300.0 2011 2012 2013 2014 2015 2016 FundingAmount(inMillions) Seed Series A Series B
  • 14. Telecom Infrastructure – December 201614 Top investments in last one year Company Funding Amount Round Name Date Investors Wireless Infrastructure Group $97M PE Apr-2016 3i Infrastructure viptela.com Viptela (San Jose, 2012) $75M Series C May-2016 Sequoia Capital, Redline Capital, Northgate comsol.co.za Comsol (Midrand, 1997) $33M PE Jun-2016 Convergence Partners, Nedbank, Industrial Development Corporation of SA Ltd. (IDC) Big Switch Networks $49M Series C Jan-2016 Index Ventures, Khosla Ventures, Redpoint Ventures & others Altiostar $30M Series E Sep-2016 velocloud.com VeloCloud (Mountain View, 2012) $27M Series C Jan-2016 March Capital Partners, Cisco Investments, NEA, Venrock Kumu Networks $25M Series C Jan-2016 Cisco, Verizon Ventures, Deutsche Telekom & others Midokura $20M Series B Jun-2016 Simplex, Innovation Network, Corporation of Japan
  • 15. Telecom Infrastructure – December 201615 Top investments in last one year Company Funding Amount Round Name Date Investors Vasona Networks $15M Series C Apr-2016 New Venture Partners , Bessemer Venture Partners Sedona Systems $14M Series B Aug-2016 Intel Capital, Bessemer Venture Partner Tibit Communications $14M Series A Sep-2016 KNL Networks $10M Series A Oct-2016 Creandum, Butterfly Ventures Calient $6M Series G Aug-2016 M87 $5M Series B Nov-2016 Moadrona Venture Group, Qualcomm Ventures, Triology Equity Partners Saguna $5M Series A May-2016 CEIIF Alef Mobitech $5M Series A Jan-2016 Tata Capital
  • 16. Telecom Infrastructure – December 201616 Top investments in last one year Company Funding Amount Round Name Date Investors Simulity $4M Series A Nov-2016 Foresight Group Tilson Tech $3M Series C Sep-2016 Accelleran $3M Series A Apr-2016 Capital-E Partners, Ark Angels Activator Fund Anova Data $3M Series C Mar-2016 Airwavz Solutions $2M Series A Oct-2016 Brain4Net $2M Series A Mar-2016 Rostelecom, LETA Capital Actelis $2M Series F Feb-2016 Zeetta $2M Series A Jan-2016 IP Group, Reply iBus Networks $2M Series A Jan-2016
  • 17. Telecom Infrastructure – December 201617 Top investments in last one year Company Funding Amount Round Name Date Investors Air-Lynx $2M Seed Jan-2016 Innovacom CAILabs (Rennes, 2013) $1M Seed Jul-2016 Starquest Capital Nivetti Systems $1M Seed May-2016 Infosys Wytec International $1M Series A Apr-2016 CAILabs (Rennes, 2013) $1M Seed Feb-2016 Innovacom, Paris Business Angels, Kima Ventures Insite Wireless Undisclosed Series B Aug-2016 Macquarie Group
  • 18. Telecom Infrastructure – December 201618 Funnel view of Sector Percent of Previous 76% 75% 50% 429 204 290 584 774 1025 0 240 480 720 960 1200 M&A & IPO Late Series B Series A Funded Founded Number of Companies
  • 19. Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 19
  • 20. Telecom Infrastructure – December 201620 Most Active Investors in Sector 30 26 21 18 17 17 17 15 15 12 0 7 14 21 28 35 Western Technology Investment NEA Intel Capital Accel Partners Bessemer Venture Partners Oak Investment Partners Saints Capital Goldman Sachs Matrix Partners North Bridge Venture Partners TotalNumberofRounds Polaris Networks Quantum Bridge Communications Engana NextG Networks Qwilt NextG Networks OnFiber Communications Nuera Communications Plexxi Plexxi Rapid5 Networks Pluribus Networks Genband QMC Telecom Ocular Networks Qtera Radisys Ellacoya Networks Convergent Networks Convergent Networks
  • 21. Telecom Infrastructure – December 201621 Where are Top Investors investing
  • 22. Telecom Infrastructure – December 201622 Top Investor by Stage of Entry
  • 23. Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 23
  • 24. Telecom Infrastructure – December 201624 Top IPOs in last three years IPO Date Company Overview Funding Amount Mcap at IPO Exch:Ticker Apr-2016 angel-telecom.com Angel Telecom (Baar, 2004) Wholesale VOIP carrier VIE:AGLT Sep-2015 nuranwireless.com NuRAN Wireless (Quebec City, 2013) Low cost RAN and backhaul solutions for rural areas NUR:CN Nov-2015 xtera.com Xtera (Allen, 1998) Optical and IP networking solutions NEA, InterWest Partners, VantagePoint Capital Partners, Saints Capital, Star Ventures, EDF Ventures, Sevin Rosen Funds, Rho Ventures, ComVentures, Wellcome Trust, ARCH Venture Partners, Newbury Ventures, Trellis Partners, CenterPoint Ventures, KLM Capital Group, Berkeley International, Berkeley VC International, CenterPoint Ventures, Pharus Capital Management, KLM Capital Group, hookandpartners.co.uk, startventures.ca $284.3M OTCMKTS:XCOMQ May-2015 cellnextelecom.com Cellnex Telecom (Barcelona, 2000) Wireless telecom infrastructure Harbourvest Partners BME:CLNX Jun-2014 arista.com Arista (Santa Clara, 2005) Software driven Cloud networking solutions Accel Partners, Greylock Partners, Summit Partners, Index Ventures, Khosla Ventures, Rho Ventures, Singtel Innov8, HighGearVentures NYSE:ANET Jan-2014 cityfibre.com CityFibre (London, 2011) Wholesale fiber network infrastructure provider LON:CITY
  • 25. Telecom Infrastructure – December 201625 Major Acquisitions in last one year
  • 26. Telecom Infrastructure – December 201626 Major Acquisitions in last one year
  • 27. Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 27
  • 28. Telecom Infrastructure – December 201628 1000+ companies in the sector, 240 companies funded in last 5 years, $525M invested in 2016 December 2016Tracxn BlueBox : Telecom Infrastructure
  • 29. Telecom Infrastructure – December 201629 RAN – Business Model Description
  • 30. Telecom Infrastructure – December 201630 RAN – Entrepreneur Activity and Investment Trend
  • 31. Telecom Infrastructure – December 201631 Top Business Models by Funding $1.6B $1.1B $647M 0 360 720 1080 1440 1800 Equipment Infrastructure Software TotalFundingAmount(inMillions) Avg. Age Jan-98 Jan-06 Jul-05 # Cos. 81 12 50 Airspan NextG Networks Actix Altiostar ExteNet Systems Qwilt
  • 32. Telecom Infrastructure – December 201632 RAN – Most Funded Companies
  • 33. Telecom Infrastructure – December 201633 RAN > Equipment – Business Model Description
  • 34. Telecom Infrastructure – December 201634 RAN > Equipment – Entrepreneur Activity and Investment Trend
  • 35. Telecom Infrastructure – December 201635 RAN > Equipment – Most Funded Companies
  • 36. Telecom Infrastructure – December 201636 RAN > Infrastructure – Business Model Description & Entrepreneur Activity and Investment Trend
  • 37. Telecom Infrastructure – December 201637 RAN > Infrastructure – Most Funded Companies
  • 38. Telecom Infrastructure – December 201638 RAN > Software – Business Model Description
  • 39. Telecom Infrastructure – December 201639 RAN > Software – Entrepreneur Activity and Investment Trend
  • 40. Telecom Infrastructure – December 201640 RAN > Software – Most Funded Companies
  • 41. Telecom Infrastructure – December 201641 Network – Business Model Description
  • 42. Telecom Infrastructure – December 201642 Network – Entrepreneur Activity and Investment Trend
  • 43. Telecom Infrastructure – December 201643 Top Business Models by Funding $6.3B $2.5B $2.2B $1.2B $0.3B 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Equipment Wholesale Carrier Software SDN NFV TotalFundingAmount(inBillions) Avg. Age Feb-90 Nov-01 Sep-01 May-10 Apr-09 # Cos. 254 171 110 60 15 Zhone Technologies Zayo Group Genband Viptela Affirmed Networks Calient West Corporation Taqua Virtela Communications Midokura
  • 44. Telecom Infrastructure – December 201644 Network – Most Funded Companies
  • 45. Telecom Infrastructure – December 201645 Network > Equipment – Business Model Description
  • 46. Telecom Infrastructure – December 201646 Network > Equipment – Entrepreneur Activity and Investment Trend
  • 47. Telecom Infrastructure – December 201647 Network > Equipment – Most Funded Companies
  • 48. Telecom Infrastructure – December 201648 Network > Wholesale Carrier – Business Model Description
  • 49. Telecom Infrastructure – December 201649 Network > Wholesale Carrier – Entrepreneur Activity and Investment Trend
  • 50. Telecom Infrastructure – December 201650 Network > Wholesale Carrier – Most Funded Companies
  • 51. Telecom Infrastructure – December 201651 Network > Software – Business Model Description
  • 52. Telecom Infrastructure – December 201652 Network > Software – Entrepreneur Activity and Investment Trend
  • 53. Telecom Infrastructure – December 201653 Network > Software – Most Funded Companies
  • 54. Telecom Infrastructure – December 201654 Network > SDN – Business Model Description
  • 55. Telecom Infrastructure – December 201655 Network > SDN – Entrepreneur Activity and Investment Trend
  • 56. Telecom Infrastructure – December 201656 Network > SDN – Most Funded Companies
  • 57. Telecom Infrastructure – December 201657 Network > NFV – Business Model Description & Entrepreneur Activity and Investment Trend
  • 58. Telecom Infrastructure – December 201658 Network > NFV – Most Funded Companies
  • 59. Telecom Infrastructure – December 201659 Transport – Business Model Description
  • 60. Telecom Infrastructure – December 201660 Transport – Entrepreneur Activity and Investment Trend
  • 61. Telecom Infrastructure – December 201661 Top Business Models by Funding $3.6B $483M 0 800 1600 2400 3200 4000 Equipment Software TotalFundingAmount(inMillions) Avg. Age Feb-99 Jan-03 # Cos. 121 30 FiberTower Ellacoya Networks Navini Networks Seven Networks
  • 62. Telecom Infrastructure – December 201662 Transport – Most Funded Companies
  • 63. Telecom Infrastructure – December 201663 Transport > Equipment – Business Model Description
  • 64. Telecom Infrastructure – December 201664 Transport > Equipment – Entrepreneur Activity and Investment Trend
  • 65. Telecom Infrastructure – December 201665 Transport > Equipment – Most Funded Companies
  • 66. Telecom Infrastructure – December 201666 Transport > Software – Business Model Description
  • 67. Telecom Infrastructure – December 201667 Transport > Software – Entrepreneur Activity and Investment Trend
  • 68. Telecom Infrastructure – December 201668 Transport > Software – Most Funded Companies
  • 69. Telecom Infrastructure – December 201669 Tower – Entrepreneur Activity and Investment Trend
  • 70. Telecom Infrastructure – December 201670 Tower – Most Funded Companies
  • 71. Telecom Infrastructure – December 201671 SIM Providers – Business Model Description
  • 72. Telecom Infrastructure – December 201672 Top Business Models by Funding $67M $7M $0.4M 0 16 32 48 64 80 Soft SIM Removable SIM Software Embedded SIM TotalFundingAmount(inMillions) Avg. Age Jan-09 Sep-93 Jun-92 Jun-10 # Cos. 20 14 2 2 wOnefone Fogg Mobile Movenda Skyroam Gemalto Aspects Software Cellnetrix Sensorise Digital services Pvt Ltd
  • 73. Telecom Infrastructure – December 201673 SIM Providers – Most Funded Companies
  • 74. Telecom Infrastructure – December 201674 Suite – Business Model Description & Most Funded Companies
  • 75. Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 75
  • 76. Telecom Infrastructure – December 201676 Interesting Early Stage Funded Companies Curated list of companies by the sector analyst are defined as Interesting Company Overview Business Model Total Funding Cellwize (2012, Israel) Self Organizing Network solution provider Viola Group, Vintage Investment Partners RAN > SON $14.5M (+ $10M Debt) Parallel Wireless (2012, Nashua) Virtual gateway, small cells, and cloud RAN solutions provider RAN > C-RAN ($1.8M Debt)
  • 77. Telecom Infrastructure – December 201677 Interesting Series B Companies
  • 78. Telecom Infrastructure – December 201678 Interesting Series B Companies
  • 79. Telecom Infrastructure – December 201679 Interesting Late Stage Companies
  • 80. Telecom Infrastructure – December 201680 Interesting Late Stage Companies
  • 81. Telecom Infrastructure – December 201681 Interesting Late Stage Companies
  • 82. Telecom Infrastructure – December 201682 Top Funded Deadpooled Companies
  • 83. Telecom Infrastructure – December 201683 Top Funded Deadpooled Companies
  • 84. Telecom Infrastructure – December 201684 Top Funded Deadpooled Companies
  • 85. Telecom Infrastructure – December 201685 Top Funded Deadpooled Companies
  • 86. Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 86
  • 87. Telecom Infrastructure – December 201687 Useful Links Slide Title Content Platform Link List of All Companies in readable format Companies Link Large Upcoming Sectors Entrepreneur Activity Link Top investments in last one year Investment Trend Link IPOs in Telecom Infrastructure Exit Outlook - IPO, Acquisitions Link Major Acquisitions in last one year Exit Outlook - IPO, Acquisitions Link
  • 88. Telecom Infrastructure – December 201688
  • 89. Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 89
  • 90. Telecom Infrastructure – December 201690 Telecom Infrastructure – Company List Network Tower Transport RAN Suite SIM Providers 774 FUNDED COMPANIES AND 250 UNFUNDED COMPANIES COVERS THE FOLLOWING SECTORS
  • 91. Telecom Infrastructure – December 201691 Network (1/78) Company Overview Business Model Total Funding 2Wire (1998, San Jose) Network equipment provider Accel Partners, Venrock, GGV Capital, Meritech Capital, Technology Crossover Ventures, DCM Ventures, Dell Ventures, Invesco, Weber Capital Management, Lake Street Capital, Oak Investment Partners, Stratim Capital Equipment $200M Hatteras Networks (2000, Durham) Ethernet Over Copper Bessemer Venture Partners, Globespan Capital Partners, Columbia Capital, Grotech Ventures, ComVentures Equipment $118.63M Casa Systems (2003, Andover) Cable and mobile edge devices to operators Summit Partners, SeaChange Equipment $107.81M Alphion (2000, Princeton Junction) Optical networking solutions Goldman Sachs, Battery Ventures, Tallwood Venture Capital, Axiom Venture Partners, Narra Venture Capital, ICCP Venture Partners, Cypress Semiconductor, Aditya Birla Private Equity, Velocity Financial Equipment $62.88M Convergent Networks (1998, Billerica) Broadband voice infrastructure gateways Battery Ventures, Matrix Partners, North Bridge Venture Partners, VantagePoint Capital Partners, Saints Capital, Worldview Technology Partners Equipment $57M Zeugma Systems (2004, Richmond) Edge of network equipment supplier BDC Capital, Granite Ventures, GrowthWorks, Yaletown Partners, Ventures West Capital, BC Advantage Funds, Vertex Ventures Equipment $50M Sonus (1997, Westford) SBCs and network equipment providers Bessemer Venture Partners, Charles River Ventures, Matrix Partners, North Bridge Venture Partners, KTB Ventures, Mitsubishi, North Bridge, Williams Communications, Samsung Venture Investment, Global Capital, Bedrock Group Equipment $46M Go to BM List >> Tower
  • 92. Telecom Infrastructure – December 201692 Network (2/78) Company Overview Business Model Total Funding Bay Microsystems (1998, San Jose) Internetwoking Products for Optical and packet switching Selby Ventures, In-Q-Tel, W Capital Partners, Saints Capital, Thomas Weisel Venture Partners, Alliance Technology Ventures, Quicksilver Ventures, Needham Capital Partners, Pacifica Fund, Alliance Venture, Crossbridge Capital, Franklin Park, Glenbrook Consumer, In-Q-Tel, Panasonic Venture Group Equipment $34.4M NewPort Communications (1996, Irvine) Routing solutions on semiconductor Bessemer Venture Partners, Cisco, Mayfield, Integral Capital Partners, Western Technology Investment, Tallwood Venture Capital, Sumitomo Corp, Lucent Venture Partners, Vertex Ventures Equipment $28M Accelerated Networks (1996, Santa Barbara) Gateways and network management solutions provider NEA, US Venture Partners, ONSET Ventures, Walden International, Windward Ventures Equipment $20.1M ThinkEngine Networks (1962, Danbury) Media & application servers provider VantagePoint Capital Partners, Prism Venture Management, Vencore Capital Equipment $15M Resolute Networks (1999, Modiin) Provides OEM solutions for TDM circuit-emulation-services applications Accel Partners, Benchmark Capital, Giza Venture Capital, Genesis Partners, Delta Ventures, Partech Ventures Equipment $15M Ethos Networks (2003, Herzliya) Carrier Ethernet and Network Management Platform Vertex Ventures Israel, Carmel Ventures, Evergreen Venture Partners Equipment $12M PolyTrax Information Technology (1997, Rosenheim) Home networking company Alta Berkeley, TVM Capital, Guild Capital, Innovacom, Vertex Ventures Equipment $9.52M Go to BM List >> Tower
  • 93. Telecom Infrastructure – December 201693 Network (3/78) Company Overview Business Model Total Funding Traffix Systems (2005, Hod Hasharon) Diameter signaling solutions Bessemer Venture Partners, StageOne Ventures Equipment $7M Digi International (1985, Minnetonka) Provides hardware modules & gateways for M2M communication Equipment $6.8M InteliCloud (2007, Newport Beach) Next Generation Network Equipment Media One Direct Equipment $4.39M Sunsea (1994, Shenzhen) High tech enterprise developing ICT solutions by R&D IDG Capital Partners Equipment $3.93M DrayTek (1997, Hsinchu) Broadband Equipment Manufacturer Draper Fisher Jurvetson Equipment $350k 4Cable (2005, Myrtle Beach) Outdoor transmission equipment manufacturer for Cable TV and Internet providers. Equipment $20.9k Electronia (1989, Khobar) Telecom, networking, smart card, and business automation solutions provider Equipment Tainet Communication (1998, Taipei) Carrier-class network equipment manufacturer Equipment Go to BM List >> Tower
  • 94. Telecom Infrastructure – December 201694 Network (4/78) Go to BM List >> Tower
  • 95. Telecom Infrastructure – December 201695 Network (5/78) Go to BM List >> Tower
  • 96. Telecom Infrastructure – December 201696 Network (6/78) Go to BM List >> Tower
  • 97. Telecom Infrastructure – December 201697 Network (7/78) Go to BM List >> Tower
  • 98. Telecom Infrastructure – December 201698 Network (8/78) Go to BM List >> Tower
  • 99. Telecom Infrastructure – December 201699 Network (9/78) Go to BM List >> Tower
  • 100. Telecom Infrastructure – December 2016100 Network (10/78) Go to BM List >> Tower
  • 101. Telecom Infrastructure – December 2016101 Network (11/78) Go to BM List >> Tower
  • 102. Telecom Infrastructure – December 2016102 Network (12/78) Go to BM List >> Tower
  • 103. Telecom Infrastructure – December 2016103 Network (13/78) Go to BM List >> Tower
  • 104. Telecom Infrastructure – December 2016104 Network (14/78) Go to BM List >> Tower
  • 105. Telecom Infrastructure – December 2016105 Network (15/78) Go to BM List >> Tower
  • 106. Telecom Infrastructure – December 2016106 Network (16/78) Go to BM List >> Tower
  • 107. Telecom Infrastructure – December 2016107 Network (17/78) Go to BM List >> Tower
  • 108. Telecom Infrastructure – December 2016108 Network (18/78) Go to BM List >> Tower
  • 109. Telecom Infrastructure – December 2016109 Network (19/78) Go to BM List >> Tower
  • 110. Telecom Infrastructure – December 2016110 Network (20/78) Go to BM List >> Tower
  • 111. Telecom Infrastructure – December 2016111 Network (21/78) Go to BM List >> Tower
  • 112. Telecom Infrastructure – December 2016112 Network (22/78) Go to BM List >> Tower
  • 113. Telecom Infrastructure – December 2016113 Network (23/78) Go to BM List >> Tower
  • 114. Telecom Infrastructure – December 2016114 Network (24/78) Go to BM List >> Tower
  • 115. Telecom Infrastructure – December 2016115 Network (25/78) Go to BM List >> Tower
  • 116. Telecom Infrastructure – December 2016116 Network (26/78) Go to BM List >> Tower
  • 117. Telecom Infrastructure – December 2016117 Network (27/78) Go to BM List >> Tower
  • 118. Telecom Infrastructure – December 2016118 Network (28/78) Go to BM List >> Tower
  • 119. Telecom Infrastructure – December 2016119 Network (29/78) Go to BM List >> Tower
  • 120. Telecom Infrastructure – December 2016120 Network (30/78) Go to BM List >> Tower
  • 121. Telecom Infrastructure – December 2016121 Network (31/78) Go to BM List >> Tower
  • 122. Telecom Infrastructure – December 2016122 Network (32/78) Go to BM List >> Tower
  • 123. Telecom Infrastructure – December 2016123 Network (33/78) Go to BM List >> Tower
  • 124. Telecom Infrastructure – December 2016124 Network (34/78) Go to BM List >> Tower
  • 125. Telecom Infrastructure – December 2016125 Network (35/78) Go to BM List >> Tower
  • 126. Telecom Infrastructure – December 2016126 Network (36/78) Go to BM List >> Tower
  • 127. Telecom Infrastructure – December 2016127 Network (37/78) Go to BM List >> Tower
  • 128. Telecom Infrastructure – December 2016128 Network (38/78) Go to BM List >> Tower
  • 129. Telecom Infrastructure – December 2016129 Network (39/78) Go to BM List >> Tower
  • 130. Telecom Infrastructure – December 2016130 Network (40/78) Go to BM List >> Tower
  • 131. Telecom Infrastructure – December 2016131 Network (41/78) Go to BM List >> Tower
  • 132. Telecom Infrastructure – December 2016132 Network (42/78) Go to BM List >> Tower
  • 133. Telecom Infrastructure – December 2016133 Network (43/78) Go to BM List >> Tower
  • 134. Telecom Infrastructure – December 2016134 Network (44/78) Go to BM List >> Tower
  • 135. Telecom Infrastructure – December 2016135 Network (45/78) Go to BM List >> Tower
  • 136. Telecom Infrastructure – December 2016136 Network (46/78) Go to BM List >> Tower
  • 137. Telecom Infrastructure – December 2016137 Network (47/78) Go to BM List >> Tower
  • 138. Telecom Infrastructure – December 2016138 Network (48/78) Go to BM List >> Tower
  • 139. Telecom Infrastructure – December 2016139 Network (49/78) Go to BM List >> Tower
  • 140. Telecom Infrastructure – December 2016140 Network (50/78) Go to BM List >> Tower
  • 141. Telecom Infrastructure – December 2016141 Network (51/78) Go to BM List >> Tower
  • 142. Telecom Infrastructure – December 2016142 Network (52/78) Go to BM List >> Tower
  • 143. Telecom Infrastructure – December 2016143 Network (53/78) Go to BM List >> Tower
  • 144. Telecom Infrastructure – December 2016144 Network (54/78) Go to BM List >> Tower
  • 145. Telecom Infrastructure – December 2016145 Network (55/78) Go to BM List >> Tower
  • 146. Telecom Infrastructure – December 2016146 Network (56/78) Go to BM List >> Tower
  • 147. Telecom Infrastructure – December 2016147 Network (57/78) Go to BM List >> Tower
  • 148. Telecom Infrastructure – December 2016148 Network (58/78) Go to BM List >> Tower
  • 149. Telecom Infrastructure – December 2016149 Network (59/78) Go to BM List >> Tower
  • 150. Telecom Infrastructure – December 2016150 Network (60/78) Go to BM List >> Tower
  • 151. Telecom Infrastructure – December 2016151 Network (61/78) Go to BM List >> Tower
  • 152. Telecom Infrastructure – December 2016152 Network (62/78) Go to BM List >> Tower
  • 153. Telecom Infrastructure – December 2016153 Network (63/78) Go to BM List >> Tower
  • 154. Telecom Infrastructure – December 2016154 Network (64/78) Go to BM List >> Tower
  • 155. Telecom Infrastructure – December 2016155 Network (65/78) Go to BM List >> Tower
  • 156. Telecom Infrastructure – December 2016156 Network (66/78) Go to BM List >> Tower
  • 157. Telecom Infrastructure – December 2016157 Network (67/78) Go to BM List >> Tower
  • 158. Telecom Infrastructure – December 2016158 Network (68/78) Go to BM List >> Tower
  • 159. Telecom Infrastructure – December 2016159 Network (69/78) Go to BM List >> Tower
  • 160. Telecom Infrastructure – December 2016160 Network (70/78) Go to BM List >> Tower
  • 161. Telecom Infrastructure – December 2016161 Network (71/78) Go to BM List >> Tower
  • 162. Telecom Infrastructure – December 2016162 Network (72/78) Go to BM List >> Tower
  • 163. Telecom Infrastructure – December 2016163 Network (73/78) Go to BM List >> Tower
  • 164. Telecom Infrastructure – December 2016164 Network (74/78) Go to BM List >> Tower
  • 165. Telecom Infrastructure – December 2016165 Network (75/78) Go to BM List >> Tower
  • 166. Telecom Infrastructure – December 2016166 Network (76/78) Go to BM List >> Tower
  • 167. Telecom Infrastructure – December 2016167 Network (77/78) Go to BM List >> Tower
  • 168. Telecom Infrastructure – December 2016168 Network (78/78) Go to BM List >> Tower
  • 169. Telecom Infrastructure – December 2016169 Tower (1/9) Network << Go to BM List >> Transport
  • 170. Telecom Infrastructure – December 2016170 Tower (2/9) Network << Go to BM List >> Transport
  • 171. Telecom Infrastructure – December 2016171 Tower (3/9) Network << Go to BM List >> Transport
  • 172. Telecom Infrastructure – December 2016172 Tower (4/9) Network << Go to BM List >> Transport
  • 173. Telecom Infrastructure – December 2016173 Tower (5/9) Network << Go to BM List >> Transport
  • 174. Telecom Infrastructure – December 2016174 Tower (6/9) Network << Go to BM List >> Transport
  • 175. Telecom Infrastructure – December 2016175 Tower (7/9) Network << Go to BM List >> Transport
  • 176. Telecom Infrastructure – December 2016176 Tower (8/9) Network << Go to BM List >> Transport
  • 177. Telecom Infrastructure – December 2016177 Tower (9/9) Network << Go to BM List >> Transport
  • 178. Telecom Infrastructure – December 2016178 Transport (1/21) Tower << Go to BM List >> RAN
  • 179. Telecom Infrastructure – December 2016179 Transport (2/21) Tower << Go to BM List >> RAN
  • 180. Telecom Infrastructure – December 2016180 Transport (3/21) Tower << Go to BM List >> RAN
  • 181. Telecom Infrastructure – December 2016181 Transport (4/21) Tower << Go to BM List >> RAN
  • 182. Telecom Infrastructure – December 2016182 Transport (5/21) Tower << Go to BM List >> RAN
  • 183. Telecom Infrastructure – December 2016183 Transport (6/21) Tower << Go to BM List >> RAN
  • 184. Telecom Infrastructure – December 2016184 Transport (7/21) Tower << Go to BM List >> RAN
  • 185. Telecom Infrastructure – December 2016185 Transport (8/21) Tower << Go to BM List >> RAN
  • 186. Telecom Infrastructure – December 2016186 Transport (9/21) Tower << Go to BM List >> RAN
  • 187. Telecom Infrastructure – December 2016187 Transport (10/21) Tower << Go to BM List >> RAN
  • 188. Telecom Infrastructure – December 2016188 Transport (11/21) Tower << Go to BM List >> RAN
  • 189. Telecom Infrastructure – December 2016189 Transport (12/21) Tower << Go to BM List >> RAN
  • 190. Telecom Infrastructure – December 2016190 Transport (13/21) Tower << Go to BM List >> RAN
  • 191. Telecom Infrastructure – December 2016191 Transport (14/21) Tower << Go to BM List >> RAN
  • 192. Telecom Infrastructure – December 2016192 Transport (15/21) Tower << Go to BM List >> RAN
  • 193. Telecom Infrastructure – December 2016193 Transport (16/21) Tower << Go to BM List >> RAN
  • 194. Telecom Infrastructure – December 2016194 Transport (17/21) Tower << Go to BM List >> RAN
  • 195. Telecom Infrastructure – December 2016195 Transport (18/21) Tower << Go to BM List >> RAN
  • 196. Telecom Infrastructure – December 2016196 Transport (19/21) Tower << Go to BM List >> RAN
  • 197. Telecom Infrastructure – December 2016197 Transport (20/21) Tower << Go to BM List >> RAN
  • 198. Telecom Infrastructure – December 2016198 Transport (21/21) Tower << Go to BM List >> RAN
  • 199. Telecom Infrastructure – December 2016199 RAN (1/19) Transport << Go to BM List >> Suite
  • 200. Telecom Infrastructure – December 2016200 RAN (2/19) Transport << Go to BM List >> Suite
  • 201. Telecom Infrastructure – December 2016201 RAN (3/19) Transport << Go to BM List >> Suite
  • 202. Telecom Infrastructure – December 2016202 RAN (4/19) Transport << Go to BM List >> Suite
  • 203. Telecom Infrastructure – December 2016203 RAN (5/19) Transport << Go to BM List >> Suite
  • 204. Telecom Infrastructure – December 2016204 RAN (6/19) Transport << Go to BM List >> Suite
  • 205. Telecom Infrastructure – December 2016205 RAN (7/19) Transport << Go to BM List >> Suite
  • 206. Telecom Infrastructure – December 2016206 RAN (8/19) Transport << Go to BM List >> Suite
  • 207. Telecom Infrastructure – December 2016207 RAN (9/19) Transport << Go to BM List >> Suite
  • 208. Telecom Infrastructure – December 2016208 RAN (10/19) Transport << Go to BM List >> Suite
  • 209. Telecom Infrastructure – December 2016209 RAN (11/19) Transport << Go to BM List >> Suite
  • 210. Telecom Infrastructure – December 2016210 RAN (12/19) Transport << Go to BM List >> Suite
  • 211. Telecom Infrastructure – December 2016211 RAN (13/19) Transport << Go to BM List >> Suite
  • 212. Telecom Infrastructure – December 2016212 RAN (14/19) Transport << Go to BM List >> Suite
  • 213. Telecom Infrastructure – December 2016213 RAN (15/19) Transport << Go to BM List >> Suite
  • 214. Telecom Infrastructure – December 2016214 RAN (16/19) Transport << Go to BM List >> Suite
  • 215. Telecom Infrastructure – December 2016215 RAN (17/19) Transport << Go to BM List >> Suite
  • 216. Telecom Infrastructure – December 2016216 RAN (18/19) Transport << Go to BM List >> Suite
  • 217. Telecom Infrastructure – December 2016217 RAN (19/19) Transport << Go to BM List >> Suite
  • 218. Telecom Infrastructure – December 2016218 Suite (1/3) RAN << Go to BM List >> SIM Providers
  • 219. Telecom Infrastructure – December 2016219 Suite (2/3) RAN << Go to BM List >> SIM Providers
  • 220. Telecom Infrastructure – December 2016220 Suite (3/3) RAN << Go to BM List >> SIM Providers
  • 221. Telecom Infrastructure – December 2016221 SIM Providers (1/5) Suite << Go to BM List
  • 222. Telecom Infrastructure – December 2016222 SIM Providers (2/5) Suite << Go to BM List
  • 223. Telecom Infrastructure – December 2016223 SIM Providers (3/5) Suite << Go to BM List
  • 224. Telecom Infrastructure – December 2016224 SIM Providers (4/5) Suite << Go to BM List
  • 225. Telecom Infrastructure – December 2016225 SIM Providers (5/5) Suite << Go to BM List
  • 226. Telecom Infrastructure – December 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 226
  • 227. Telecom Infrastructure – December 2016227 Team Mukul Aggarwal Lead Analyst – Telecom Pradeep Nair Senior Analyst – Telecom
  • 228. Telecom Infrastructure – December 2016228