Tracxn Research — Telecom Infrastructure Landscape, December 2016

Telecom Infrastructure – December 2016

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2


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


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 valuechain (infrastructure -> OSS/BSS & operations & maintenance -> operators). It covers companies that provide hardware and softwarethat 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 serviceproviders, 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). Wirelessinfrastructure market is expected to slightly decline (CAGR 1%) over the next 2-3 years before 5G investments start to kick-in. But we dosee some exciting segments which are witnessing higher spending - Small Cell, DAS (distributed antenna system), and carrier Wi-Fi (Wi-Fioffloading). 5G should bring the next growth phase in the industry and is expected to commercialize by 2020. In this report, we alsocover enabling technologies that are expected to help in meeting 5G objectives, including SON (Self-Organized Network), MEC (MobileEdge 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 excludescompanies that provide OSS/BSS solutions (network management, monitoring, customer management, product management), testingequipment, 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 tocategorically state that any events and relevant developments after the said date will not reflect in the report.


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


39 38 37

31

53

42

0

12

24

36

48

60

2010 2011 2012 2013 2014 2015/16

Nu

mb

er o

f C

om

pan

ies

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


Large Upcoming Sectors

No. of Companies Founded

Average Age

No. of Companies Funded

Business ModelTotal

FundingExample

8 Jan-2009 7 Software > MEC $209M qwilt.com

Qwilt2010, Hod Hasharon

7 Nov-2007 5 Equipment > C-RAN $363M spidercloud.com

SpiderCloud2007, San Jose

22 May-2006 16 Software > SON $169M cellwize.com

Cellwize2012, Tel Aviv

17 Jun-2003 16 Software > Spectrum Efficiency $236M kumunetworks.com

Kumu Networks2011, Sunnyvale

11 Jul-2002 11 Equipment > Small Cell $547M ipaccess.com

ip.access1999, Cambridge

9 Feb-1997 6 Equipment > Antenna > DAS $186M mobileaccess.com

MobileAccess Networks1997, Lod




Average Age


Business ModelTotal

FundingExample

60 May-2010 47 SDN $1.2B tibitcommunications.com

Tibit Communications2014, Petaluma

1 Jan-2015 1 SDN > OS $2MZeetta

2015, Bristol

3 Jan-2014 3 SDN > IXP $57MIIX

2011, Santa Clara

10 Apr-2012 7 SDN > Controller $231MBig Switch Networks2010, Mountain View

9 Oct-2010 7 SDN > Network Management $192MSedona Systems2014, Ra’anana




Average Age


Business ModelTotal

FundingExample

6 Apr-2010 6 SDN > Switch $128MPlexxi

2010, Cambridge

18 Jun-2009 13 SDN > Network-as-a-Service $159MVirtela Communications

2000, Greenwood Village

8 Feb-2009 7 SDN > SD-WAN $372MViptela

2012, San Jose

2 Jan-2007 1 SDN > SDR $7MXetawave

2010, Boulder

15 Apr-2009 12 NFV $348M affirmednetworks.com

Affirmed Networks2010, Middlesex


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

10


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

8685

71 7173

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

Nu

mb

er of R

ou

nd

sFu

nd

ing

Am

ou

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(in

Bill

ion

s)

Funding Amount Number of Rounds


YoY – Number of Rounds by Stage

711 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

Nu

mb

er o

f R

ou

nd

s

Seed Early Late


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

Fun

din

g A

mo

un

t (i

n M

illio

ns)

Seed Series A Series B


Top investments in last one year

CompanyFunding Amount

Round Name

Date Investors

Wireless Infrastructure Group

$97M PE Apr-2016 3i Infrastructure

viptela.comViptela

(San Jose, 2012)$75M Series C May-2016 Sequoia Capital, Redline Capital, Northgate

comsol.co.zaComsol

(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.comVeloCloud

(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




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




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




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


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


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

19


Most Active Investors in Sector

30

26

21

1817 17 17

15 15

12

0

7

14

21

28

35

WesternTechnologyInvestment

NEA Intel Capital Accel Partners BessemerVenture Partners

Oak InvestmentPartners

Saints Capital Goldman Sachs Matrix Partners North BridgeVenture Partners

Tota

l Nu

mb

er o

f R

ou

nd

s

Polaris NetworksQuantum Bridge Communications

EnganaNextG

NetworksQwilt NextG Networks

OnFiberCommunications

NueraCommunications

Plexxi Plexxi

Rapid5 Networks

Pluribus Networks

Genband QMC TelecomOcular

NetworksQtera Radisys

EllacoyaNetworks

Convergent Networks

Convergent Networks


Where are Top Investors investing


Top Investor by Stage of Entry


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

23


Top IPOs in last three years

IPO Date Company OverviewFunding Amount

Mcap at IPOExch:Ticker

Apr-2016 angel-telecom.comAngel Telecom

(Baar, 2004)Wholesale VOIP carrier VIE:AGLT

Sep-2015 nuranwireless.comNuRAN Wireless

(Quebec City, 2013)Low cost RAN and backhaul solutions for rural areas NUR:CN

Nov-2015 xtera.comXtera

(Allen, 1998)

Optical and IP networking solutionsNEA, 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.comCellnex Telecom

(Barcelona, 2000)

Wireless telecom infrastructureHarbourvest Partners BME:CLNX

Jun-2014 arista.comArista

(Santa Clara, 2005)

Software driven Cloud networking solutionsAccel Partners, Greylock Partners, Summit Partners, Index Ventures, Khosla Ventures, Rho Ventures, Singtel Innov8, HighGearVentures

NYSE:ANET

Jan-2014 cityfibre.comCityFibre

(London, 2011)Wholesale fiber network infrastructure provider LON:CITY


Major Acquisitions in last one year


Major Acquisitions in last one year


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

27


1000+ companies in the sector, 240 companies funded in last 5 years, $525M invested in 2016

December 2016Tracxn BlueBox : Telecom Infrastructure


RAN – Business Model Description


RAN – Entrepreneur Activity and Investment Trend


Top Business Models by Funding

$1.6B

$1.1B

$647M

0

360

720

1080

1440

1800

Equipment Infrastructure Software

Tota

l Fu

nd

ing

Am

ou

nt

(in

Mill

ion

s)

Avg. Age Jan-98 Jan-06 Jul-05

# Cos. 81 12 50

Airspan NextG Networks Actix

Altiostar ExteNet Systems Qwilt


RAN – Most Funded Companies


RAN > Equipment – Business Model Description


RAN > Equipment – Entrepreneur Activity and Investment Trend


RAN > Equipment – Most Funded Companies


RAN > Infrastructure – Business Model Description & Entrepreneur Activity and Investment Trend


RAN > Infrastructure – Most Funded Companies


RAN > Software – Business Model Description


RAN > Software – Entrepreneur Activity and Investment Trend


RAN > Software – Most Funded Companies


Network – Business Model Description


Network – Entrepreneur Activity and Investment Trend



$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

Tota

l Fu

nd

ing

Am

ou

nt

(in

Bill

ion

s)

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


Network – Most Funded Companies


Network > Equipment – Business Model Description


Network > Equipment – Entrepreneur Activity and Investment Trend


Network > Equipment – Most Funded Companies


Network > Wholesale Carrier – Business Model Description


Network > Wholesale Carrier – Entrepreneur Activity and Investment Trend


Network > Wholesale Carrier – Most Funded Companies


Network > Software – Business Model Description


Network > Software – Entrepreneur Activity and Investment Trend


Network > Software – Most Funded Companies


Network > SDN – Business Model Description


Network > SDN – Entrepreneur Activity and Investment Trend


Network > SDN – Most Funded Companies


Network > NFV – Business Model Description & Entrepreneur Activity and Investment Trend


Network > NFV – Most Funded Companies


Transport – Business Model Description


Transport – Entrepreneur Activity and Investment Trend



$3.6B

$483M

0

800

1600

2400

3200

4000

Equipment Software

Tota

l Fu

nd

ing

Am

ou

nt

(in

Mill

ion

s)

Avg. Age Feb-99 Jan-03

# Cos. 121 30

FiberTower Ellacoya Networks

Navini Networks Seven Networks


Transport – Most Funded Companies


Transport > Equipment – Business Model Description


Transport > Equipment – Entrepreneur Activity and Investment Trend


Transport > Equipment – Most Funded Companies


Transport > Software – Business Model Description


Transport > Software – Entrepreneur Activity and Investment Trend


Transport > Software – Most Funded Companies


Tower – Entrepreneur Activity and Investment Trend


Tower – Most Funded Companies


SIM Providers – Business Model Description



$67M

$7M

$0.4M0

16

32

48

64

80

Soft SIM Removable SIM Software Embedded SIM

Tota

l Fu

nd

ing

Am

ou

nt

(in

Mill

ion

s)

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


SIM Providers – Most Funded Companies


Suite – Business Model Description & Most Funded Companies


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

75


Interesting Early Stage Funded Companies

Curated list of companies by the sector analyst are defined as Interesting

Company Overview Business ModelTotal

Funding

Cellwize(2012, Israel)

Self Organizing Network solution providerViola 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)


Interesting Series B Companies


Interesting Series B Companies


Interesting Late Stage Companies






Top Funded Deadpooled Companies








Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

86


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

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Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

89


Telecom Infrastructure – Company List

Network Tower Transport RAN Suite SIM Providers

774 FUNDED COMPANIES AND 250 UNFUNDED COMPANIES

COVERS THE FOLLOWING SECTORS


Network (1/78)Company Overview Business Model Total Funding

2Wire(1998, San Jose)

Network equipment providerAccel 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 CopperBessemer Venture Partners, Globespan Capital Partners, Columbia Capital, Grotech Ventures, ComVentures

Equipment $118.63M

Casa Systems(2003, Andover)

Cable and mobile edge devices to operatorsSummit Partners, SeaChange Equipment $107.81M

Alphion(2000, Princeton Junction)

Optical networking solutionsGoldman 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 gatewaysBattery 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 supplierBDC Capital, Granite Ventures, GrowthWorks, Yaletown Partners, Ventures West Capital, BC Advantage Funds, Vertex Ventures

Equipment $50M

Sonus(1997, Westford)

SBCs and network equipment providersBessemer 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



Bay Microsystems(1998, San Jose)

Internetwoking Products for Optical and packet switchingSelby 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 semiconductorBessemer 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 providerNEA, US Venture Partners, ONSET Ventures, Walden International, Windward Ventures

Equipment $20.1M

ThinkEngine Networks(1962, Danbury)

Media & application servers providerVantagePoint Capital Partners, Prism Venture Management, Vencore Capital

Equipment $15M

Resolute Networks(1999, Modiin)

Provides OEM solutions for TDM circuit-emulation-services applicationsAccel Partners, Benchmark Capital, Giza Venture Capital, Genesis Partners, Delta Ventures, Partech Ventures

Equipment $15M

Ethos Networks(2003, Herzliya)

Carrier Ethernet and Network Management PlatformVertex Ventures Israel, Carmel Ventures, Evergreen Venture Partners Equipment $12M

PolyTrax Information Technology

(1997, Rosenheim)

Home networking companyAlta Berkeley, TVM Capital, Guild Capital, Innovacom, Vertex Ventures Equipment $9.52M




Traffix Systems(2005, Hod Hasharon)

Diameter signaling solutionsBessemer Venture Partners, StageOne Ventures Equipment $7M

Digi International(1985, Minnetonka)

Provides hardware modules & gateways for M2M communicationEquipment $6.8M

InteliCloud(2007, Newport Beach)

Next Generation Network EquipmentMedia One Direct Equipment $4.39M

Sunsea(1994, Shenzhen)

High tech enterprise developing ICT solutions by R&DIDG Capital Partners Equipment $3.93M

DrayTek(1997, Hsinchu)

Broadband Equipment ManufacturerDraper 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 manufacturerEquipment



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Tower (1/9)

Network << Go to BM List >> Transport


Tower (2/9)



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Transport (1/21)

Tower << Go to BM List >> RAN


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RAN (1/19)

Transport << Go to BM List >> Suite


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Suite (1/3)

RAN << Go to BM List >> SIM Providers


Suite (2/3)



Suite (3/3)



SIM Providers (1/5)

Suite << Go to BM List


SIM Providers (2/5)



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Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

226


Team

Mukul Aggarwal

Lead Analyst – Telecom

Pradeep Nair

Senior Analyst – Telecom

https://in.linkedin.com/in/mukul-aggarwal-67407a11

https://in.linkedin.com/in/pradeep-nair-99426158


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Data & Analytics

Tracxn Research — Telecom Infrastructure Landscape, December 2016