Everest Group - Top 20 IOT Trailblazers PDF

Top 20 IOT Trailblazers: Startups Crossing the Chasm
Digital Services (DS)

Market Report May 2017
Copyright 2017 Everest Global, Inc.

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EGR-2017-4-R-2171
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Table of contents (page 1 of 2)
Topic Page no.
Introduction and overview 5
Section I: IOT landscape and role of IOT startups 9

IOT adoption challenges 12
Role of startups in IOT ecosystem 14
Benefits of partnering with startups 15
Benefits of partnership for startups 17
Section II: Engaging with IOT startups 19

Engagement models of startups with ecosystem players 20
Funding and mentoring of startups 21
Acquisition of startups 28
Partnership with startups 32
Section III: IOT startups: Key players driving disruption 34

Key issues addressed by startups 35
Assessment of top 40 startups 38
Shortlisted IOT startups 42

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Table of contents (page 2 of 2)
Topic Page no.
Shortlisted IOT startups Platform providers 42

Shortlisted IOT startups Connectivity enablers 50
Shortlisted IOT startups Analytics solution providers 58
Shortlisted IOT startups Security solution providers 66
Section IV: Appendix 74

Glossary of key terms 75
Digital services research calendar 77
References 78

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Contents
Introduction and overview
IOT landscape and role of IOT startups
Engaging with IOT startups
IOT startups: key players driving disruption
Assessment of key IOT startups
Appendix

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Background of the research
Background of the research

Internet of things (IOT) is among the top three IT investment priorities for enterprises across industries. They aim to achieve efficiency in
operations, improve customer engagement, streamline internal process, and even transform their business model with IOT adoption
Service providers, technology majors, and hardware & software suppliers are gearing up for the rising market demand and making large
scale investments in resources, partners, solutions, and products. However, this convergence of IT and OT results in ecosystem
complexities leading to gaps in the envisaged value and realized returns
Over the past few years, multiple startups have thrived filling these innovation gaps. They are addressing key adoption challenges such
as data privacy and security, network and bandwidth availability, standardization of communication protocols, platform standardization,
analysis of data collected and so on
Startups are rapidly taking the center stage of innovation in IOT and demanding attention to their role across the ecosystem. With
enormous investments from venture capitalists, partnerships with large established IOT players, and acquisitions by technology majors,
they are fast becoming a part of the mainstream service providers landscape
In this research we present an assessment of IOT startups primarily focusing on the Enterprise IOT players, their growth story, and the
impact they have created in the market. We present an assessment and detailed profiles of 20 IOT startups across data analytics,
platforms, security, and network provisioning. Each startup profile provides a comprehensive picture of its technology capabilities,
achieved market growth, and the perceived investors confidence
The assessment is based on secondary research & analysis, interaction with IOT service providers, and IOT PEAK Matrix Assessment
research published in 2016
Scope of this report

Services: Internet of Things startups
Geography: Global
Companies: 20 leading IOT startups

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Everest Groups definition of scope of IOT services
NOT EXHAUSTIVE
IOT services
Applications
Solution designing and implementation, system integration,
Application development, API development & publishing, user

Strategy formulation, use case development, roadmap
interface design, customer experience management, application

distribution, and interoperability Platform integration
Ongoing management, monitoring, support, and
Platform development/
Analytics and data management
customization, API
Master data management, big data solution integration, data storage, integration / runtime
development, technology assessment,
cleaning & mining, event processing, predictive analytics, visualization, management, system
reporting, and dashboards performance
management,
Gateways and network Infrastructure and security connectors design
Maintenance/management
and technology deployment
& build, and system

Device connectivity, Cloud platform development,
Design/implementation
upgrade
device registration, device permissions, DR/back-up,
and IOT architecture
cloud connectivity, authentication, data encryption,

upgrades/updates
device management, and and vulnerability assurance

performance management
Consulting
Device and sensor engineering

Firmware development/upgrade, chip design/selection, sensor/device design, CAD/CAM,
prototyping and deployment, configuration, provisioning, and asset management

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Our research methodology is based on four pillars of strength
to produce actionable and insightful research for the industry
Market thought leadership

Actionable and insightful research
Syndicated and custom research deliverables
1 2 3 4
Robust definitions and Primary sources of Diverse set of market Fact-based research
framework information touchpoints (Data-driven analysis with
(PEAK Matrix, market (Annual contractual and (Ongoing interactions with expert perspectives,
maturity, and technology operational RFIs, service key stakeholders, input trend-analysis across
adoption/investment) provider briefings, and from a mix of perspectives market adoption,
market feedback) and interests, as well as contracting, and service
support data analysis and providers)
thought leadership)
Total Value Equation

F&A
strategy
Capital budgeting
Internal audit Service
Budgeting/forecasting
Strategic focus
Impact on cost of process
Enterprises Providers
High Treasury & risk management
Impact on efficiency or
Management reporting & analysis 10x effectiveness of process
Regulatory reporting & compliance Impact on value
Tax
proposition to market
Services
Process expertise
Fixed assets
General accounting
Industry
1x
Accounts receivable
Payroll Accounts payable and T&E 1
0.1x Service
Low
Low High
Enablers
Domain expertise
Proprietary & Confidential. 2011, Everest Global, Inc. 8
Interaction with leading IOT service providers

Dedicated team for IOT services adoption trends
Over 20 years of experience in advising clients on global services decisions
Executive-level relationships with buyers, service providers, technology providers, and industry associations

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Contents
Appendix

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IOT is among the key strategic initiatives of enterprises and is
being adopted to attain optimization and efficiency
State of IOT adoption IOT adoption categories

Percentage of enterprises, 2017 Percentage of enterprises, 2017
100% = 120
Business innovation
49% Enterprise process

integration 14%
6%
Percentage of enterprises that have

implemented or piloted IOT projects 63% Optimization
17%
Customer engagement
IOT adoption is gaining significant momentum with 49% enterprises implementing or piloting related projects
Cisco predicts the world to have more than 50 billon connected devices by 2020
Last few years have witnessed rapid IOT adoption by enterprises across industries with the primary objective of improving operational
efficiency by process improvement, cost savings, and productivity enhancement. IOT implementation in customer-centric processes to
craft appealing offerings and drive differentiation has been the second most preferred adoption mode
IOT adoption for enterprise process integration and transformative business models are in early development stages and are expected
to pick up in the future
Source: Cisco, Everest Group (2017)

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While the manufacturing industry leads the way, IOT adoption
has been growing at an accelerated pace across all industries
Share of IOT adoption across industries

Percentage of IOT projects, 2016
36%
100% = 210
13%
11%
8% 7% 7% 6% 5%
3% 2% 2%
Manufacturing Energy & HLS Retail/CPG Travel & Telecom Public Sector Media & Electronics & Insurance Others
Utilities Transportation Entertainment Hi-tech
The manufacturing, energy & utilities, and healthcare industries have been at the forefront of IOT adoption. Predictive analytics, asset
tracking, and remote monitoring are the most commonly deployed use cases in these industries
Manufacturing alone is expected to make an investment of about US$140 billion in IOT solution by 20201
Nearly 17% of the automotive majors are leveraging IOT in their production systems1
Other things-dependent industries such as travel & transportation, telecom, and electronics and high-tech are expected to grow too
1 Top Industries to benefit from IOT - Business Insider

Source: Everest Group (2017)

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However, the unfamiliar IT and OT convergence is leading to
adoption challenges across the IOT stack and enterprises are
taking cautious steps
Ecosystem challenges IOT adoption challenges Investment challenges
Industrial regulatory pressure Significant investments required for

Complexity in partner ecosystem IOT initiatives
Diversity of niche solution providers Lack of skilled resources and talent
Mounting energy demands Management buy-in and leadership
E-waste disposal commitment
Security Infrastructure Platform
Concerns for data security Flexibility and scalability of Lack of platform standardization
Data privacy and regulatory pressure infrastructure across industries
Outdated infrastructure increasing Cost of ownership and management Non-modularity in platform
vulnerability Controlling storage cost Inflexibility and scalability issues
Lack of standardized security Complexity of cloud/fog/edge Quality and completeness of platform
procedures computing
Data analytics Sensors Network connectivity providers
Access to real time information Low computation capabilities of the Bandwidth and network availability
Storage and analysis of large volumes sensors Scalability of network
of data High maintenance requirement Optimum utilization
Industry-specific relevant application Dearth of connectivity options for Minimal latency
solutions legacy infrastructure Lack of protocol standardization and
Cost and time efficiency in fog Issues of interoperability and compatibility
computing versus insightful global compatibility
analytics in cloud

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Given the complexity in the IOT ecosystem, enterprises need
multiple fast moving partners to fill the innovation gap
IOT technology and provider ecosystem
Chip and device

Device testing
manufacturers
companies
Unsatisfactory level of innovation
Product
engineering Consulting and slow pace of solutions
Companies Cloud
providers
& infra
development from large technology
Network
providers providers players are cited as the common
concerns by enterprises across
Partner industries
Design Build Run
ecosystem
This is leading to enterprises and
technology players exploring the
Service
providers Design startups route and joining hands
IOT
agencies with them to bring in rapid
platform
providers innovation
System
integrators

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Industry stakeholders recognize that startups are quickly
crossing the Moore Chasm and therefore, must be leveraged
to drive value
Startups on a
high growth
trajectory
Addressing key
IOT adoption
Year 2016 witnessed an
issues
uptick in funding and
investments (Total Establishing
investment of >US$7 billion Offering innovative their significance
with ~30% in the past four solutions that enable value across the
years) realization from IOT ecosystem Investment is not
investments, startups are the only way to
With the increasing market solving the gaps in IOT Funding for IOT startups is access innovation
significance, they are adoption flowing in not only from VC, by startups
poised to be competitors to but technology players,
larger established IOT Primary adoption solution providers, system
providers IOT players across the stack
challenges targeted by integrators, and even are engaging with startups by
startups are: enterprises means of acquisition,
Network enablement
partnership, funding, and/or
Platform provisioning Access to innovative mentoring and one cannot
Big data analysis technology is the primary afford to ignore them
Security and privacy motivation apart from quick anymore
concerns time-to-market and talent
pool Majority of the IOT players
are leveraging startups
primarily to expand their
capabilities across the IOT
stack

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All the stakeholders in the IOT ecosystem have realized that
startups will play a crucial role in shaping this industry
Benefits of partnering with startups
Access to innovative IP and niche industry solutions offering
Ease of co-working and availability of niche technology skills
Gain inspiration, energy, and new ideas to drive innovation
Improve time-to-market with de-risking innovation and fail-fast approach
Innovation by leveraging multiple new technologies to solve adoption issues

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Crucial role of IOT startups is evident in the acquisition and
investment activities of large technology companies
Source: Public sources, Everest Group (2017)

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Startups too benefit from this symbiotic relationship and seek
funding, mentorship, and market reach from the large
established stakeholders
Benefits of partnership for startups
Larger companies provide much needed funding to help grow business
Rapid access to large customer base of established partners
Helps test new products on a large scale and get to market faster
Partnership with an established brand helps in building market credibility
Mentorship and guidance from larger established brand improves success rate

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Startups do acknowledge that they are able to accelerate
growth and scale by partnering with larger counterparts

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Contents
Appendix

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Acquisitions and investments have been the established
methods of engagement with IOT startups; partnership model
is also being explored
Modes of engagement with IOT startups
Expansion of capabilities across

Industrial IOT startups are the IOT stack is the primary
witnessing a rapid increase in motivation for acquisition of
interest and investment from Venture startups by larger players
capitalists (VC) Innovative application solutions and
Technology firms are at the forefront chip manufacturers have been the
of mentoring IOT startups primary targets for acquisition in
the past five years
Partnerships
With the convergence of IT and OT, enterprises, service

providers, technology players, and solution developers are
aggressively building their partner network with startups

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Both enterprise and consumer IOT spaces have witnessed
startups offering innovative solutions
Consumer IOT Enterprise IOT

IOT application used by end customer directly by IOT applications used by an enterprise by means of
means of wearables, consumer appliances, or other sensors installed across the desired ecosystem
sensing devices
Results are utilized by the enterprise, partners, and/or
A small set of users are the consumers and customers for better decision making, process
beneficiaries of the data collected/analyzed and they improvement, and even business transformation
use it for better decision making and sharing alerts
Complex level of BI / Big data analysis is conducted in
Consumer IOT applications involve basic level of combination with enterprise ERP system data to
analysis and dashboarding derive meaningful insights
Home automation solution and Fitbit for humans and Startups in Industrial IOT (IIOT), a subset of
pets are some of the common applications developed Enterprise IOT, are focused on solving complex IOT
by startups and enterprises focused on consumer IOT adoption issues such as network availability, platform
standardization, and big data analysis
Sample consumer IOT startups Sample enterprise IOT startups

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Though both industrial and consumer IOT received investors
interest, funding for IIOT startups has witnessed a steep
increase
Total number of funding deals for IOT startups1 Total funding for Consumer and Industrial IOT startups1
Number of deals US$ billion
321 2.09
300 2.2
283
265 266 1.83
212
184 1.41 1.4
1.25
1.07
120
0.65
2013 2014 2015 2016 2013 2014 2015 2016

Consumer IOT Industrial IOT Consumer IOT Industrial IOT
Financing for consumer-focused IOT startups has plateaued, while that for industrial IOT startups that form an integral part of enterprise
IOT, has been rising steeply
Considering the large scale impact and need for innovation, M&A activities have increased drastically for industrial IOT startups
The average funding per deal received by an industrial IOT startup has grown tremendously and was 50% higher than consumer IOT
startups in 2016
1 Consumer and Industrial IOT market size by CB Insights

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While corporates, technology majors, and universities are
supporting technology growth by making large scale
investments in IOT startups
TATA group, Microsoft, and Qualcomm started an incubator i3 Equity Partners (i3), in Israel with an initial fund of US$20
million to support development of IIOT and IOT technologies.
SAP IOT Startups Accelerator
A Europe region-wide initiative by European Platform A program focused on nurturing B2B-focused IOT startups
Initiative(EPI) aims to develop innovative and standardized by providing them access to a large customer base, real time
IOT platform technologies while also supporting businesses ERP system data for product improvement, and an
based on these technologies. opportunity to be a SAP partner.
Verizon launched powerful answers among IOT startups
Conducted in 2015, the competition identified 12 IOT startups with solutions in agriculture, medicine, and humanitarian fields
and would award the winners US$1 million to grow the solution and the business.

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IT service providers are also making strategic investments
to grow their IOT services capabilities and differentiate
in the market
Infosys has invested more than US$62 million from its Joint initiative by Microsoft Accelerators CoInnovate and
US$500 million innovation fund in startups covering areas TCS COIN aims to provide better market access to startups
like IOT, automation, and drones. by connecting them with corporates who in tern get access to
innovative solutions for their business needs.
IBM and Arrow electronics partner with Fujitsu RunMyProcess to help IOT Startups
Indiegogo for IOT startup development Grow Faster
Entrepreneurs from Indiegogo will be given free access to The program by Fujitsu aims to support innovative startups
IBMs Watson IOT platform along with mentoring and support to rapidly develop and test their solutions by leveraging its
from IBM experts to help them in growing their IOT ideas and cloud platform. The platform enables end-to-end digitization
successfully launching them in the market. and integration via APIs that enable convenient scaling to
new connections.

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Venture arms of technology firms have been at the forefront
in funding innovative startups with the intent to enhance
their value proposition
Key technology investors Description
With investments in leading IOT startups such as Sigfox, MAANA, and Enligted, Intel
Capital leads the IOT venture capitalist with investments in more than 40 IOT-focused
startups
GE invested and later acquired Bit Stew and has funded startups across the IOT stack
such as Ingenu, MAANA, and Sight Machine
Focused on nurturing startups in AI, data analytics, security, and robotics, GV-funded
startups get access to latest technology and talent by interfacing with Google
Cisco has displayed interest to invest and grow the Industrial IOT platform and network
players and has funded startups such as PubNub, Ayla networks, and Evrythng
Qualcomm has made investments primarily in the consumer IOT space and has been
an accelerator for leading consumer IOT firms such as Fitbit
The corporate venture arm of major technology firms are among the leading investors in IOT startups. The intent clearly is to
absorb the innovative startups in mainstream service line as they mature. This is exemplified by acquisition of Bit Stew System
by GE, Nest Labs by Google, and Basis Science by Intel.

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Large enterprises on the other hand are investing in startups
offering industry-specific innovative application solutions to
gain competitive advantage
Key enterprise investors Description
With the intent to identify, adopt, and deploy new technologies at a rapid pace, Shells
corporate strategic unit Shell Technology Ventures(STV) invests in startups focused on
energy sector that can deliver commercial advantage
Shell Technology Ventures
Venture capital arm of Liberty Mutual Insurance supports startups offering innovative
solutions for the insurance industry
Liberty Mutual Strategic Ventures
A multi-stage venture capital fund from SoftBank. It invests in startups developing

disruptive business ideas, particularly in the Asian market, and supports them with its
expertise and partnerships in the region
A Dhahran-based venture capital firm, it focuses on investing in startups offering

innovative technologies that are of strategic importance to Saudi Aramco, its parent
Saudi Aramco energy ventures organization
The venture arms of large enterprises are investing in early stage IOT startups primarily with the intent to access innovative
solutions quickly and build competitive advantage in the market.

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With the massive investments over the years, some IOT
startups have now become unicorns or gone public
IOT Unicorns
Jawbone, valued at US$3.3 billion, is a consumer IOT startup delivering
US$3.3 billion1 lifestyle tracking solution
Focused on delivering device management solution, ForeScout is also

US$1 billion1
expected to file for an IPO soon
Uptake offers data analytics solutions for IOT use cases across industries
US$2 billion1 with the uniqueness of delivering insights by combining device and
enterprise data
IOT IPOs
Impinj provides sensor solutions based on RFID technology and has a

US$320 million2 large customer base and filed for an IPO in 2016
Fitbit has been among of the most successful consumer IOT-based

US$4.1 billion2
startups and filed an IPO in 2015 for US$358 million
Veritone NA Veritone Inc, a video and audio data analytics firm, filed for an IPO in
March of 2017
1 Existing market capital

2 Valuation at the time of IPO

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Startups are getting acquired to expand the scope of services
and capabilities across the IOT stack
IOT startup acquisition objective

2013-2016; Number of acquisitions
100% = 50
Percentage of
acquisitions dedicated
to strengthening core Considering the tremendous
29% capabilities of the opportunity across the IOT stack,
acquirer solution providers are aggressively
adding new capabilities through
acquisitions
Majority of the acquisitions have
resulted in expanding the scope of
existing services and capabilities of
the acquirer
71%
Percentage of
acquisitions focused
to expand presence
across the IOT stack

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Industry activity indicates that innovative applications are
the key enablers for value realization in IOT and therefore,
startups in this area are the prime target for acquisition
Solution focus of the acquired IOT startups Geographic distribution of acquired IOT startups
Percentage of acquisitions across IOT startups Percentage of acquisitions across IOT startups
100% = 50
IOT Application Analytics Connectivity
development solution enablement APAC
Israel
6%
9%
IOT Data security

Platform solution
Europe 24%
Chip/semiconductor 62%
manufacturing Americas
AI/ML others
Among the 200 startups we analyzed, 50 startups had been acquired by larger players in the past four years
Access to innovation application solution has been the primary motivation for acquisition of these startups
Most of the industrial IOT acquisitions are focused on chip manufacturers followed by analytics solutions, platforms, connectivity, and data security
solutions
North America remains the hub for top startups acquired in the past three years

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Technology behemoths are acquiring niche startups, an
acknowledgement that innovation is now truly democratized
Acquired startup Deal value Description Acquirer
GE acquired Bit Stew to expand its Predix

US$153 million platform for industrial internet applications
and enable artificial intelligence and machine
learning capabilities
Cisco acquired Jasper in 2016 to form its

US$1.4 billion
dedicated IOT Cloud business unit
In 2015, Amazon acquired 2lemetry that

offers an enterprise-focused platform to track
US$600 million
and manage IP-enabled machines and other
connected devices
In 2013, PTC acquired Thingworx that built

US$112 million
IOT platform for the manufacturing industry

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Year 2016 was a tipping point for startup acquisitions, with
50% of the analyzed startups getting acquired primarily by
large IOT technology providers
IOT startup acquisitions by category and deal value
Analytics IOT Application solution Data security

Deal size (US$) :
Platform provider Connectivity enabler Semiconductor manufacturers <50 million100 million 500 million 1 billion
2020 Broadcom Wirelesss Iot business

Urban engines
Dojo Labs
Implisit Insights
2015 Plat.One
Solair
Wise.io
2010 Withings Nervana Sensity systems
Maven systems
Founding year
Altair semiconductor Movidius

Opower
2005
Soft machines
Jasper Technologies
2000 Extensys IoT Business
Wyless
Yogitech Telogis Ruckus Wireless
Bit stew Systems
1995 GreenPeak Technologies
Apical Meridium
1990
1985
Oct-15 Dec-15 Jan-16 Mar-16 May-16 Jun-16 Aug-16 Oct-16 Nov-16 Jan-17 Mar-17
Acquisition timeline

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The existing engagement models with startups are not doing
full justice to the value that can be potentially derived;
these models need to be augmented now
Newer partnership models Description
Service providers, system integrators, and consulting firms typically engage with startups in a
Joint Go-To- joint GTM-based partnership
Market (GTM)
The partnership offers them access to wider capabilities and market opportunities
This arrangement is favorable for startups as it enables them to use the market reach, customer
base, and scale of the large established providers
Research and Large research organizations and government agencies have engaged with niche startups
development
partnership It provides access to innovative solutions for further research on leading edge technology
themes
Exclusive Large-scale technology firms have engaged with startups having cutting edge technology with
product the license to leverage partners solution
ownership
This facilitates state-of-the-art innovative solution availability for the technology provider with
minimal investments
Startups get quick monetization of current product and gain available funds for further product
enhancement

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Prospective partners should partner with startups across the
IOT stack to create innovative solutions
Partnership with niche IOT application-centric startups can enable solution providers to
Applications
achieve rapid time-to-market and deliver quick value to customer
Network enablement is an essential requirement for customers and network startups such
Network
as Sigfox and PubNubs revolutionary connectivity solution is being leveraged extensively
by players to expand their scope of service solutions
Despite the popularity of larger industrial platforms, solution providers and technology
Platform
developers should also partner with niche platform providers to offer customizable
solutions to customers
Considering the apprehension amongst the customers for sharing proprietary data, service
Security
providers are bundling their services with best-in-class security solutions

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Contents
Appendix

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Enterprise IOT startups are focused on solving issues across
the IOT stack that hinder adoption
Primary focus areas for startups
Internet of Things (IOT) ecosystem
Device and sensor engineering Network and connectivity Application Analytics and big data
Firmware development/upgrade Device connectivity Application development, API Master data management and
development big data solution integration
Chip design/selection
Cloud connectivity
User interface design
Sensor/device design,
Data storage, cleaning & mining
CAD/CAM Device registration
Customer experience
management
Prototyping and deployment
Performance management
Event processing, predictive
Configuration, provisioning, and Application distribution and analytics, visualization, reporting,
asset management Device management interoperability and dashboarding
Cloud platform development
Runtime cloud management, system performance management, DR/Backup and system upgrade
Device permission and authentication
Security & data privacy and vulnerability assurance

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Though enterprise IOT startups are budding across the stack,
those focused on platforms and networks have seen
maximum traction from investors and customers alike
Relative funding of IOT startups by focus area
Percentage of cumulative funding received by industrial IOT startups since 2001
100%= US$4.3 billion
Others1 With the total funding of US$7 billion increasing

16% by more than 30% in the past four years, IOT
Platform startups have been the focus for investment by
29% major VCs
Startups enabling growth of industrial IOT are
Industry- gaining higher momentum than specific
specific applications 14% applications-based startups with limited usability
across industries and geographies
Among the startups focused on industrial IOT,
those offering solutions for IOT platform and
connectivity enablement are bagging large
10% investment deals from key venture funds
Security
19%
solution providers
12% Connectivity enablers
Analytics
solution providers
1 Others include startups focused on offering solution for gateways, sensors, and AI/ML for IOT enablement
Source: CB Insights, Everest Group (2017)

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Startups are focused on providing IOT platforms enabling
reliable network connection, deriving value from data, and
addressing data security & privacy concerns
Platform providers Connectivity enablers
Proliferation of platforms Enabling connectivity of Things

With a plethora of platforms available, Current network and communication systems
enterprises need their solution partners to offer fail to satisfy the requirements of millions of
them the most suitable product that ensures connected devices sharing gigabytes of data
customization, scalability, and flexibility. Until a each day. Network providers are reinvesting
market consolidation of various platform their offerings to cater to this growing market.
providers happens, identification of the most
suitable solution will continue to be a major 1 2
challenge.
Key focus
areas for
IOT startups
Addressing data confidentiality concern Deriving value from captured data

Privacy concerns and regulatory pressure to 4 3 Storage, analysis, and generating business
ensure data security has been a major value from the large data points captured
hindrance for enterprise IOT adoption. via connected things is of prime importance
Recent DDoS attacks and data theft cases to realize return on investment in IOT.
further necessitate adoption of best practices Service providers, enterprises, and solution
and solutions for securing data. developers are focusing on this aspect to
get a share of the pie.
Security solutions providers Analytics solution providers

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We analyzed 200 startups functioning across IOT ecosystem
on five key dimensions to shortlist the top 20 IOT
trailblazers
Initial data of more than 200 IOT focused startups

startups functioning across IOT
stack was collected. This included
both enterprise and consumer IOT 200
startups.
Startups focused on
First stage filtering of startups addressing solving key adoption issues
key IOT adoption issues (platform,
network, security, and data analytics 80
solutions) was conducted.
High potential startups Dimensions used for prioritizing startups

Comprehensive evaluation done to identify the
high potential startups. These have received Focused on solving key IOT adoption issues
40
strong market traction, funding/investments, and Clientele and market traction
leverage innovative technology for problem
solving. IOT trailblazers Backing from marquee investors
Level of funding
Further comparative assessment of high potential 20 Strength of management team
startups led to identification of IOT trailblazers. These
startups play a significant role in the IOT ecosystem and
have high probability of success.

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The startups were assessed on their technology innovation,
market growth, and confidence demonstrated by the investors
Evaluation parameters Evaluation criteria
To what extent has the startup addressed existing IOT challenges through
technology?
Technology disruption
To what extent has the startup created new solutions via technology?
Has the startup achieved market growth in terms of customer base?
Market growth Does the startup have ecosystem partners for GTM strategy?
What kind of market recognition has the startup received?
How much trust have the investors shown in the startup?

Investor confidence
What is the strength of the founders and management team of the startup?

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After a detailed assessment, 40 startups emerged as high
potentials startups addressing the primary challenges of
IOT adoption across the IOT stack
The following startups have been identified as the most innovative, rapidly growing startups that are solving pressing issues that deter
widespread IOT adoption by enterprises
1 2 3 4
Platform providers Connectivity enablers Analytics solution providers Security solution providers

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We further assessed the 40 high potential startups on their
focus area to address key adoption issues of industrial IOT;
this resulted in 20 startups getting identified as hot
Platform providers Connectivity enablers
1 2
Top 20 IOT
trailblazers
4 3
Security solutions providers Analytics solution providers

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Contents

Platform providers
Connectivity enablers
Analytics solution providers
Security solution providers
Appendix

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Platform has been a term often misused in IOT context and
enterprises need to be careful while investing in an IOT
platform
The following are the essential Enterprises require platforms to

features of an IOT platform: offer:
SDK and APIs enablement Compatibility with diverse
Data storage and network and protocol
management Flexibility in terms of service
Not every IOT platform Should support
Dashboarding, data provider, domain, and use
is a platform the complex
analysis, and BI case independence
ecosystem
Network enablement and Built on open source to
gateways provisioning integrate diverse solutions
Security and user access
management
Connectivity with sensors Key characteristics
and connectivity of IOT platform
infrastructure
Enterprises prefer customized

Scalability and diversity of offerings
future use cases should be Developed for Modularity and Delivered in as-a-service,
supported by an enterprise use case of future flexibility is a modular, and flexible in
grade IOT platform necessity nature
Should be applicable for Prebuilt library of
industries and functions yet applications, tools, and
to identify IOT use cases administrative dashboards

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Shortlisted IOT startups | Platform providers
Platform providers | Evaluation of shortlisted startups

Shortlisted startups Low High
Shortlisted startups Technology disruption Market growth Investor confidence
Altizon systems
Arrayent
Ayla Networks
C3 IoT
Carriots
Evrythng
Helium
Hologram
Losant
Relayr

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Arrayent
IOT platform provider with strong partner network offers comprehensive
capabilities to large scale consumer product manufacturers
Company overview Capability assessment
An engineering and design firm by heritage, Arrayent provides an IOT Technology innovation
platform for the consumer manufacturing industry. Arrayent has been a
Market growth
seasoned provider and has an end-to-end platform offering. Arrayent
engages its customers in a consultative setting and leverages its extensive Investor confidence
partner network for delivering solutions to its large scale customers in
North America and European markets.
Technology innovation
Fact sheet Focused on offering cloud platform-as-a-service (PaaS) to the consumer
manufacturing industry, Arrayent leads its customers through a four-stage
Year of incorporation 2002
process to launch connected products. The offering comprises:
Shane Dyer, Founder, President & CEO Connected CloudTM Service with functionality such as, device
Cyril Brignone, CEO management, access management, and firmware update.
Key executives Raffy Chatav, Director InsightsTM Services for delivering meaningful insights by conducting
Bob Dahlberg, VP, Business Development analysis
Jonathan Brill, VP, Sales EcoAdaptorTM Service that enables cloud-to-cloud integration and
interoperability with other products and services
Headquarters Redwood City, California
The platform also enables interconnection with enterprise application,
Number of employees ~200 ecosystem partners, and offers SDK for mobile and web app development
Intel Capital
DCM Ventures Market growth
Key investors
Opus Capital
Arrayent has partnerships across the IOT stack such as, system
Comerica Bank
integrators, semiconductor partners, mobile app developers, and
module partners to deliver a complete solution to the customers
Investor confidence Estimated total funding of US$28.1 million
Key customers of Arrayent include Whirlpool, Salus control, Pentair,
Osram, LiftMaster, and Chamberlain
Dec 2009 Mar 2010 Nov 2013 Nov 2014 Sept 2015 Jan 2016
Arrayent received Consumer IOT Enabling Company of the Year award
at 2016 Compass Intelligence Awards
Venture Venture Series B Debt finance Series C Series C Arrayent has been featured among the top 10 IOT companies to watch
US$490K US$738K US$11.9 million US$6 million US$11 million US$4 million by CIO and Network World

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Ayla Networks
A modular IOT platform for the manufacturing industry comprising platform,
insights, and application development modules
With a suite of modular offerings to enable development of connected IOT Technology innovation
devices, Ayla Networks has established itself as a dedicated platform
Market growth
provider for the manufacturing industry. With China being its focus market,
its rapid growth has enabled it to secure investments from marquee Investor confidence
investors such as Cisco Investments, Voyager Capital, Ants Capital,
and Crosslink Capital.
Fact sheet
Based on AWS cloud infrastructure and delivered on a PaaS model, Ayla
Networks offers enterprise-class software comprising of the following
David Friedman, Co-Founder and CEO modules:
Adrian Caceres, Co-Founder and VP of Agile IOT Platform: Enabling device connectivity to cloud and application
Engineering Agile Mobile Application platform: Mobile application for device
Key executives
Philip Chang, Co-Founder, VP, and GM, management and controlling
Greater China Ayla Insights: An integrated business intelligence and analytics platform
Thomas H. Lee, Co-Founder The modular nature of the platform enables flexibility and configurability to
customers.
Headquarters Santa Clara, California
Number of employees 90-100
Ant Capital Ventures Market growth
Key investors Acorn Pacific Ventures
Ayla Networks is a licensed Internet Content Provider (ICP) in the
Cisco Investments
Peoples republic of China which gives it the advantage to collaborate
with manufacturers and network service providers to develop solutions
Strategic partnerships are developed to expand capabilities and solution
coverage across the IOT stack. Key partners include AWS (cloud
Jan 2012 Jun 2013 April 2014 Jun 2016
infrastructure), Mnubo (advanced real-time data analytics), and
Volansys (a product engineering firm)
Venture Series A Series B Series C Customers include key manufacturing players such as Fujitsu General,
US$5.5 million US$5.4 million US$14.5 million US$39 million Hampton Brinks, TLC, and United technologies Electronic Control

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C3 IoT
Flexible development environment leveraging machine learning and artificial
intelligence for large scale IOT use cases
C3 IoT offers a cloud-based software platform for developing industrial- Technology innovation
scale IOT applications. C3 IoT offers a suite of SaaS IOT applications,
Market growth
including predictive maintenance, fraud detection, sensor network
health, supply chain optimization, investment planning, and customer Investor confidence
engagement. C3 IoT has been expanding at a rapid pace. Large scale
venture investments and its acquisition point towards its growth potential.
Beginning as an IOT software provider for energy sector, C3 IoT offers
Fact sheet software solutions for industrial IOT across the IOT stack.
With machine learning, big data, and scalable architecture, it allows for
convenient designing, provisioning, and deployment of IOT solutions
Thomas Siebel, Founder and CEO across enterprises. The solutions are focused to serve data-intensive
Key executives Edward Abbo, President and CTO industries to use real time performance monitoring and predictive
Houman Behzadi, Chief Product Officer analytics. Key components of the offering are:
Data LakeTM Distribution data store
Headquarters Redwood City, California
C3 IoT Ex MachinaTM Visual analytics and ML-based development tool
Number of employees 200-250 C3 IoT ApplicationsTM Cross-Industry Software Solutions
C3 tools defines integration processes and extends data models
Thomas Siebel
InterWest Partners
Key investors
Sutter Hill Ventures Market growth
TPG Growth
Acquired Efficiency 2.0 in 2012, a leading energy efficiency software
and program administration company
Recognized as A leading AWS IoT competency partner at AWS
re:Invent 2016, Las Vegas
Thomas Siebel was featured in Top 10 CEOs by Investors Daily, 2000
Dec 2009 Dec 2010 May 2013 Sep 2016 Mar 2017
and One of the Worlds top Eco-innovators by FORTUNE magazine,
2014
Series A Series B Series C Series D Series E Customers include ENGIE, Caterpillar, Eversource Energy, BGE,
US$15.81 million US$10 million US$15 million US$70 million US$11.8 million TenneT, Enel Group, and Barclays

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Evrythng
IOT platform focused on manufacturing industry and enabling connectivity
with end customers
Referred to as the Product Relationship Management (PRM) platform, Technology innovation
Evrythng enables web connectivity of consumer products. Operating in an
Market growth
as-a-service business model, it targets global product manufacturers with
industry specific solutions. It has gained recognition as a leading IOT Investor confidence
platform provider and achieved market success with large consumer and
industrial brands. Technology innovation
The fully-managed Smart Product PaaS from Evrythng has prebuilt tools,
Fact sheet
application solutions, and administration dashboards. Features include:
Year of incorporation 2011 Digital identity profiler for collecting and managing smart product data
throughout its lifecycle
Niall Murphy, CEO and Founder
Connectivity module that enables communication across networks,
Dominique Guinard, Co-Founder and CTO
Key executives protocols, and chipsets deployed
Andy Hobsbawm, Co-Founder and CMO
Online portal to develop smart applications
John Fogelin, Executive Vice President
Integration on REST APIs to enable integration with common platforms
Headquarters New York, New York like SAP and Sales force
Additionally, support resources and SDKs are offered with security and
Number of employees ~50
access control solution
Atomico
BHLP
Key investors Cisco Market growth
Dawn Capital
Evrythng has partnerships with key telecom service providers,
Samsung Ventures
technology players, and solution developers to offer a complete end-to-
end solution to its customers. Key partners include Cisco, ARM,
Deutsch Telekom, Broadcom, Nest, Sigfox, and Ubuntu
Received industry accolades such as Bloomberg Business innovator
Nov 2011 April 2014 March 2017
of the year 2016, and Red Herring top 100 Europe Winners, 2016
Evrythng has supported major enterprises in achieving their IOT
Angel, Series A Series B adoption objectives including GE, Diageo, Coca Cola, Unilever, Mars,
US$2 million US$8 million US$24.8 million GlaxoSmithKline, and Mondelez

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Helium
Focused on enabling smart building for mid-sized customers, Helium offers a
complete IOT platform suite
Helium offers reprogrammable sensors that enable device connectivity on Technology innovation
an as-a-service model for making IOT adoption convenient for customers.
Market growth
Targeting mid-size businesses to enable smart buildings, Helium has
gathered good market traction with its innovative offerings, investments by Investor confidence
key VCs, and high expectations from the experience management team
and serial entrepreneur.
Helium offers an IOT development kit comprising modules for device
Fact sheet
management, edge programming, wireless network enablement, data
Year of incorporation 2013 storage, APIs, and security.
Helium OS: A connected operating system that enables security, and
Shawn Fanning, Founder
programmability to devices
Key executives Amir Haleem, Chairman, CEO, and Founder
Helium Atom: Provides a development board for rapid prototyping and
Marc Nijdam, CTO
compatibility with the existing sensors
Headquarters San Francisco, California Helium Cloud: Enables network routing and APIs to enable integration
with mobile and web applications
Helium Green is a smart sensor offered with Helium Pulse, a sensor-
Khosla Ventures based alarm system to do remote monitoring.
SV Angel
Key investors Marc Benioff
Market growth
GV
FirstMark Capital Having secured investments from key VCs, Helium is being counted as
one of the most promising IOT startups and its products such as Helium
Green and Helium Pulse have been featured in Fortune and Forbes
magazines
Helium works with top hospitals in the U.S. and has also partnered with
Nov 2013 Dec 2014 April 2016
food organizations to track health of the machines, reduce downtime,
manage their stocks, and explore new opportunities
Seed funding Series A Series B
US$2.8 million US$16 million US$20 million

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Contents

Platform providers
Appendix

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Startups focused on IOT network enablement address the key
adoption issues and requirements of IOT adopters
Security in data transfer has been a major

hindrance in IOT adoption and recent DDoS
attacks further intensify the concerns
Network
security
Legacy network High cost of cellular

infrastructure requires networks can seldom
massive upgrades and Connecting satisfy the need for
Network
investments to cater to IOT legacy sharing large volume of
optimization
connectivity expectations infrastructure smaller sized packets
Rapid scaling requires Low latency for mission-critical

simplification of network Network applications is not met with the
elements and customization for Low latency traditional networks, which are in
simplification
the specific application urgent need for innovation

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Shortlisted IOT start ups | Connectivity enablers
Connectivity/network solution providers | Evaluation of shortlisted startups

Affirmed Networks
Drayson technologies
Filament
Humavox
Ingenue
Project 44
PubNub
Sigfox
Tempered Networks
Veniam

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Affirmed Networks
Virtual network solution for communication service providers enabling rapid
scaling of capacity for IOT deployment
Affirmed network aims to solve the mounting connectivity requirements Technology innovation
and intense competition in IOT market for the telecom providers. By
Market growth
strengthening their network capabilities, the solution enables them to
conveniently scale network capacity for accommodating the workload and Investor confidence
usage demand. Extensive partner network has enabled it to achieve
considerable success in the market.
Fact sheet
With its virtualized network solutions, Affirmed Networks enables mobile
Year of incorporation 2010 service providers to rapidly scale up or down, increasing network
capabilities while controlling cost and complexity, and compete with OTT
Hassan Ahmed, chairman and CEO
providers.
Amit Tiwari, VP Strategic Alliances and System
Mobile Content Cloud extends the benefits of Network Function
Key executives Engineers
Virtualization to the Mobile Packet Core
Terry Durand, VP Carrier Relations and
Virtualized Mobile Core solutions consolidates multiple network
Business Development
elements into a single, virtualized platform that runs on Commercial off-
Headquarters Acton, Massachusetts the-shelf hardware to leverage the latest advancements in commercial
processor and networking technologies
Vodafone Ventures
Matrix Partners Market growth
Key investors
Deutsche Telekom Strategic Investments
Affirmed Networks has partnerships with key telecommunications
Bessemer Venture Partners
providers such as TELUS, Digicel, Aire Networks, and Truphone and
supports delivery of their IOT offerings
Key partners for delivering IOT, network virtualization, and service
automation solutions include HP, Symantec, IBM, Redhat, Vmware,
Jun 2010 Jan 2011 Aug 2011 Nov 2012 Jun 2013
Intel, Roadforward, and Diametriq
Affirmed Networks has been a regular participant at key events
Series A Venture Venture Series B Series C including MWC, NFV World Congress, WBA WiFi Global Congress, and
US$10 million US$1.7 million US$1.4 million US$52 million US$51 million IOT Solution World Congress

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Filament
Leverages blockchain concepts for decentralized network provisioning in
legacy infrastructure
Filament aims to solve the issue of enabling IOT connectivity in legacy Technology innovation
infrastructure in mission-critical industries such as oil refineries, airports,
Market growth
factories, and hospitals. Filament leverages the concept of blockchain for
facilitating a secure wireless sensor network for industrial consumers. Investor confidence
Technology innovation coupled with investment in developing market
presence has helped Filament secure key customers.
Fact sheet
Filament offers a distributed software and firmware platform enabling
Year of incorporation 2012 wireless network connectivity. Built on principles of security, privacy,
device autonomy, fully decentralized communication, and free exchange
Allison C. Jennings, Co-Founder and CEO
of value, it has the following technology components:
Peter Saint Andre, CTO
TMesh: It is the method of self forming radio mesh network that enables
Key executives Jeremie Miller, Chief Scientist
establishing network for the connected devices
Bud Raymor, Head of Finance
Telehash: It is the method of encrypting data packets for enabling
Jake Ingman, Head of Product
communication
Headquarters Redo, Nevada Filament enables communication without dependency on Wi-Fi or wired
networks. Filament exploits blockchain concepts with Blockname for
device discovery and Blocklet for smart contracts and micro transactions.
Samsung ventures
AngelList
Key investors Market growth
Crosslink Capital
Verizon Ventures Filament invests extensively in marketing of its solution and has made
an appearance in some major technology events such as CES 2017
Filament has also been featured in the Fortune magazine for the
Feb 2013 Aug 2013 Feb 2014 Oct 2014 Nov 2014 May 2015 Jan 2016 Mar 2017 innovation of bringing two technologies, Blockchain and IOT, together to
solve larger issues of network connectivity
Filaments customers range from large Fortune 50 companies to smaller
Seed US$1 million Seed US$20 K Series A US$5 million firms in oil and gas, manufacturing, agriculture, and mining
Product crowd- Venture Convertible Venture Venture
funding US$105 K US$50 K Note US$525 K US$775 K US$15 million

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PubNub
Enables convenient scaling of IOT network for global customer-facing IOT
application deployments
PubNub focuses on solving the issue of high latency and massive scale Technology innovation
requirements for real time applications. The network is consists of 15 data
Market growth
centers across the world that enables it to deliver messages with rapid
speed and scalability. With high level of interest and investments from key Investor confidence
IOT players in the industry, PubNub is suitable for global consumer facing
IOT application deployments.
Fact sheet PubNub offers a global messaging layer the data stream based on the
foundation of publish-subscribe-messaging layer for communication with
any device
Stephen Blum, Founder and CTO PubNub data stream networks: A network of 15 servers combined into
Todd Greene, Co-Founder and CEO one network that enables handling of large data streams
Key executives
Marc Friend, CFO PubNub BLOCKS: Enables building of real-time features in the network
Wendy Schott, Chief Marketing Officer without additional infrastructure requirements. BLOCKS enables
features such as third party API integration, geo-fencing, dynamic
Headquarters San Francisco, California
message routing, and filtering
Number of employees ~100 Pricing is done in accordance with the scale of implementation and
enables discounting as the scale grows
Cisco Investments
Ericsson
Key investors Robert Bosch Venture Capital Market growth
Sapphire Ventures
With about 2000 customers and partners, PubNub counts large
Relay Ventures
enterprises such as Coca Cola, Logitech, Adobe, and Hike among its
key clients that have developed their IOT solution based on PubNubs
data stream networks
PubNub has joined hands with Cisco and Ericsson to help shape the
Mar 2012 Sep 2013 Sep 2015 Sep 2016
future of networking
PubNub has secured multiple accolades and recognitions including IOT
Series A Series B Series C Venture secured silver winner by Info security product guide and Best enterprise
US$4.6 million US$10.6 million US$25 million US$6 million support solution at the IOT Evolution Expo, 2017

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Sigfox
Offering low power, scalable, and cost effective IOT connectivity, Sigfox is
the fastest growing IOT network provider
Focused on solving the three major issues in IOT connectivity cost Technology innovation
control, low energy consumption, and global scalability, Sigfox is one
Market growth
of the leading startups among network solution providers for IOT
enablement. With strong partnership, leading technology, and presence Investor confidence
across major geographies, Sigfox has secured large scale investments
and gathered attention from major players across the IOT stack.
Fact sheet Sigfox utilizes the wide reaching signal, ultra narrowband that can pass
through objects with minimal energy requirements. Termed as Low Power
Wide Area Network (LPWAN), Sigfox enables device to cloud bi-
Christophe Fourtet, Founder and CSO directional communication, i.e. a network to and from connected devices
Key executives Ludovic Le Moan, Co-founder and CEO Sigfox cloud is an interface between Sigfox partners and customers and
Anne Lauvergeon, President is used for sending messages, predicting coverage, managing device
fleet, and user accounts in contract
Headquarters Labege, Midi-Pyrenees, France
Lightweight protocols for enabling transfer of small messages thus
Number of employees ~300 enabling data sending in less energy, optimization of battery life,
and capacity availability
Telefonica ventures
Manages all activities in the OSS and BSS
Intel Capital
NTT DoCoMo
Key investors
Partech Ventures Market growth
Alto Invest
Telefonica has partnered with Sigfox to offer IOT services worldwide
Bpifrance
Partnered with ENGIE and UnaBiz for IOT network deployment in
Singapore and attained 95% outdoor coverage across the island
Sigfox has partnered with providers across the IOT stack including
device makers, platform providers, chip makers, module makers, etc.
Jun 2011 Sep 2012 Mar 2014 Feb 2015 Nov 2016
Sigfox has also partnered with other major firms in the LPWAN industry
such as Texas Instrument, Silicon Labs, and Axom
Series A Series B Series C Series D Series E Present in 26 countries, it is rapidly growing to cover more areas across
EUR2 million EUR10 million EUR15 million EUR100 million EUR150million regions leading in IOT adoption

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Tempered Networks
Provides a solution to address security issues in IOT networks with its
proprietary ID and protocol standards for connected objects
Tempered Networks addresses one of the major concerns hindering IOT Technology innovation
adoption by delivering solution for network security. Having gathered good
Market growth
market traction and industry accolades, Tempered Networks has
witnessed rapid growth in a short span of three years and secured Investor confidence
investments from key venture capitals. Their solution is applicable for use
cases across industries.
Tempered Networks provides Identity Defined Network (IDN) that offers
Fact sheet
a unique cryptographic identity to every connected object in the IOT
Year of incorporation 2012 ecosystem enabling them to be cloaked, micro-segmented, and mobile.
It not only relies on IP addresses but leverages unique crypto-identities.
Stu Bailey, Founder and CTO
Host identity protocol (HIP) standards at its foundation enables simplicity
Erik Swan, Co-founder
Key executives and convenience in backward and forward integration. The major
David Mattes, Co-founder and CTO
components include:
Jeff Hussey, President and CEO
The conductor: A policy-based orchestration engine that drives the
Headquarters Seattle, Washington configuration of IDN policies and issues unique IDs
HIP services: Enables conductor provisioning, de-provisioning etc.
AWS HIP Switch: For instant management of cloud-based instances
IDG Ventures
Ignition Partners
Key investors Market growth
Rally Capital Services
The Perkins Fund Tempered Networks has been counted among top innovative startups
for the industry and a key player for providing security solutions
It has won multiple industrial awards such as 25 Coolest Network
security vendors by CRN and Red Herring North America
Tempered Networks leverages its partner network for go-to-market
Dec 2014 Mar 2015 Aug 2016
strategy. Its key partners include Carahsoft, Bont software, Critical start,
As global, and Ivoxy
Seed Series A Series B Tempered Networks is an active Encompass Americas Product
US$2 million US$20.05 million US$10 million Partner in the Rockwell Automation PartnerNetwork

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Contents

Platform providers
Appendix

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Analytics startups can help enterprises derive meaningful
insights from IOT data
It is difficult to analyze a huge volume of data

Underutilized IOT generated by IOT devices. Even after significant
The true power of IOT data can be unleashed
data investments in IOT infrastructure a large chunk of
when it is combined with enterprise data. With
so many data sources in an organization, the sensor data goes unutilized.
key issue is integrating them into a single
platform.
Key issues
Integration with addressed by Root cause
enterprise data IOT analytics analysis
startups
IOT data analysis can not only help in

downtime prediction but also provide
Understanding the data norms and predicting important insights to understand the reasons
anomalies in real-time from the vast amount of IOT Detecting and behind asset downtime.
data is a challenge. Data correlation and historical forecasting
analysis is required to identify any changes from anomalies
the usual state.

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Shortlisted IOT startups | Analytics solution providers
IOT Analytics solutions providers | Evaluation of shortlisted startups

Anodot
Concirrus
MAANA
Neura
Petasense
Sight Machine
Striim
Uptake
W-INEXT
Veros Systems

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MAANA
Uses Enterprise Knowledge Technology for integrating IOT data with domain
knowledge and enterprise data
MAANAs analytics platform aims to combine Subject Matter Expert(SME) Technology innovation
knowledge with IOT and enterprise data to build knowledge models to
Market growth
achieve asset and process optimization. MAANA offers industry-specific
use cases such as pump failure prediction, part order optimization, Investor confidence
logistics optimization, and field service profitability for industrial and oil gas
companies. MAANA has already successfully implemented its solution for Technology innovation
marquee industrial/oil & gas customers such as GE, Chevron, and Maersk
MAANA uses Enterprise Knowledge Technology which combines
& Shell.
enterprise data with SME inputs to understand the interrelation of assets
and processes across the organization enabling accelerated decision
Fact sheet
making.
Year of incorporation 2012 MAANA's Knowledge Assistants" enable business SME's to model
business concepts into knowledge models. Using artificial intelligence
Donald Thompson, Founder & CTO
Key executives and machine learning, the knowledge assistants help users to turn raw
Babur Ozden, Founder & CEO
data into usable business models
Headquarters Palo Alto, California The business models are then interconnected by MAANA's patented
"Knowledge Graph" which enables users to draw insights by combining
Number of employees 75
knowledge models with other siloed enterprise data sources such as
GE Ventures sensor data, job reports, and maintenance records
Shell Technology Ventures
Key investors Saudi Aramco Energy Ventures Market growth
Intel Capital
MAANA has been featured in CIO review in the list of 100 most
Frost Data Capital
promising big data providers of 2016
MAANA has been recognized as an Energy Innovation Pioneer by
Investor confidence Estimated total funding of US$43.2million
CERAWeek (pre-eminent energy conference gathering energy industry
leaders and experts)
Feb 2013 Jul 2013 May 2015 May 2016
MAANA is a regular participant in industry events such as AI World
Conference, Digital Cities Summit, Emerging Technology Summit
US$585 K US$2.61 million US$14 million US$26 million MAANA has a huge customer base and has successfully implemented
its solution for various Fortune 500 customers

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Neura
Helps clients to improve their mobile app engagement by using artificial
intelligence to achieve personalization
Neuras solution aims to enhance personalization of mobile apps and Technology innovation
connected devices by understanding app/device users habits/behavioral
Market growth
patterns using artificial intelligence. Neuras Software Development Kit
(SDK) can be integrated into clients mobile applications / IOT devices in Investor confidence
order to help them interact with end users when they are most receptive.
Neura has successfully implemented its solution for various health and
wellness app providers to improve user retention and boost customer
engagement. Neura uses machine learning algorithms along with sensor data to
understand end users daily routine (wake-up time, gym time, office time
Fact sheet etc.), activities (sleeping, running, sitting etc.), location (home, public
places, work etc.)
This information is then used by mobile app / IOT device providers to
Ori Shaashua, Founder & Head of Products customize their offerings for each individual. For e.g., medical
Key executives Gilad Meiri, Founder & CEO adherence app sends pill reminders when user wakes up/before bed
Triinu Magi, Co-Founder & CTO time rather than sending at a fixed time everyday
Neura also addresses the rising issue of users personal data being
Headquarters Herzliya, Tel Aviv
sacrificed by giving users control over their profiles and letting them pick
Number of employees ~40 what data is shared with applications
AXA Strategic Ventures
Microsoft Accelerator Market growth
Key investors
Pitango Venture Capital
Neura can be integrated with more than 55 devices and software
Greenhouse Capital Partners
channels and has successfully completed a beta program with
thousands of users in 2016
Neura has been featured in MedCitynews for leveraging AI to boost
medical adherence
April 2013 April 2014 Aug 2014 Mar 2015 Jan 2016
Neura has already implemented its app for health/wellness app
providers such as Vaica, Hello Heart, and HelpAround and has received
Seed Venture Non Equity assistance Venture Series A client appreciation for improving app retention and medical adherence
US$20 K US$2 million Undisclosed Undisclosed US$11 million significantly

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Sight Machine
Enables enterprises to take better and faster operational decisions by
leveraging Digital Twin technology
Sight Machine uses Digital Twin technology to provide clients visibility into Technology innovation
their entire manufacturing plant. Its analytics solution helps manufacturers
Market growth
across industries such as aerospace, automotive, food and beverages,
and electronics to make informed operational decisions by using their Investor confidence
entire shop floor data. Sight Machine has already gained good market
traction and has added Fortune 50 companies (automotive and apparel) Technology innovation
to its portfolio.
Sight Machine helps manufacturing clients to gain business insights from
their process and product data, enabling them to increase throughput and
Fact sheet
optimize asset utilization
Year of incorporation 2012 The platform intakes the factory floor data from different sources
(MES, energy meters, PLCs, ERP etc.), converts unstructured data to
Jon Sobel, CEO & Co-Founder
contextualized data using artificial intelligence, and creates a dynamic
Nathan Oostendorp, Co-Founder & CTO
Key executives mirror of every line, machine, and product in a plant using Digital Twin
Kurt DeMaagd, VP, Analytics & Co-Founder
technology
Adam Taisch, SVP, Business Dev & Co-Founder
Using advanced analytics the platform detects anomalies and performs
Headquarters San Francisco, California root cause analysis of issues. This helps the manufacturers to be
aware of the entire production plant and take faster operational
decisions
Huron River Ventures
GE Ventures Market growth
Key investors
IA Ventures
Successfully implemented its solution for reducing scrap for a leading
Mercury Fund
industrial manufacturer and improving quality for an automotive client
Sight Machine has been featured in Forbes for extending the Digital
Twin technology to manufacturing industry and Harvard Business
Review for using machine-learning analytics to solve a variety of
Jun 2013 Feb 2015 Mar 2016 Nov 2016
problems in complex assembly lines
Regular participant at key industry events such as IOT Global
Venture Series A Series B Series B Innovation Forum, North American Manufacturing Excellence Summit,
US$6.02 million US$5 million US$13.5 million US$6 million and Internet of Things North America 2016

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Striim
Facilitates accelerated anomaly detection by correlating data from various
sources across an enterprise
Striim solution combines IOT and enterprise data by ingesting data from Technology innovation
various sources and applies analytics and time series analysis to draw
Market growth
useful insights and detect anomalies in data. Striim offers solutions for
clients across industry verticals such as manufacturing, retail, infrastructure, Investor confidence
and banking & financial services. It has a strong partner network comprising
of system integrators and Original Equipment Manufacturers (OEMs). Technology innovation
Striims IOT solution is based on the concept of integrating data from
Fact sheet
various sources across the enterprise into one platform and then
Year of incorporation 2012 correlating it to understand trends and detect anomalies
Striim integrates data from sources such as CRM, ERP, log files,
Ali Kutay, Chairman, President, and CEO
website, sensors, and machines and applies analytics to derive
Steve Wilkes, CTO
business insights
Key executives Don Knepper, Chief Revenue Officer
By analyzing the historical data Striims platform understands the usual
Sami Akbay, Executive VP
norms and trends which helps it to detect anomalies in the current and
Alok Pareek, Executive VP for products
future data. Using data correlation and time series analysis it provides
Headquarters Palo Alto, California predictive and prescriptive analytics to the clients
The platform can scale linearly as the data increases and helps
enterprises address the issue of volume and velocity of IOT data
Intel Capital
Summit partners Market growth
Key investors
Frank Caufield
Striim has a strong partner network which includes Dell, Amazon Web
Atlantic Bridge
Services, Google Cloud Platform, Hazelcast, Confluent, and Hauwei
Striim has won multiple awards such as Datanami readers choice
Investor confidence Estimated total funding of US$42 million
award for Best big data product and 2016 Data Award for Most
Advanced Data Solution by Innovation Enterprise
May 2012 Jul 2013 Sep 2015
Striim has been featured in Dataversity Top 7 big enterprise players
in streaming analytics, Network Worlds list of cool new products at
Series A Series B Series B Strata + Hadoop World, and CRNs 2016 Big Data 100
US$1 million US$11 million US$30 million

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Uptake
Predictive analytics platform powering enterprises to make faster decisions
by gaining business intelligence from their IOT data
Uptake is a predictive analytics Software-as-a-service (SaaS) platform that Technology innovation
leverages its dynamic analytics and insight platform to improve uptime,
Market growth
streamline operations, and spot growth opportunities for major industries
such as construction, railways, energy, mining and aviation. Within three Investor confidence
years of inception Uptake has already become a Unicorn and is creating
significant market buzz by partnering with Fortune 500 clients.
Uptakes platform ingests data from diverse sources and applies predictive
Fact sheet
analytics to generate business insights for the clients
Year of incorporation 2014 Uptake uses its data science platform to enable clients to monitor
performance of equipment and perform root cause analysis of issues
Brad Keywell, Co-Founder & CEO
Key executives such as equipment failures using machine learning
Greg Goff, CPO
By analyzing historical data it predicts likelihood of asset downtime and
Headquarters Chicago, Illinois also gives a health score to individual assets/fleets
The solution applies intelligence to provide recommendations to improve
operational efficiency
GreatPoint Ventures
Lightbank
Key investors
New Enterprise Associates
Market growth
Revolution
Uptake has secured Caterpillar as its launch client and has partnered
with them to develop a platform for predictive diagnostics to help
Caterpillar customers monitor and optimize their fleets more effectively
Uptake has already reached a $2.6 billion valuation and has recently
signed a long term contract with two wind-power businesses owned by
Oct 2015 Feb 2017 April 2017
Berkshire Hathaway (MidAmerican Energy and BHE Renewables)
Uptake has been featured in Forbes as the Hottest startup of 2015 and
Series A Series B Series B Fortune Magazine for helping old-line manufacturing giants optimize
US$45 million US$40 million US$50 million their operations

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Contents

Platform providers
Appendix

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Security solutions startups address vulnerabilities in the IOT
network to enable secure IOT implementation
Organizations struggle to get complete It is difficult to ensure authenticity of

visibility of their IOT network, making it each device with thousands of
easier for hackers to place rogue connected devices in an organizations
devices in the network. Continuous IOT network. Each IOT device requires
monitoring of all the devices is Network Device a unique identity to allow authentication
important to identify threats proactively visibility identity whenever it connects to the network
Key issues
addressed by
IOT security
providers
Secure Secure Hackers can intercept

Securing gateways is very important as
gateway communication communications between IOT
they can act as a weak link in IOT
devices and alter transmitted
communication. Organizations should
messages. Organizations need to
harden the security around the IOT
implement secure and encrypted
gateways as they receive and process
communication channels to avoid
a significant amount of data from IOT
breach
devices

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Shortlisted IOT startups | Security solution providers
IOT Security providers | Evaluation of shortlisted startups

Bastille
Bayshore
CyberX
Indegy
Mocana
Pwnie Express
Rubicon Labs
Securithings
SecureRF
Visual Threat

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Bastille
Improves enterprises corporate airspace visibility using stochastic modeling,
machine learning, and geo fencing
Bastille aims to provide visibility to the complete gamut of devices Technology innovation
emitting radio signals (Wi-Fi, cellular, wireless dongles, and other IOT
Market growth
communications) within an organizations airspace using its patented
software. Bastilles radio security experts help enterprises address Investor confidence
vulnerabilities such as DDOS device detection, data & call center security,
surveillance device detection, and wireless IOT devices security. Technology innovation
Bastilles intellectual property consists of 14 patents(approved & pending)
Fact sheet assisting clients to identify threats, authenticate devices and geofence
emitters.
Year of incorporation 2014 Sense threats: Bastille uses the stochastic model of the signal
Chris Risley, CEO environment and an array of intelligent distributed search algorithm to
Key executives Betty Kayton, CFO scan the spectrum for threats
Identify devices: Using device fingerprinting based on probabilistic
Ivan OSullivan, Chief Revenue Officer
graph models of possible device characteristics, Bastille tracks
Headquarters San Francisco, California genuine/rogue devices in the spectrum
Geofence emitters: Bastille uses radio tomography imaging to
understand the position of all emitters in the corporate airspace and
Bessemer Venture Partners machine learning algorithms for precise perimeter detection. It further
City National Bank allows setting up of localization alerts for sensitive areas
Key investors
Keel Funds
Tom Noonan Market growth
Bastilles has successfully implemented its solution and received
Investor confidence Estimated total funding of US$12 million appreciation from clients Cylance and Dana Foundation
Bastille has won various industrial awards like Red Herring 2016
Sept 2014 August 2015 Jan 2016 Awards and American Business Awards
Bastille has been featured in CRNs Top 10 Coolest Start Ups for
2016, Cyber Defense Magazines Best Wireless Solution Award, and
Angel Series A Debt Financing
was one of the finalists in RSA Conference Innovation Sandbox
US$3 million US$9 million Undisclosed amount
Contest

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CyberX
Secures industrial control systems using machine learning, modeling, and
state machine design
CyberX helps clients monitor their industrial networks and detect Technology innovation
threats/unusual activities to avoid operational disruption and corporate IP
Market growth
theft. The solutions helps manufacturing, energy & utilities, oil & gas, and
chemical & pharmaceutical clients to protect their industrial control Investor confidence
systems from malware. CyberX has partners such as Microsoft (Azure
IOT), Checkpoint, and Skybox security to provide integrated security Technology innovation
solutions. Using its plug and play solution-Xsense, CyberX aims to address the issue
of securing industrial control systems that have increasingly become
susceptible to cyber attacks with the advent of industrial internet. Xsense
Fact sheet is powered by a patent pending technology with the following features:
Xsense technology models the Operational Technology (OT) network as
a state machine and uses machine learning to understand the network
Omer Schneider, CEO and Co-Founder operations. It detects anomalies/malfunctions in the OT network by
Key executives
Nir Giller, CTO and Co-Founder analyzing all the changes in the network state and identifies the
malicious ones
Headquarters Framingham, Massachusetts
It monitors the Industrial OT network and sends security alerts to its
Number of employees ~40 dashboard to enable OT operators to analyze and act-upon security
breaches. It also facilitates historical analysis to investigate security
Glilot Capital Partners
incidents
Key investors GlenRock Israel
Flint Capital Market growth
CyberX has secured T-Systems and Deutsche Telecom as its
customers
CyberX is growing its partner network by partnering with security
vendors to offer security solution for OT networks as an integrated
Sep 2013 Jun 2014 Aug 2016
solution
CyberX has been selected as the SINET 16 Innovator for 2016-
Seed Seed Series A (competition sponsored by the U.S. Department of Homeland Security
US$20 K US$ 2 million US$9 million for emerging cybersecurity companies)

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Mocana
Secures industrial manufacturers IOT devices using cryptographic engine
and embedded security modules
Mocana IOT security platform protects industrial IOT devices and Technology innovation
industrial clouds and secures device-to-cloud communication using its
Market growth
modular cybersecurity software components that can be embedded into
endpoints, gateways and cloud servers. Backed by a strong partner Investor confidence
network, Mocana offers solution to industrial, defense, aerospace,
infrastructure clients, and serves customers such as GE, Schneider Technology innovation
Electric, Intel, and Samsung. Mocana uses its modular cybersecurity software and cryptographic engine
for device authentication, data integrity and secure device-to cloud
Fact sheet
communications.
Year of incorporation 2004 Mocana helps to address IOT threats which target the weak point in
industrial networks by embedding its modular cybersecurity software
William (Bill) Diotte, CEO
into customers smart devices and internet connection sharing device
Key executives Dean Weber, CTO
Mocanas FIPS certified cryptographic engine NanoCrypto ensures
Sandy Taylor, CFO
authentication and visibility/control for devices by tying its identity to a
Headquarters San Francisco, California hardware or software-based root of trust
Mocanas latest software release (March 2017) adds an abstraction
layer that utilizes latest security chip technology from chipmakers like
Intel Capital the Infineon, ARM Ltd., and Intel Corp.
GE ventures
Key investors Symantec Market growth
Shasta Ventures
Symantec In 2017, Mocana acquired Mimas Technologies wireless expertise for
security in data communication in connected devices
Investor confidence Estimated total funding of US$65.26 million Mocana has created significant market buzz by adding marquee
Apr 2006 Sep 2006 May 2008 May 2010 Aug 2012 Dec 2013 Jan 2015 Mar 2017
industrial customers to its portfolio
Jul 2015
Partnering with technology giants such as Microsoft, Intel, and Oracle it
has established a strong hold in the IOT security market
Series A Series C Venture Series E Mocana was recognized by the World Economic Forum as a 2012
US$3.5 million Undisclosed amount US$15 million US$14.7 million
Seed Series B Series D Debt financing Series F
Technology Pioneer and won the Best Solution for Manufacturing at
Undisclosed amount US$7 million Note US$25 million US$4.47 million US$11 million the IOT World Congress 2016 (jointly with Infineon Technologies)

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Pwnie Express
Offers a SaaS solution to detect and prioritize threats from BYOD, IOT,
and bluetooth devices
Pwnie Express offers Pulse (Software-as-a-service solution) to enable Technology innovation
enterprises detect and prioritize threats from wireless, Bring Your Own
Market growth
Devices (BYOD), and bluetooth devices across their distributed
infrastructure. The platforms security features include-rogue device Investor confidence
detection, wireless network security, bluetooth security, and BYOD
policy enforcement. Technology innovation
Pwnie Expresss Pulse platform gives enterprises visibility of their wireless
devices network by helping them discover, monitor and prioritize threats.
Fact sheet
Discover devices: By deploying lightweight network sensors across clients
Year of incorporation 2009 network, Pulse helps in discovering all wireless, bluetooth, and BYOD
devices in the network
Dave Porcello, Founder & CTO
Monitor threats: Pulse monitors all IOT/bluetooth devices for security
Paul Paget, CEO
Key executives vulnerabilities, insecure configurations, and connections to untrusted
Artur Adib, CTO
networks using analytics and rules algorithm. It detects rogue devices such
Kasha Gauthier, CFO
as wireless keyloggers, rogue access points, wireless card, and skimmers
Headquarters Boston, Massachusetts Prioritize threats: Uses device threat intelligence to prioritize threats and
also links it to actual business priorities of the client. The platform also
analyzes the risk trends in the organization and suggests remedies
406 Ventures accordingly
Key investors Fairhaven Capital Partners
Ascent Venture Partners Market growth
Pwnie Express won the U.S. General Services Administration (GSA)
contract award to protect the U.S. government facilities from security threats
and is partnering with GvTechSolutions to deliver it
Pwnie Express won Global Excellence Awards by Info Security Products
Jul 2013 May 2016
Guide in the Most Awesome Product and Service of the Year category and
2016 Mass TLC Leadership Awards for Innovative Tech of the Year in
Series A Series B Security. It was also featured in SC magazine's Industry Innovators Hall
US$5.1 million US$12.9 million of Fame

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Rubicon Labs
Builds digital identity of each device in the network using Zero Knowledge
encryption
Rubicon Labs aims to build a secure IOT system by providing digital Technology innovation
fingerprints for every device powered by secured authentication and
Market growth
real time security for any target device. With a strong partner network
for its go to market strategy, Rubicon Labs aims to deliver IOT security Investor confidence
across industries such as industrial, automotive, infrastructure,
medical, and finance (payments).
At the core of Rubicon Labss IOT innovation lies its Zero Knowledge
Fact sheet encryption methodology that provides a unique identity to each IOT device
enabling secure two way device authentication
Each IOT device in the network has a one-time programmable key burned
Richard Egan, CEO into its silicon, which is half of the dual 256 bit zero-knowledge key and the
Key executives Dave Lundgren, COO dynamic portion of the key is provisioned by contacting a Rubicon Labs
William Oxford, Founder & Chief Scientist Distributed Device Activation Server
Identity management is accomplished by communicating through the
Headquarters San Francisco, California
Rubicon Labs IOT Device Server. The Device Server can recreate and use
Number of employees ~50 the zero-knowledge keys it has provisioned to the IOT devices, thereby
enabling secure communication between two devices
Third Point Ventures
Digital signatures are used by the receiver to authenticate that messages
Key investors Pelion Venture Partners
have not been tampered during transit
Akamai.Technologies
Market growth
Rubicon Labs has a well established partner network comprising of Amazon
Webservices, Akamai, NXP, and Quantum Trace
Jul 2012 Oct 2014
Rubicon Labs has partnered with Beyond Semiconductor to deliver security
and identity for IOT, IIOT and data center ecosystems
Venture Series A Rubicon Labs has participated actively in Industry events like IEEE World
US$1.2 million US$12 million Forum and IOT evolution Expo and IOT Solutions World Congress

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Contents
Appendix

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EGR-2017-4-R-2171
Glossary of key terms used in this report (page 1 of 2)
Term Definition
AI Artificial Intelligence
API Application Programming Interface
Application Services (AS) Application Services outsourcing enables buyers to engage with a service provider for different
application-related services such as development, maintenance, and testing
AWS Amazon Web Services
BI Business Intelligence
CAD/CAM Computer Aided Design/Computer Aided Manufacturing
CxO Chief Executive officer (CEO), Chief Technology Officer (CTO), Chief Finance Officer (CFO)
COE Center of Excellence
CRM Customer Relationship Management
CX Consumer Experience
DDoS Distributed Denial of Services
DW Data Warehousing
IOT Internet of Things
IPO Initial Public Offering
ISV Independent Software Vendor

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Glossary of key terms used in this report (page 2 of 2)
Term Definition
ITS Information Technology Services outsourcing is the transfer of ownership of some or all information
technology processes or functions to a provider. This could include administrative, delivery, or
management-related processes or functions
KPI Key Performance Indicator
M2M Machine to Machine
OT Operational Technology
PaaS Platform-as-a-Service
POC Proof of Concept
RPA Robotic Process Automation
SaaS Software-as-a-Service
SDK Software Development Kit
SDLC Software Development Life Cycle, a model to develop software applications
SMAC Social, Mobility, Analytics, and Cloud
TCV Total Contract Value is the potential revenue associated with the contract and estimated at the
commencement of the contract (e.g., sum total of revenue accrued to the provider over the entire
contract term, usually measured in millions of dollars)
UI / UX User Interface / User Experience
VC Venture Capitalist

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Digital services research calendar
Published Current
Topic Release date
Creating Enterprise Wealth with IOT August 2016
Digital Services PEAK Matrix Assessment and Market Trends: Is Digital the New Normal? September 2016
Internet of Things Services PEAK Matrix Assessment and Market Trends IOT: Bigger than the Hype December 2016
Customer (Dis)satisfaction Why are Enterprises Unhappy with their Service Providers January 2017
Internet of Things (IOT) in Medical Devices April 2017
Top 20 IOT Trailblazers: Startups Crossing the Chasm May 2017
Digital Innovation Index Q2 2017
Design in Digital Q2 2017
Digital Services Annual Report 2017 Q3 2017
Digital Marketing Services PEAK Matrix Assessment and Profile compendium Q3 2017
Digital Services PEAK Matrix Assessment and Profile compendium Q3 2017
Role of AI and Cognitive in Digital Q4 2017
Internet of Things Services PEAK Matrix Assessment and Profile compendium Q4 2017

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Additional research references
The following documents are recommended for additional insight into the topic covered in this research. These documents either
provide additional details on the topic, or complementary content that may be of interest
1. Internet of Things Services PEAK Matrix Assessment and Market Trends IOT: Bigger than the Hype: (EGR-2016-4-R-2025);
2016. Internet of Things (IOT) is being rapidly adopted by enterprises across industries to achieve higher efficiency, enable data-driven
decision making and explore new revenue opportunities. Technology vendors and service providers play a significant role in helping
enterprises explore and invest in IOT technology. In this research, we discuss the latest IOT market trends and present the assessment
and detailed profiles of 16 IT service providers featured on the IOT services PEAK Matrix.
2. Internet of Things (IOT) in Medical Devices (EGR-2017-12-V-2112); 2014. The presence of advanced sensors in connected medical
devices enables generation of large amounts of data and information making them ripe for disruption by suite of technologies popularly
known as the Internet-of-Things (IOT). The report analyses the disruptive potential of IOT in the medical devices space and the wider
healthcare industry
For more information on this and other research published by Everest Group, please contact us:
Chirajeet Sengupta, Partner: chirajeet.sengupta@everestgrp.com

Yugal Joshi, Practice Director: yugal.joshi@everestgrp.com
Gunjan Gupta, Practice Director: gunjan.gupta@everestgrp.com
Alisha Mittal, Senior Analyst: alisha.mittal@everestgrp.com
Koshika Sood, Senior Analyst: koshika.sood@everestgrp.com
Website: www.everestgrp.com | Phone: +1-214-451-3000 | Email: info@everestgrp.com

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EGR-2017-4-R-2171
About Everest Group
Everest Group is a consulting and research firm focused on strategic IT, business
services, and sourcing. We are trusted advisors to senior executives of leading
enterprises, providers, and investors. Our firm helps clients improve operational
and financial performance through a hands-on process that supports them in
making well-informed decisions that deliver high-impact results and achieve
sustained value. Our insight and guidance empower clients to improve
organizational efficiency, effectiveness, agility, and responsiveness. What sets
Everest Group apart is the integration of deep sourcing knowledge, problem-
solving skills and original research. Details and in-depth content are available at
www.everestgrp.com.
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Top 20 IOT Trailblazers: Startups Crossing the Chasm

Digital Services (DS)

Copyright 2017 Everest Global, Inc.

Engineering Services Service Optimization Technologies

* Banking, financial services, and insurance

Copyright 2017, Everest Global, Inc.

Topic Page no.

Introduction and overview 5

Section I: IOT landscape and role of IOT startups 9

Section II: Engaging with IOT startups 19

Section III: IOT startups: Key players driving disruption 34

Copyright 2017, Everest Global, Inc.

Topic Page no.

Shortlisted IOT startups Platform providers 42

Section IV: Appendix 74

Copyright 2017, Everest Global, Inc.

Introduction and overview

IOT landscape and role of IOT startups

Engaging with IOT startups

IOT startups: key players driving disruption

Assessment of key IOT startups

Copyright 2017, Everest Global, Inc.

Background of the research

Scope of this report

Copyright 2017, Everest Global, Inc.

Application development, API development & publishing, user

interface design, customer experience management, application

& build, and system

cloud connectivity, authentication, data encryption,

device management, and and vulnerability assurance

Device and sensor engineering

Copyright 2017, Everest Global, Inc.

Market thought leadership

Total Value Equation

Proprietary & Confidential. 2011, Everest Global, Inc. 8

Interaction with leading IOT service providers

Copyright 2017, Everest Global, Inc.

Introduction and overview

IOT landscape and role of IOT startups

Engaging with IOT startups

IOT startups: key players driving disruption

Assessment of key IOT startups

Copyright 2017, Everest Global, Inc.

State of IOT adoption IOT adoption categories

49% Enterprise process

Percentage of enterprises that have

Source: Cisco, Everest Group (2017)

Copyright 2017, Everest Global, Inc.

Share of IOT adoption across industries

1 Top Industries to benefit from IOT - Business Insider

Copyright 2017, Everest Global, Inc.

Industrial regulatory pressure Significant investments required for

Security Infrastructure Platform

Data analytics Sensors Network connectivity providers

Source: Everest Group (2017)

Copyright 2017, Everest Global, Inc.

IOT technology and provider ecosystem

Chip and device

Source: Everest Group (2017)

Copyright 2017, Everest Global, Inc.

Copyright 2017, Everest Global, Inc.

Benefits of partnering with startups

Access to innovative IP and niche industry solutions offering