The document analyzes funding and M&A trends in the European and Israeli Internet of Things (IoT) industry in 2015 and early 2016. Some key findings include: - IoT funding has accelerated significantly, with €242 million invested in the first four months of 2016 compared to €411 million for all of 2015. - Later stage deals are becoming more common as the sector matures. However, most deals are still early stage investments under €5 million. - Germany, Israel, and France have seen the most IoT funding activity. Automotive, smart home, and health sectors attracted the most investment. - Network solutions were the top funded vertical in 2015 due to large rounds like SIGFOX's

1. THE STATE OF THE EUROPEAN
& ISRAELI IoT INDUSTRY

2. INTRODUCTION
Since we started, one of the key aims of the team at Tech.eu has
been to track all of the funding rounds and exits in Europe,
providing the most comprehensive and accurate record and
analysis of the European technology scene.
We do this by meticulously monitoring hundreds of sources,
across multiple languages and regions.
During the last 18 months we’ve published multiple reports
focused on the funding and M&A markets at a Europe-wide
level, as well as country and vertical specific reports.
This report focuses on the European and Israeli Internet of
Things (IoT) sector in 2015 and early 2016.
In this report we take an in-depth look at the bigger funding and
M&A trends in the IoT sector, as well as an overview of the main
deals that have taken place in the region and the company and
investors involved.
This report covers IoT activity in 2015 and in the first four months
of 2016 (2016 YTD), unless stated otherwise.
The traditional definition of IoT refers to the process of adding
sensing and Internet connectivity capabilities to everyday life
objects.
However, we believe that the applications of IoT are vast, and
affect both hardware and software industries in the fields of:
• Agritech: crop and field management based on the analysis
of data collected by sensors
• Automotive: the connected car and related services
• Smart city: sensor-related transportation services and
hardware and software combinations for cities to run more
efficiently
• Smart home: digital and remote control of homes and
services
• Sports & health: wearable technologies and data
measurement
• Industrial IoT: sensor-based applications for the enterprise
and industrial sector
• Network solutions: development of networks that sustain IoT
services
• Developer tools: APIs and software tools to create and
manage IoT services
2

3. INTRODUCTION
Examples of companies in each vertical are shown on page 4, as
well as throughout the report.
This report is powered by Nokia Growth Partners, (NGP), an
independent, global venture firm backed solely by tech giant
Nokia. NGP has backed multiple IoT companies across the world
and has more than $1 billion in assets under management
including its $350 million IoT fund.
This report has also been put together in collaboration with
Dealroom.
Dealroom provides rich data, research and analytics on
technology companies.
Dealroom tracks over 500,000 companies and 5,000 investors
in Europe and beyond, using algorithms and natural language
processing. Data is augmented by their community of 7,500+
contributors such as founders, VCs, accelerators, governments
and tech journalists. Data is verified by a rigorous internal
manual curation process.
We’ve worked to make this report as comprehensive and
valuable as possible. Please refer to the end of this report for
methodology and disclaimers. For any questions or comments
regarding the report we invite you to email reports@tech.eu.
This report was written by:
• Jaime Novoa, analyst at Tech.eu
• Robin Wauters, founding editor of Tech.eu
• Yoram Wijngaarde, founder of Dealroom
• Julien Puls, financial analyst at Dealroom
3

4. TO THE MAN IN THE ARENA
4
In January this year, we stood in front of the Nokia board pitching to raise what is currently
the single largest fund for IoT investments in the world. Much like the entrepreneur pitches to
the VC to raise money, the VC pitches to the LP. Having realized not only the investment
opportunities that lie in IoT, but the power IoT technologies have to change our everyday life,
we knew we wanted to expand our commitment to IoT. With the $350 million of new money
that Nokia committed to invest, we are hard at work finding the most promising use cases
and entrepreneurs that will unlock the potential of IoT.
IoT creates new opportunities for everyone to get higher awareness of the things around us.
IoT will help open “dark pools” of data, information hitherto untapped, whereby we can
prevent diseases, use natural resources more efficiently, drive more safely and augment our
homes to new comfort levels.
Tech.eu has done a wonderful job in monitoring the IoT activities in Europe and pulling that
intelligence into this report. This paper celebrates both the up-and-coming and the already
proven IoT businesses in Europe, a market where IoT activity is growing rapidly.
Inspired by the famous Theodore Roosevelt speech, I want to dedicate this report to all the
men and women out there who spend their time building companies, who come up short
time and time again, who make mistakes but who, at best, in the end experience the triumph
of high achievement, and who, at worst, if they fail, at least fail while daring greatly. To the
men and women in the Arena. To all those who have managed to raise money for the cause
they believe in and those who continue building the companies of the future.
BO ILSOE - Managing Partner Nokia Growth Partners (NGP)

5. INDEX
5
Introduction 2-3
The the man in the IoT arena (Nokia Growth Partners) 4
Index 5
IoT Verticals 6
Key funding takeaways 7
Key exit takeaways 8
Funding analysis 9
Key funding trends 10
Funding by quarter (2015 – Q1 2016) 11
Funding by month (2015 – 2016 YTD) 12
Funding by stage (2015 – Q1 2016) 13
Funding by size of investment (2015 – 2016 YTD) 14
Funding activity by country (2015) 15
Funding activity by country (2016 YTD) 16
Funding by vertical (2015) 17
Funding by vertical (2016 YTD) 18
Nokia Growth Partners 19
Iot Investment heatmap 20
Top 10 funding rounds (2015) 21
Top 10 funding rounds (2016 YTD) 22
Top investors by numbers of deals (2015 - 2016 YTD) 23
Notable funding rounds 24-32
Exit analysis 33
Key exit trends 34
Exits by quarter 35
Exits by month & VC involvement (2015 – 2016 YTD) 36
Exits by location of acquired companies & acquirers (2015 – 2016 YTD) 37
Exits by vertical (2015 – 2016 YTD) 38
Top exits (2015 – 2016 YTD) 39
Notable M&A transactions 40-43
Notable IoT startups 44-54
European IoT landscape: Future predictions 55
What does the future hold? 56
Methodology and disclaimers 57-60

6. IoT VERTICALS
6
Automotive Agritech Smart city
Smart
home
Sports
Developer
tools
Health
Network
solutions
Industrial
Seed Stage
Early Growth
Stage
Late Growth
Stage

7. KEY FUNDING TAKEAWAYS
7

8. KEY EXIT TAKEAWAYS
8

9. FUNDING
ANALYSIS

10. KEY FUNDING TRENDS
An accelerating industry
The European and Israeli IoT industry is accelerating. In 2015 there
were 84 investments in the space, worth a combined €411 million.
In the first four months of 2016 alone, the region has seen up to
€242 million invested in IoT companies, across 49 deals.
The latter figures represent a significant year-on-year increase. In
Q1 2015 there were just nine IoT funding deals, versus 41 in the
same period in 2016.
In the first four months of 2016 there has been an average of 12 IoT
funding deals per month, a considerable uplift compared to the
previous year, that have combined for €242 million, or almost 60%
of all capital raised in the sector in all of 2015, and a 23% year-on-
year uplift.
The maturation of IoT companies
As a somewhat nascent vertical and technology, it should be no
surprise that the vast majority of IoT investments in Europe and
Israel have been quite small, to date, of €1 million or smaller.
10
However, over the past few months and quarters, the number of
investments in the €1 million to €10 million bracket (as well as
Series A and B deals) have increased significantly, a sign that the
sector is maturing fast and that a certain number of companies
have found product/market fit and have stronger capital needs.
Late-stage investments continue to be rare, and only French
company SIGFOX raised more than €100 million in a single round
since the beginning of 2015 (€104.5 million).
Building the infrastructure to connect millions of new devices
Germany, Israel and France are the three countries that have
shown the highest levels of IoT tech-related funding activity in
2015 and early 2016. Vertical-wise, network solutions (which are
key to build the necessary infrastructure to provide connectivity to
millions of devices), smart home, automotive, health solutions and
developer tools, are the verticals that have attracted most investor
attention.
It’s also worth highlighting the significant involvement of corporate
investors in IoT investments, such as Cisco (Evrythng, Veniam,
Worldsensing), Verizon (Veniam) and Orange (Actility, Veniam), and
also Nokia’s acquisition of Withings.

11. ANALYSIS
• Funding activity in the IoT sector has grown significantly over
the past few quarters, both in terms of number of funding
rounds and total investment volume
• European and Israeli IoT companies raised €411 million
across 84 deals in 2015
• In the first quarter of 2016, 41 different IoT companies
received a combined €159 million in venture funding
• These figures represent a significant year-on-year uplift,
especially in terms of total number of investments, which
grew exponentially, from eight in Q1 2015 to more than 40 in
the first three months of 2016
Funding by quarter (2015 - Q1 2016)
11
Funding deals
Q1 2016
Investment
volume Q1 2016
YoY change +356% -7%
QoQ change +37% +33%
Numberofdeals
€172 €67 €53 €120 €159
0
5
10
15
20
25
30
35
40
45
€0
€20
€40
€60
€80
€100
€120
€140
€160
€180
€200
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Millions
Investment volume Number of deals

12. ANALYSIS
• Monthly data also shows an acceleration in IoT investment
activity towards the second half of 2015 and early 2016
• Investment volume peaked in February 2015, mostly due to
France-based SIGFOX’s €104.5 million round
• In terms of number of deals, November 2015 was the most
active month, with 19 investments in IoT companies. Another
French company, Netatmo, was mostly responsible for the
spike in investment volume in November, as it raised €30
million
• In early 2016, there have been at least 11 IoT investments per
month, representing a significant increase compared to the
same period a year ago. The spike seen in April 2016 was
caused by large rounds from French automotive companies
Drivy and Koolicar
Funding by month (2015 - 2016 YTD)
12
Numberofdeals
0
2
4
6
8
10
12
14
16
18
20
€0
€20
€40
€60
€80
€100
€120
Millions
Investment volume Number of deals

13. ANALYSIS
• As a relatively nascent sector, the vast majority of
investments in Internet of Things companies have
traditionally taken place at the early stage
• Interestingly, the number of seed-stage deals has remained
constant over the past few quarters. At the same time, Series
A and B deals have increased, which points to the maturation
of the sector and increasing capital needs for IoT companies
with good traction
• The only three Series C (or beyond) IoT funding deals seen in
Europe since 2015 were Moovit’s €45.4 millionSigfox’s
€104.5 million and Drivy’s €31 million in April 2016
Funding by stage (2015 – Q1 2016)
13
0
5
10
15
20
25
30
35
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Seed Series A Series B Series C Series D
Numberofdeals
* Analysis based on rounds of which the stage was specifically disclosed.

14. ANALYSIS
Funding by size of investment (2015 – 2016 YTD)
14
• As previously mentioned, since 2015 the majority of IoT
investments have been relatively small in size (lower than €5
million)
• While funding rounds of €1 million or smaller have plateaued
at approximately 10 per quarter, in Q1 2016 there was a
noteworthy increase in €1 million to €5 million deals, which
rose to 15 such deals for the quarter
• The same trend applies to investments of €5 million to €20
million; another sign of the maturation of the space and the
acceleration of the IoT industry
• Late-stage deals continued to be relatively uncommon, with
just six larger than €20 million in the past five quarters
0
2
4
6
8
10
12
14
16
€0 to €1M €1 to €5M €5 to €10M €10 to €20M €20 to
€100M
>€100M
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016Numberofdeals

15. 15
11 11
10 10
6
5
3 3
2
ANALYSIS
Funding activity by country (2015)
15
• Israel accounted for the highest number of IoT investments in
2015, at 14, thanks to a significant level of activity in the IoT
verticals of developer tools and smart cities
• Four additional countries saw at least 10 IoT deals last year:
UK, France, Sweden and The Netherlands
• Germany, which has traditionally ranked in Europe’s top three
countries in terms of investments, saw just six IoT deals in
2015
• IoT companies from at least 16 different European countries
raised capital in 2015 Numberofdeals

16. ANALYSIS
Funding activity by country (2016 YTD)
16
• Germany-based IoT startups have gotten off to a fast start in
2016, with nine investments in the first four months of the
year in areas where the country has traditionally have a
strong presence: automotive, industrial IoT and network
solutions
• France ranked second, with 8 IoT investments in Q1 2016
• Israel, which led the region in 2015, saw seven investments in
early 2016
• Sweden and the UK rounded the top five, with five and four
deals, respectively
9
8
7
5
4
3
2 2 2
1
Numberofdeals

17. ANALYSIS
Funding by vertical (2015)
17
• Network solution IoT companies, led by SIGFOX’s €104.5
million round, attracted the highest percentage of capital in
the sector, at €150 million across eight deals
• Smart city was the second vertical in terms total investment
volume, largely thanks to Moovit’s €45.4 million Series C in
January 2015
• Companies that build IoT tools (frameworks, APIs) to be used
by developers were also high on the list, with 10 investments
• Although not visible on the graph to the right, it’s worth
noting that in 2015 there were four investments in the IoT
retail sector (which combined for just €500,000 million)
Numberofdeals
0
2
4
6
8
10
12
€-
€20
€40
€60
€80
€100
€120
€140
€160
Millions
Investment volume Number of deals

18. ANALYSIS
Funding by vertical (2016 YTD)
18
• So far in 2016, automotive companies have attracted €55
million across five deals, the largest amount for any IoT
category this year, thanks to big rounds from Drivy and
Koolicar
• In just four months, there have been as many investments in
the smart home sector as in 2015; another sign of the
acceleration visible in the IoT space over the past few
quarters. Smart home startups raised a combined €38 million
in January through April 2016, vs. €42 million in 2015
• Health was the second category in terms of number of deals,
with six investments worth a combined €23 million
• Six different verticals saw investment activity surpass the €20
million barrier in January through April 2016
0
2
4
6
8
10
12
€0
€10
€20
€30
€40
€50
€60
Millions
Investment volume Number of deals
Numberofdeals

19. 19

20. IoT INVESTMENT HEATMAP
2015 2016
Q1 Q2 Q3 Q4 Q1 Q2 (QTD)
Automotive €14 €26 €55
Agritech €1 €8
Smart city €45 €7 €16
Smart home €2 €3 €33 €16 €26
Sports €5 €15
Developer tools
€1 €11 €3 €27
Health €18 €5 €12 €8 €22 €1
Network solutions
€105 €23 €23 €22 €4
Industrial €1 €7 €25 €15 €8
20
Funding by vertical (2015 – 2016 YTD, million euros)

21. ANALYSIS
Top 10 funding rounds (2015)
21
• Toulouse-based SIGFOX’s €104.5 million round was the
highest in the IoT sector in 2015, and at least twice as big as
the second one, Moovit’s €45 million
• Five additional investments surpassed the €20 million
barrier: Moovit, Netatmo, Argus Cyber Security, Actility and
Vayyar
• Israel’s dominance in the IoT space in 2015 is clearly visible
in the graph to the right: the country accounted for six of the
region’s top 10 rounds
• Interestingly, no UK company made it to the top 10
• Four of the top 10 companies were providers of network
solutions for the Internet of Things
Million
€10.0
€10.1
€13.2
€18.2
€20.0
€22.5
€23.6
€30.0
€45.4
€104.5
Relayr (DE)
AnimaConnected (IL)
Cellwize (IL)
EarlySense (IL)
Vayyar (IL)
Actility (FR)
Argus Cyber Security (IL)
Netatmo (FR)
Moovit (IL)
SIGFOX (FR)

22. ANALYSIS
Top 10 funding rounds (2016 YTD)
22
• French automotive company Drivy raised the largest round in
Europe and Israel in the first four months of 2016, at €31
million
• Germany’s Tado and Portuguese startup Veniam were the
other two companies in the region to surpass the €20 million
mark. Veniam’s round included the participation of well-
known US investors Union Square Ventures and True
Ventures, as well as the venture arms of Orange, Verizon and
Cisco
• Koolicar and Telensa, rounded the top five
• France was the country with the highest share of investments
in the top 10, at three
Million
€9.7
€10.0
€10.0
€10.0
€14.5
€16.4
€18.0
€20.0
€20.9
€31.0
Estimote (PL)
Neura (IL)
Rombit (BE)
Rythm (FR)
LifeBEAM (IL)
Telensa(UK)
Koolicar (FR)
Veniam (PT)
Tado (DE)
Drivy (FR)

23. ANALYSIS
• In the past 16 months, Bpifrance has made five investments in
different IoT companies, the highest number amongst all tech
investors
• Ween
• SIGFOX
• Snips
• Netatmo
• Drivy
• Eight different investors recorded two deals in the period.
Only Bpifrance had more than two
• It’s worth noting that the list of top 10 backers includes four
corporate investors (NGP, Swisscom, Mitsui and Cisco
Investments), pointing to the high interest of large
multinationals in IoT solutions and for cooperation between
startups and corporates
Top investors by number of deals (2015 – 2016 YTD)
23
2
2
2
2
2
2
2
2
2
4
Almi Invest
Chalmers Ventures
Cisco Investments
Ginko Ventures
HTGF
Inventure
LVenture Group
Mitsui & Co
Swisscom
Bpifrance

24. NOTABLE
FUNDING ROUNDS

25. NOTABLE IoT FUNDING ROUNDS
Drivy
Peer to peer (P2P) car rental platforms have existed for many
years in Europe, and Drivy was one of the original companies in
the field.
Founded by Paulin Dementhon in 2010, the French company has
become one of the leaders in the space, with 36,000 cars and
800,000 users, and operating across France, Germany and
Spain.
Whilst other P2P car rental marketplaces rely on users
exchanging car keys in person, Drivy has developed Drivy Open,
a system that allows customers to open rented cars by simply
using their smartphones. This is made possible by specific
sensors and hardware that Drivy provides to its customers to
install in their cars.
Drivy raised the largest IoT round in the first four months of
2016, at €31 million. The deal included the participation of well-
known investors Index Ventures, NGP and Alven Capital.
* According to LinkedIn data. 25
Name of company Drivy
Location France
Vertical Automotive
Founded in 2010
Employees* 69
Total funding €48.9 million
Investors
Index Ventures, NGP, Bpifrance, Cathay
Innovation, Via-ID, Alven Capital
Last funding round €31 million (April 2016)

26. NOTABLE IoT FUNDING ROUNDS
Tyto Care
IoT solutions applied to the healthcare sector attracted €42
million in funding in 2015. Tyto Care was responsible for €10
million, as the Israel-based company ramped up production and
commercialization of its health monitoring devices in both the
European and US markets.
The $11 million round was led by an undisclosed American
strategic investor, and also included the participation of LionBird
and Teuza Capital Fund. Interestingly, US-based retailer
Walgreens also backed the health startup, providing additional
capabilities in the distribution of Tyto Care’s devices in the US.
Tyto, the company’s main product, is a connected device that
through multiple sensors allows patients to perform
comprehensive physical exams anywhere. The data is then
submitted to physicians and doctors for its analysis.
Tyto is the developer of both the device and the online platforms
that act as the connecting tissue between hospitals, clinicians
and patients.
* According to LinkedIn data. 26
Name of company Tyto Care
Location Israel
Vertical Health
Founded in 2011
Employees* 23
Total funding €16.8 million
Investors
Cambia Health Solutions, Fosun Pharma,
LionBird, OrbiMed Israel Partners, Teuza Venture
Capital Fund, Walgreens
Last funding round €10 million (September 2015)

27. NOTABLE IoT FUNDING ROUNDS
Argus Cyber Security
Argus Cyber Security represents one more example of Israel’s
long standing tradition and strength in the technology security
sector.
The Tel Aviv-based company has developed a series of cyber
security solutions for the automotive industry, coinciding with
significant and strong efforts from Tesla, Google and other
traditional car manufacturers to turn most vehicles on the road
into connected cars.
As several hacks have recently shown, connected cars can be
remotely hacked and taken control of. As Argus demonstrated in
late 2015, their security solutions can prevent this, mitigating the
rising risk to human lives and property.
Argus Cyber Security has raised more than €27 million to date,
including a €23.6 million round from multiple investors in
September 2015.
27
Name of company Argus Cyber Security
Location Israel
Vertical Automotive, security
Founded in 2013
Employees* 32
Total funding €27.2 million
Investors
Allianz Ventures, Magma Venture Partners,
Magna International, OurCrowd, Motus Ventures,
Vertex Ventures
Last funding round €23.6 million (September 2015)
* According to LinkedIn data.

28. NOTABLE IoT FUNDING ROUNDS
Relayr
Berlin-based relayr is mostly known among developers and IoT
service providers for WunderBar, a small hardware development
and product prototyping kit.
Relayr launched WunderBar in 2013 and ramped up its
production with a $111,000 crowdfunding campaign on the
Dragon Innovation platform.
Relayr core offering is ‘Cloud’, a turnkey platform for sending,
receiving and saving data from connected devices and sensors.
After participating in Startupbootcamp’s accelerator and raising
a $2.3 million seed round in September 2014, relayr raised a €10
million Series A round in November 2015 led by renowned
Silicon Valley investor Kleiner Perkins Caufield Byers.
Other investors in the Series A round included Munich Venture
Partners and Tom Noonan, an executive at Cisco.
28
Name of company Relayr
Location Germany
Vertical Network solutions
Founded in 2013
Employees* 58
Total funding €12.5 million
Investors
Kleiner Perkins Caufield & Byers, Munich Venture
Partners, Startupbootcamp, Tom Noonan
Last funding round €10 million (November 2015)
* According to LinkedIn data.

29. NOTABLE IoT FUNDING ROUNDS
Evrythng
Evrythng has developed what it likes to call the ‘Internet of
Things Smart Products Platform’, a platform that allows
developers, brands and users to connect any consumer product
to the web and manage real-data to drive applications.
The company spans three main areas: connected products,
smart supply chains and customer engagement through data-
driven smarter products.
“I had the idea that every physical object in the world — from the
cars we drive, the clothes we wear, the beers we drink, and
homes we live in — would have an addressable, real-time
presence on the Web,” explained CEO and co-founder Niall
Murphy in an interview with VentureBeat.
To date, Evrythgn has raised more than €13 million from
investors such as Atomico, Dawn Capital, Cisco Systems or
Samsung Ventures, which led its €6.8 million Series B in June
2015.
29
Name of company EVRYTHNG
Location UK
Vertical Developer tools
Founded in 2011
Employees* 55
Total funding €13.2 million
Investors
Atomico, Dawn Capital, Samsung Ventures, Cisco
Systems
Last funding round €6.8 million (June 2015)
* According to LinkedIn data.

30. NOTABLE IoT FUNDING ROUNDS
Netatmo
Paris-based Netatmo has been building smart home products
since 2011. The company was founded by Fred Potter, who was
also one of the original co-founders of Withings, another French
IoT company that was recently acquired by Nokia for €170
million.
Netatmo has three main products and is currently in the final
stages of the development process of its fourth, an outdoor
security camera. The company’s products retail from €69 to
€199.
Netatmo has raised €34.5 million in funding in two separate
rounds.
Its first round, of €4.5 million, was closed in June 2013 and in
November 2015 it raised €30 million in additional capital from
Legrand, a French industrial group that is a global leader in
products and systems for electrical installations and information
networks, Iris Capital, Bpifrance and former Apple exec Pascal
Cagni.
30
Name of company Netatmo
Location France
Vertical Smart home
Founded in 2011
Employees* 115
Total funding €34.5 million
Investors Legrand, Iris Capital, Bpifrance, Pascal Cagni
Last funding round €30 million (November 2015)
* According to LinkedIn data.

31. NOTABLE IoT FUNDING ROUNDS
Veniam
Veniam’s goal is to build what its co-founder and CEO Joao
Barros calls ‘the Internet of moving things’.
The Portuguese company, which is headquartered in San
Francisco but has the vast majority of its employees in the city of
Porto, is looking to enable free WiFi in urban areas by leveraging
vehicles, thus creating a type of mesh network that would
provide users of public transportation and pedestrians with free
connectivity.
Since its inception two years ago, Veniam has raised more than
€24 million in funding from notable investors. The company
started off by raising a €4 million seed round from US-based
venture capital firms Union Square Ventures and True Ventures.
In February 2016 it raised another round, to the tune of €20
million, from previous investors and also corporate backers such
as Orange Digital Ventures, Verizon Ventures and Cisco
Investments.
Veniam’s two main markets are Porto and Singapore.
31
Name of company Veniam
Location Portugal
Vertical Network solutions, automotive
Founded in 2014
Employees* 39
Total funding €24.5 million
Investors
Union Square Ventures, True Ventures, Orange
Digital Ventures, Verizon Ventures, Cisco
Investments
Last funding round €20 million (February 2016)
* According to LinkedIn data.

32. NOTABLE IoT FUNDING ROUNDS
Rombit
Antwerp-based Rombit is a company that specializes in the
development of IoT platforms for the industrial and smart city
sectors.
The company has developed a three layer solution, combining
software, hardware and data storage capabilities, that can plug
into existing IT infrastructure to provide a better understanding
of a company’s performance.
Rombit has already developed multiple solutions in the smart
city and freight and cargo space, such as BadgeControl or A-
Sign.
The company raised its first round of external funding in March
2016, €10 million from Clear2Pay founder Michel Akkermans.
32
Name of company Rombit
Location Belgium
Vertical Industrial IoT
Founded in 2012
Employees* 26
Total funding €10 million
Investors Michel Akkermans
Last funding round €10 million (March 2016)
* According to LinkedIn data.

33. EXIT
ANALYSIS

34. KEY EXIT TRENDS
Limited M&A activity involving IoT companies
Exit activity in the European and Israeli IoT landscape remains
limited.
From 2015 until April 2016, there were just 11 exits in the sector,
including 10 acquisitions and one small IPO from Swedish
company Plejd.
These 11 liquidity events combined for €446 million. 72% of
which 72% belonged to just two acquisitions:
• Withings: acquired by Nokia for €170 million
• Red Bend Software: acquired by Harman International
Industries for €154 million
Although not strictly a pure Internet of Things company, it’s also
worth highlighting the acquisition of Alcatel-Lucent by Nokia for
€15.6 billion. Alcatel-Lucent is a significant developer of IoT
infrastructure in Europe and other markets.
34
France and the US, as main location of acquired companies
and acquirers
Three of the 11 exits seen in the period in Europe and Israel
came from French companies, as the country became the IoT
leader in terms of M&A transactions.
As previously noted for the overall regional technology markets,
US-based companies were also the main acquirers of local IoT
companies, tied at three acquisitions with the UK.
In terms of the category of the companies involved in exits, four
of the 11 exits in the period came from developers of smart home
products and three from startups in the health space, the
highlight being Nokia’s €170 million acquisition of Withings in
April 2016.
As the IoT sector grows and startups grow, one could expect
M&A activity to increase significantly, both in terms of
established multinationals acquiring competing startups and in
the public flotation of private companies.

35. ANALYSIS
• To a certain degree, IoT remains a young industry, especially
when compared to other more mature technology sectors. As
a consequence of this, there has been limited activity in the
European and Israeli exit markets over the past few quarters
• We have recorded 11 IoT M&A transactions since Q1 2015,
with a maximum of three per quarter in Q1 and Q2 2015
• The majority of exits did not disclose the size of the
transaction. The peak in exit value seen in Q1 2015 was
caused by Israeli-based Red Bend Software’s €154 million
acquisition by Harman International Industries
• Sweden-based Plejd was responsible for the only IPO of the
period. Albeit a small one, of just €3.7 million
Exits by quarter
35
Numberofdeals
€245 €28 €- €- €-
0
1
2
3
4
€0
€50
€100
€150
€200
€250
€300
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Millions
Exit value Number of exits

36. 0
1
2
3
4
5
€0
€20
€40
€60
€80
€100
€120
€140
€160
€180
€200
Millions
Exit value Number of exits
ANALYSIS
• A monthly breakdown of IoT exits shows three additional
M&A transactions in the first four months of 2016, one in
January and two in April
• One of the April deals was the acquisition of France-based
Withings by Nokia for €170 million, the largest IoT exit on
record in Europe and Israel
• Although not included to the right, it’s also worth highlighting
the €15.6 billion acquisition of Alcatel-Lucent by Nokia,
closed in Q1 2016. Despite not being a pure IoT company, the
French network developer is a significant provider of IoT
infrastructure technology in Europe
• Investors participated in six of the 13 IoT exits that took place
in 2015 and in the first four months of 2016, or 46% of the
total
Exits by month & VC involvement (2015 – 2016 YTD)
36
Numberofdeals
46%
54%
VC-backed Non-VC backed

37. ANALYSIS
Exits by location of acquired companies & acquirer
(2015 – 2016 YTD)
37
• Three French IoT startups were sold over the past 16 months,
the highest number in Europe and Israel. The three France-
based companies were Mobiquithings (€27.7 million exit),
Withings (€170 million) and Sen.se (undisclosed)
• Besides France, only Switzerland and Israel had more than
one IoT exit in the period
• US companies were the main acquirers of European and
Israeli tech startups in 2015 and early 2016. The importance
of the US as a market for local exits was also visible in the IoT
sector, as US-based companies were responsible for three
IoT exits
• The UK and US combined for almost 50% of IoT exits
1
1
1
1
1
1
2
2
3
Germany
Norway
Russia
Sweden
The Netherlands
UK
Israel
Switzerland
France
Location of acquired
companies
1
1
1
1
2
3
3
Finland
Japan
Norway
Sweden
Canada
UK
US
Location of acquirers

38. ANALYSIS
Exits by vertical (2015 – 2016 YTD)
38
• Three IoT companies in the health sector were acquired in
2015 and early 2016 in Europe and Israel
• Health was the second vertical with most exits in the period,
only trailing smart home solutions
• Plejd and AlertMe were the two exits in the smart home
space. Both companies were VC-backed. UK-based AlertMe
was acquired by British Gas for €90 million after having
raised €32.8 million from multiple investors
• In terms of total exit value, health took the lead with €170
million, as a result of Nokia’s acquisition of Withings
• Automotive came in second, as a consequence of Red Bend
Software’s €154 million acquisition
€170 €154 €95 €28 €-
0
1
2
3
4
5
0 €
20 €
40 €
60 €
80 €
100 €
120 €
140 €
160 €
180 €
Health Automotive Smart home Network
solutions
Smart city
Millions
Exit value Number of exits
Numberofdeals

39. ANALYSIS
Top exits (2015 – 2016 YTD)
39
• Listed to the right are the only five IoT exits where the price
of the acquisition (and IPO) was disclosed
• As previously mentioned, Withings’s acquisition by Nokia in
April 2016 was the largest of the period, at €170 million
• Red Bend Software’s was the only other acquisition in Europe
and Israel to surpass the €100 million barrier. The deal took
place in January 2015
€4
€28
€91
€154
€170
Plejd (SE)
Mobiquithings(FR)
AlertMe (UK)
Red Bend Software (IL)
Withings (FR)
Million

40. NOTABLE M&A
TRANSACTIONS

41. NOTABLE M&A TRANSACTIONS
Withings
France-based Withings is one of the oldest connected health
product manufacturers in Europe. The company, founded by Eric
Carreel and Cedric Hutchings in 2008, has developed multiple
products over the years, including activity trackers, smart
weighing scales, thermometers, blood pressure monitors, home
and baby monitors.
Prior to its acquisition by Nokia in April 2016 for €170 million,
Withings had raised €30.3 million in funding from French
investors, including Ventech, Bpifrance, IDInvest Partners and
360 Capital Partners.
As a result of its acquisition, which is expected to receive final
approval by regulators in Q3 2016, Withings will become part of
the company’s Nokia Technologies business.
Withings has more than 200 employees across offices in Paris,
Cambridge, the US and Hong Kong.
41
Name of company Withings
Vertical Health
Founded in 2008
Employees* 204
VC-backed Yes (€30 million)
Acquired by Nokia
Price €170 million
Investors
Ventech, Bpifrance, IDInvest Partners, 360
Capital Partners
* According to LinkedIn data.

42. NOTABLE M&A TRANSACTIONS
Red Bend Software
Born in 1999, Red Bend Software transitioned over the years to
the commercialization of multiple IoT solutions within the
automotive and mobile space, including the development of
M2M modules used for the Internet of Things.
The company was originally founded in Israel but ended up
moving its headquarters to the US, while maintaining a
significant software development center in Israel.
Between 2000 and 2008, Red Bend Software raised more than
€30 million from multiple investors, including Pitango Venture
Capital, Greylock Partners, Carmel Ventures and Coral Capital
Management.
Red Bend was acquired by Harman International Industries in
April 2016 for €154 million. Interestingly, Harman had originally
acquired the also automotive software company QNX Software
Systems in 2004 for $138 million, which then sold again to
BlackBerry for $200 million in 2010.
42
Name of company Red Bend Software
Vertical Security, automotive
Founded in 1999
Employees* -
VC-backed Yes (€30.4 million)
Acquired by Harman International Industries
Price €154 million
Investors
BackWeb Technologies, Carmel Ventures, Coral
Capital Management, Greylock Partners, Infinity
Venture Partners, Pitango Venture Capital,
Poalim Ventures, Viola Credit
* According to LinkedIn data.

43. NOTABLE M&A TRANSACTIONS
AlertMe
AlertMe was one of the first European companies in the smart
home space. Founded in 2006 in the city of Cambridge, the
company’s main product was Hive, a smart thermostat that
allowed consumers to control the temperature of their homes
remotely.
At the time of its acquisition, the company claimed that Hive was
being used by 150,000 customers.
In two funding rounds in 2009 and 2010, respectively, the UK
company raised more than €30 million in funding from investors
such as Index Ventures, SET Venture Partners, Good Energies or
British Gas.
The latter, which serves around 12 million homes in the UK,
bought AlertMe in February 2015 for $100 million (or €90.9
million). As a result of the acquisition, AlertMe’s products and
services were integrated into British Gas’ main offerings.
* According to LinkedIn data. 43
Name of company AlertMe
Vertical Smart home, security
Founded in 2006
Employees* 36
VC-backed Yes (€32.8 million)
Acquired by British Gas
Price €90.9 million
Investors
British Gas, Good Energies, Index Ventures, SET
Venture Partners, VantagePoint Capital Partners

44. NOTABLE
IoT
STARTUPS

45. IoT STARTUPS TO FOLLOW
LifeBEAM
Location Israel
Founded 2011
Industry Sports
Management team Omri Yoffe, Zvika Orron, Cid Carver, Omry
Czapnik, Manny Reif, Shimon Hayun
Employees* 22
Total funding €17.0 million
Investors Tri Ventures , Square Peg Capital, Atomic 14
Ventures, Wellborn Ventures, Cerca Partners
In their own words:
“LifeBEAM aims to become a global leader in sensing human
performance during dynamic activities via innovative bio-
sensing technology implemented into wearables.
The company initially focused on applications for the aerospace
and defense markets, keeping jet pilots and astronauts safe in
extreme environments by sensing and monitoring vital signs
such as heart rate, SPO2, blood flow and activity.”
Similar companies:
• Cobi
• Milestone Sports
• Woo Sports
• JOHAN Sports
• PIQ
* According to LinkedIn data. 45

46. IoT STARTUPS TO FOLLOW
Kiwi.ki
Location Germany
Founded 2012
Industry Smart home
Management team Claudia Nagel, Christian Bogatu, Peter Dietrich
Employees* 30
Total funding €4.0 million
Investors Paua Ventures
In their own words:
“KIWI provides secure and hands-free access for large multi-
tenant buildings. With KIWI, your entrance door unlocks
comfortably without buttons or searching through your pockets.
Consumers enjoy the safe, simple and convenient comfort of
just walking through their doors with our transponder “Ki” in
their pocket or our mobile app. Service providers – like post or
waste management companies – gain work efficiencies.”
Similar companies:
• Convergent Home Technologies
• eyeSight Mobile Technologies
• EVRYTHNG
• Sonos
• Zimplistic
* According to LinkedIn data. 46

47. IoT STARTUPS TO FOLLOW
CropX
Location Israel
Founded 2013
Industry Agritech
Management team Isaac Bentwich, Yossi Haran, Dr. Michael
Dowgert, Nir Refaeli, Dani Dishback
Employees* 22
Total funding €9.1 million
Investors OurCrowd, Innovation Endeavors , GreenSoil
Investments, Finistere Ventures
In their own words:
“CropX is an ag-analytics company that has developed the
world’s most advanced adaptive irrigation service, which
automatically optimizes irrigation, thereby delivering dramatic
crop yield increase and water and energy cost savings to farms.
CropX’s technology was developed by a team of world-leading
scientists and has been validated on-farm over the past five
years.”
Similar companies:
• Cares Imaging
• Farmlogs
• Farm Dog Technologies
• Farmeron
• Crop-R
• Phytech
• Agworld
* According to LinkedIn data. 47

48. IoT STARTUPS TO FOLLOW
Konux
Location Germany
Founded 2014
Industry Industrial IoT
Management team Sarig Duek, Oren Kind, others
Team * 33
Total funding €8.3 million
Investors TechFounders, FOUNDER.org, New Enterprise
Associates, UnternehmerTUM-Fonds
Management, MIG Fonds
In their own words:
“At KONUX, we are building smart sensor systems for machine
insights. With our patented technology and a team of young and
seasoned talents, we are transforming a $100bn market.
Today the industrial world is struggling. Using outdated sensing
technologies they can not prevent nor understand machine and
infrastructure breakdowns. They are losing millions of dollars
every year. We have developed the KONUX platform to solve
this problem.”
Similar companies:
• Atonarp
• SenseFly
• SGI
• Omegawave
• Tacterion
* According to LinkedIn data. 48

49. IoT STARTUPS TO FOLLOW
Phytech
Location Israel
Founded 1998
Industry Agritech
Management team Yochay Altman, Omer Guy, Eitan Peleg, Sarig
Duek, Itay Mayer
Employees* 22
Total funding €2.7 million
Investors Mitsui & Co, Syngenta Ventures
In their own words:
“Phytech's PlantBeat technology is a simplified, alert-driven
mobile platform which combines predictive algorithms and data
analysis tools that integrate continuous crop health and
supportive environmental data, distilled into real-time
recommendations.
Phytech is helping growers in their day-to-day farming decisions
impacting both the quality and yield of their crops, while
reducing water usage. Our advanced solutions use state-of-the-
art sensors, wireless communication, and innovative software
for collecting and analyzing data.”
Similar companies:
• Crop-R
• aWhere
• Cares Imaging
• FarmLogs
* According to LinkedIn data. 49

50. IoT STARTUPS TO FOLLOW
Actility
Location France
Founded 2010
Industry Network Solutions
Management team Olivier Hersent, Boris DezierVice , Nicolas,
Jordan Vice , Bernard Jannes, Pedro Da Silva,
Mehdi Hajjam
Employees* 76
Total funding €22.5 million
Investors Swisscom Ventures, Orange, Ginko Ventures,
KPN Ventures
In their own words:
“Actility is an industry leader in LPWA (Low Power Wide Area)
large scale infrastructure with ThingPark®, the new generation
standard-based IoT / M2M communication platform.
Actility’s ThingPark Wireless® network provides LoRa /
LoRaWAN long-range coverage for low-power sensors used in
SmartCity, SmartBuilding and SmartFactory applications.”
Similar companies:
• Trakkies
• Wirepas
• Mistbase
• Athom
• Libelium
• Lines.io
• Paradox Engineering
* According to LinkedIn data. 50

51. IoT STARTUPS TO FOLLOW
Neura
Location Israel
Founded 2013
Industry Developer tools
Management Gilad Meiri, Triinu Magi, Ori Shaashua, Gil Mahler
Employees* 28
Total funding €11.8 million
Investors UpWest Labs, Pitango Venture Capital, Singtel
Innov8, Microsoft Ventures, Lenovo, AXA
Strategic Ventures, Liberty Israel Venture Fund
In their own words:
“Neura enables smarter technology, powered by trust. Bringing
context to the Internet of Things, we recognize behavior
patterns, create actionable triggers from IoT data and let users
enhance their personal technology with those triggers.
We help people use data collected by their devices, for
purposes that directly benefit them, while safeguarding their
personal information.”
Similar companies:
• Seebo
• Atomation
• thethings.iO
• TV App Agency
• Kontakt.io
• Relayr
• Resin.io
* According to LinkedIn data. 51

52. IoT STARTUPS TO FOLLOW
Sentiance
Location Belgium
Founded 2012
Industry Smart City, Adtech, Health
Management team Toon Vanparys, Frank Verbist, Vincent Jocquet,
Vincent Spruyt, David Damen, Roel Berger
Employees* 29
Total funding €7.3 million
Investors Negotiae, Young Sohn, Volta Ventures, Pamica,
Samsung Catalyst Fund, Qbic Fund
In their own words:
“Sentiance unlocks contextual mobile experiences by mining
sensor data on smartphones, wearables and connected
devices. Sentiance enables companies worldwide to tap into a
new level of mobile personalization and engagement.
By filtering meaningful commercial data out of users’ direct
environment, Sentiance provides Ambient Intelligence which is
automated through a proprietary sensor fusion platform.”
Similar companies:
• Expertmaker
• Nubera / Getapp
• Adbrain
• Semasio
• Appwiz
• Fyber
• AdExtent
* According to LinkedIn data. 52

53. IoT STARTUPS TO FOLLOW
Cobi
Location Germany
Founded 2014
Industry Sports
Management team Andreas Gahlert, Carsten Lindstedt, Heiko
Schweickhardt, Tom Acland
Employees* 44
Total funding €7.3 million
Investors Negotiae, Young Sohn, Volta Ventures, Pamica,
Samsung Catalyst Fund, Qbic Fund
In their own words:
“The biking solution for smartphone lovers: COBI is the first
integrated system which intelligently connects your smartphone
with your bike to create a completely new riding experience.
The future friendly, modular system connects to fitness and bike
sensors and integrates six accessories into one unique design:
smartphone holder with charging function, automatic front and
brake light, bike-navigation, alarm system, bell and bike
computer.”
Similar companies:
• Johan Sports
• Petcube
• Woo Sports
• Milestone Sports
• WallJAM
• Tintag
* According to LinkedIn data. 53

54. IoT STARTUPS TO FOLLOW
Heptagon
Location France / USA
Launch 2000
Industry Hardware
Management team Christian Tang-Jespersen, Desmond Lim, Erik
Volkerink, Markus Rossi, Hartmut Rudmann, Sow
Chun Leong
Employees* 122
Total funding -
Investors Nokia Growth Partners, Jolt Capital, GGV Capital
In their own words:
“Heptagon provides complete 3D/imaging, illumination and
optical sensing solutions for smart devices and the internet of
things.
With over two billion units shipped and 20 years of industry firsts
in miniaturizing and integrating complex hardware and software
systems, Heptagon has industry leading technology and
services to enhance our customer’s competitiveness.”
Similar companies:
• VCST
• Brainlab
• Convey Computer
• Datamars
• Wilocity
* According to LinkedIn data. 54

55. EUROPEAN IOT
LANDSCAPE:
FUTURE
PREDICTIONS

56. WHAT DOES THE FUTURE HOLD?
The Internet of Things is just getting started
Despite the fact that several entrepreneurs and businesses have
been building IoT companies for a number of years, one could argue
that the Internet of Things is still a nascent industry.
Funding and M&A data for the sector in Europe and Israel indicate
that the industry’s best years are still ahead. In 2015, 84 local
companies raised funding, totalling €411 million. In the first quarter of
2015, just nine companies completed a round of financing.
Fast forward one year, to Q1 2016, and that number grew
exponentially to 41 companies and €159 million, pointing to the fact
that the industry is accelerating and a higher number of companies
are maturing and finding product/market fit, both in the B2B and B2C
markets.
In fact, in the first four months of 2016, there have been 49 funding
rounds worth a combined €242 million, or almost 60% of 2015’s
total.
M&A activity remains limited, as the market continues to evolve and
the development of large businesses that could be appealing to
other tech giants carries on. Tech giants and large industrial players
that are, in fact, also increasingly involved in the overall IoT markets,
with a significant focus in Europe.
As previously mentioned, the venture arm of large tech
multinationals such as Orange, Cisco, Verizon or Swisscom have
been involved in multiple European and Israeli IoT investments over
the past few quarters. In addition to this, companies like Sony, Cisco,
Nokia or IBM have also set up IoT-related projects in several
European cities, potentially bringing together entrepreneurs with
established players that could act as clients or, eventually, acquirers.
Accelerator programs such as Startupbootcamp, which currently has
four different programs in Europe associated to the field, could also
become key in the development of the industry.
An appropriate legal framework
According to a study by McKinsey, the potential value the IoT
industry could provide worldwide could reach $11 trillion within by
2025.
However, for this to happen, various organisations refer to the need
of clear regulations, standardisation, data protection and a strong
privacy framework at a European level.
56

57. METHODOLOGY & DISCLAIMERS
From November 2013 onwards, we’ve continuously
monitored approximately 120+ sources of news and
information across multiple European regions and
languages. All the mergers, acquisitions (including all
purchases of majority stakes as well as full take-
overs)and initial public offerings by European technology
companies that we tracked this way have been listed and
analysed by the Tech.eu team for the purpose of this
report, along with additional transactions that were not
reported by any of the aforementioned sources but
flagged by people from our collective networks.
In most cases, the deal size was not disclosed, but we’ve
included the price for acquisitions and mergers for any
transaction reported by a publication that we consider
reliable and trustworthy. For IPOs, we have opted to look
at the valuation given by the market at the moment
shares were publicly traded for the first time. In addition,
when a deal size was disclosed bu tin a currency different
from the euro, we’ve converted the amounts around the
date the transaction was first announced or reported –
we cannot guarantee that the converted amount exactly
mirrors the price at the time of closing of an agreement
(mainly because that date is rarely shared).
We have opted to include non-European Union member
states such as Russia, Turkey, Israel, Norway, Switzerland
and others in this analysis, as we consider them an
integral part of the European technology industry as such.
This is in line with Tech.eu’s overall editorial policy.
Considering the vastness, fragmentation and breadth of
different languages that defines Europe, it is possible that
certain M&A transactions or IPOs were not included in our
analysis. We believe, however, that this is as
comprehensive a report as possible for 2015. We have
included M&A transactions and IPOs based on the date
that they were initially reported by an authoritative source
57

58. METHODOLOGY & DISCLAIMERS
not necessarily the inking of the agreements or listings in
question. Hence, exit agreements that were sealed at the
end of 2015 maybe included in the data for 2016.
We’ve included transactions involving small and large
technology corporations, and everything in between.
‘Technology’ in this case encompasses digital, Web,
mobile, infrastructure and hardware, but we chose not to
include transactions involving companies that are active
in the fields of biotechnology, life sciences and
‘cleantech’ as we consider them categories worth
tracking separately.
The data used for this report does not only include
transactions for startups or digital-only tech companies,
but also more ‘legacy’ corporations such as telcos,
Internet service providers, as well as infrastructure,
hardware and ‘high tech’ firms because we consider
them European technology companies as much as e.g. a
European-founded mobile app development startup.
Finally, we would like to add that our system of
monitoring sources, and structurally saving data for
reports, has greatly improved since we started in
November 2013. It is possible that the data set has
allowed for better analysis as the past year has
progressed, and we continually work to improve our data
collection and reporting.
Please subscribe to our newsletter to be kept up-to date
on future reports, which will dive into specific verticals,
geographies and other groups.
58

59. METHODOLOGY & DISCLAIMERS
We welcome any feedback you may have on our report and methodology. If you’d like to report inaccuracies,
flag possible omissions or additions to the data set, or have any other comment to share or questions to ask,
please reach out to reports@tech.eu and we will respond as soon as possible.
Thank you for reading our analysis.
Robin Wauters
(Founding editor, Tech.eu)
Jaime Novoa
(Analyst, Tech.eu)
59

60. Copyright © 2016, All rights reserved