Tracxn - Telecom Infrastructure Startup Landscape

NOVEMBER 2017
TELECOM INFRASTRUCTURE

Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Telecom Infrastructure - Nov 2017
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on November 15, 2017.
Telecom Infrastructure Feed Summary
4
Telecom Infrastructure > Feed Summary
Equipment (hardware, software) and network infrastructure that enables the delivery and transmission of telecom
services.
• Inclusions: All companies that provide hardware and software across
the various segments of the telecom infrastructure (RAN, Network,
Transport). Companies which own the network (sub-sea cables, fiber,
IP) and provide wholesale services (interconnection) to the service
providers. Companies that own the telecom towers (passive
infrastructure) and SIM providers.
• Exclusions: Companies that provide semiconductors, content delivery
network, content management, end user equipment (boosters, modems,
phones), VAS solutions, defence communication, resellers, distributors,
marketplaces. Also excludes companies that provide solutions related to
telecom operations & maintenance, OSS/BSS solutions (network
management, monitoring, customer management, product
management), testing, and system integrators.
• Excludes funding information of Chinese companies
Feed in Numbers
Overview
$34.4B
Funding
280
Mega
Companies
9241802
FundedCovered on
Tracxn
18
Unicorns
39
Soonicorns
13
Minicorns
164
IPO’d Cos
485
Late Stage Cos
260
207
Acquisitions
78
DeadPooled
194
Acquihired
Series A+ Cos
Cisco
(1984, San Francisco, Public)
American Tower
(1995, Boston, Public)
Ericsson
(1876, Stockholm, Public)
Top Companies

Investment Trend Summary
5
Summary of Funding Activity in Telecom Infrastructure
5
$460M - Series E
O3b Networks (2007, The Hague, $945M)
$89M - Series C
Cradlepoint (2004, Boise, $151M)
$233M - PE
Seaborn Networks (2011, Beverly, $252M)
$80M - PE
Andean Tower Partners (2015, Boca Raton,
$230M)
$150M - PE
$230M)
$75M - Series C
Viptela (2012, San Jose, $109M)
$100M - PE
CSquared (1995, Nairobi, $100M)
$90.8M - PE
Ascend Telecom (2008, Bangalore, $125M)
$97M - PE
Wireless Infrastructure Group (1999,
Bellshill, $97M)
$50M - PE
Aqua Comms (2011, Dublin, $75M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Telecom Infrastructure > Feed Summary > Investment Trend Summary
Seed Innovacom (#4), Starquest Capital (#2)
Series A/B New Enterprise Associates (#4), Sequoia Capital (#4), Capital-E
(#2)
Series C+
Cisco Investments (#3), AME Cloud Ventures (#2), Bessemer
Venture Partners (#2)
Incubators
Jerusalem Venture Partners (#3) Plug and Play Tech Center (#2)
Techstars (#2)
Other Notable
Investors
Saints Capital (#15), HarbourVest Partners (#5), Delta-v Capital
(#4)
Debt Investors
Western Technology Investment (#31), Kreos Capital (#12),
Hercules Capital (#5)
Most Active InvestorsRecent Investments
74 75
87
77
46
21
2012 2013 2014 2015 2016 2017*
Y-o-Y # of Companies Founded 76 78 62 74 54 41
$1.1B $1.B
$2.2B
$1.8B
$842M $817M
2012 2013 2014 2015 2016 2017*
$ Funding # Rounds
$19B
$3.5B
$2B
$682M
$533M
US
Europe
India
Israel
South Africa
$ Funding

Summary of exit outlook in Telecom Infrastructure
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Western Technology
Investment
10
Infinera (2000, Sunnyvale, $321M)
Calix (1999, Petaluma, $158M)
Bessemer Venture
Partners
8
Flarion Tecjnologies (2000, Bridgewater,
$58M)
Ocular Networks (1999, Reston, $50M)
New Enterprise
Associates
8
Zhone Technologies (1999, Oakland, $500M)
Astral Point Communications (1998,
Chelmsford, $111M)
Oak Investment
Partners
7
Zayo Group (2007, Boulder, $825M)
NextG Networks (2001, Milpitas, $445M)
Accel Partners 7
Nov 2017 Lightower Acq by Crown Castle for $7.1B
Nov 2016 Alcatel-Lucent Acq by Nokia for $17.0B
Oct 2016
Level 3 Communications Acq by CenturyLink for
$34.0B
Oct 2014
Tw Telecom Acq by Level 3 Communications for
$5.7B
Oct 2005
Acorn Packet Solutions Acq by Juniper Networks for
$8.7B
Jun 1999 Ascend Communications Acq by Lucent for $24B
Telecom Infrastructure > Feed Summary > Exit Outlook Summary
Cisco 15
Starent Networks (Dec 2009, $2.9B), BroadSoft (Oct 2017,
$1.9B), Insieme Networks (Nov 2013, $863M)
Genband 6 Cedar Point Communications (Jan 2011) Iperia (Apr 2012)
Crown Castle 5
Lightower (Nov 2017, $7.1B), NextG Networks (Apr 2012, $1B),
Sunesys (Aug 2015, $1B)
Alcatel-Lucent 4
Spatial Wireless (Sep 2004, $300M), Astral Point
Communications (Jan 2002, $135M), Capella Photonics (Jan
2013)
Ciena 4
ONI Systems Corporation (Feb 2002, $900M), Lightera (Mar
1999, $552M), Blue Planet (Aug 2015, $488M)
Recent IPOs Top Acquisitions
Intellian Oct 2016
Satellite communication antenna systems p…
IPO MCap: $120M Current MCap: $83M
InterlinkTelecom Sep 2016
Wholesale fiber-optic network services pr…
IPO MCap: $74M Current MCap: -
Apac Opto Electronics May 2016
Optic fiber transmission component manufa…
IPO MCap: - Current MCap: -
Angel Telecom Apr 2016
Wholesale VOIP carrier
Tejas Networks Jun 2017
Optical transport solutions to telecom se…
OPNET Technologies Dec 2016
Network access, transmission, and distrib…
Tai Tung Communication Dec 2016
Fiber-optic cable and accessories provide…
Lite Access Dec 2016
Fiber-optic deployment components provide…

Marketmap: Telecom Infrastructure
SUITE
SOFTWARE ORIENTED NETWORK
NETWORK FUNCTION
VIRTUALIZATION
SOFTWARE-DEFINED
NETWORKING
EQUIPMENT
RAN
CLOUD - RAN
SMALL CELL
CORE NETWORK
OPTICAL TECHNOLOGY
IP
WIRELESS
NETWORK INFRASTRUCTURE
TOWER
RAN INFRASTRUCTURE
WHOLESALE CARRIER
SOFTWARE
RAN
SELF-ORGANIZED
NETWORK
MOBILE EDGE COMPUTING
SPECTRUM EFFICIENCY
CORE NETWORK
UNIFIED COMMUNICATION
OPTIMIZATION
Overview
Companies 1802
Funded 924 Series A+ 485
Funding $34.4B Last 2 yrs $6.8B
Most Active Investors
Seed Innovacom (2)
Early Stage NEA (4)
Late Stage Cisco Inv (3)
Corporate ECI Telecom (2)
Incubators Jerusalem VP (3)
FACTSHEET
Top Cities
Bay Area 182 Cos $7.3B
Delhi NCR 5 Cos $1.3B
Feed in Numbers
Unicorns 18 Soonicorns 39
Minicorns 13 Editor Picks 101
Acquihired 194 Deadpooled 78
Top Companies
Ericsson (1876 , Stockholm, IPO)
Cisco (1984, SF, IPO)
ATC (1995, Boston, IPO)
Zayo (2007, Boulder, IPO)
Exits
IPOs 164 Ericsson, Cisco
Acquisitions 207 Level 3, Alcatel-Lucent
Top Acquirers Cisco, Genband, Crown Castle
For any Feedback and Query reach out to MyAnalyst@tracxn.com | Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.
Well funded Nodes
Upcoming Nodes
Children Nodes
7
Telecom Infrastructure > Feed Summary > BlueBox

Key Sub Sectors in Telecom Infrastructure Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Network > Software Defined Networking
(SDN) >
Controller
11 $146M 8
Tower 86 $321M 6
Network > Wholesale Carrier >
Fiber 161 $156M 6
Radio Access Network (RAN) > Software >
Spectrum Efficiency 22 $115M 6
Radio Access Network (RAN) >
Infrastructure 16 $101M 5
Radio Access Network (RAN) > Software >
Mobile Edge Computing (MEC) 10 $31M 6
Network > Equipment >
Optical Technology 87 $31M 6
Network > Wholesale Carrier >
Long Distance 52 $308M 3
Network >
Network Function Virtualization
(NFV)
20 $36M 4
Radio Access Network (RAN) > Equipment
>
Antenna
37 $34M 4
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Network
Companies that provide hardware and software used
in the core network including switches,...
1254 553 $17.1B
Tower
Companies that own, build, and operate tower sites
and provide tower infrastructure to...
86 65 $9.5B
Transport
in the transport layer for backhaul...
220 149 $4B
Radio Access Network (RAN)
in Radio Access Network including base...
179 125 $3.4B
Suite
Companies that provide end-to-end equipment
including both hardware and software across...
21 10 $167M
SIM Providers
Companies that provide SIM cards and Soft/Virtual
SIM
42 22 $115M
Telecom Infrastructure > Feed Summary > Summary of Key Markets

List of Notable Companies in Telecom Infrastructure
Notable Companies in the Sector (1/7)
9
Note: *(Founded Year, Location, Total Funding)
Telecom Infrastructure > Feed Summary > Notable Companies in the Sector
Public
Zayo Group
(2007, Boulder, $825M)*
xG Technology
(2002, Sarasota)
Bharti Infratel
(2006, Gurgaon, $1.25B)
Zhone Technologies
(1999, Oakland, $500M)
VMware
(1998, Palo Alto, $389M)
Intelsat
(1964, Mclean, $348M)
Infinera
(2000, Sunnyvale, $321M)
Cogent
Communications
(1999, Washington D.C., $158M)
Calix
(1999, Petaluma, $158M)
Airspan
(1992, Boca Raton, $125M)
Public
Enablence
(2003, Toronto, $94M)
Applied
Optoelectronics
(1997, Sugar Land, $91M)
Redline
Communications
(1999, Markham, $57M)
Sonus
(1997, Westford, $46M)
Vocus
(2008, Sydney, $44M)
Tejas Networks
(2000, Bangalore, $35M)
Unwired Planet
(1994, Redwood City, $33M)
GTT Communications
(1998, Mclean, $29M)
Oclaro
(1988, San Jose, $29M)
Public
Ekinops
(2003, Lannion, $29M)
Flint Telecom Group
(2005, Overland Park, $26M)
Elephant Talk
(2001, Boulevard, $23M)
Radisys
(1987, Hillsboro, $18M)
Astra Microwave
Products Limited
(1993, Hyderabad, $12M)
DragonWave
(2000, Ottawa, $10M)
Microqual
(1999, Mumbai, $10M)
CalAmp
(1981, Irvine, $9.3M)
Proxim
(1982, California City, $7.5M)
Public
Digi International
(1985, Minnetonka, $6.8M)
Tranzeo Wireless
Technologies
(2000, Pitt Meadows, $5.4M)
Cisco
(1984, San Francisco, $2.5M)
Calypso Wireless
(1983, Ohio, $1.3M)
InterMetro
Communications
(2003, Simi Valley, $798k)
DrayTek
(1997, Hsinchu, $350k)
4Cable
(2005, Myrtle Beach, $20.9k)
Advantech
(1998, Milpitas)
AirNet Communications
(1994, Melbourne)
Public
Green Packet
(1999, Petaling Jaya)
Hightel Towers
(2001, Rome)
Intellian
(2004, Seongnam-si)
InterlinkTelecom
(2007, Bangkok)
IRITEL
(1967, Belgrade)
Lightron
(1998, Daejeon)
Nera
Telecommunications
(1978, Singapore)
OE Solutions
(2003, Gwangju)

10
Public
Opcom Holdings
Berhad
(1994, Shah Alam)
Sterlite Technologies
(1988, Pune)
Sunf Pu
(1983, Taoyuan City)
Tai Tung
Communication
(1981, Taipei)
TELES
(1983, Berlin)
Tower One Wireless
(2015, Vancouver)
Ubiquoss
(2000, Seongnam-si)
United Fiber Optic
Communication
(1984, Hsinchu)
Z-Com
(1995, Hsinchu)
Public
Baycom
(1990, Hsinchu)
Gemalto
(2006, Amsterdam)
Accton Technology
(1988, Hsinchu)
ADTRAN
(1985, Huntsville)
ADVA Optical
Networking
(1994, Martinsried)
Aksh Optifibre
(1986, Delhi)
Alcatel Lucent Teletas
Telecommunication
(1983, Istanbul)
American Tower
(1995, Boston)
Angel Telecom
(2004, Baar)
Public
Apac Opto Electronics
(1998, Hsinchu)
Arcadyan
(2003, Hsinchu)
Arista
(2005, Santa Clara)
ARRIS
(1995, Suwanee)
ARSAT
(2006, Benavidez)
Avantel Limited
(1993, Hyderabad)
Aviat Networks
(2007, Santa Clara)
BAXL Technologies
(1997, Bethel)
Belden
(1902, St. Louis)
Billion Electric
(1973, Taipei)
Public
CallKey
(2003, Basingstoke)
Cellnex Telecom
(2000, Barcelona)
Ceragon
(1996, Tel Aviv)
Challenger Mobile
(2006, Kista)
Ciena
(1992, Linthicum Heights)
Circa Enterprises
(1985, Calgary)
Cistera Networks
(2005, Plano)
CityFibre
(2011, London)
CommScope
(1976, Richardson)
Communications
Systems
(1969, Minnetonka)
Public
Comtech
Telecommunications
Corp
(1967, Melville)
Crown Castle
(1994, Houston)
CS&L
(2015, Little Rock)
Cyber Digital
(1983, Hauppauge)
DASAN Networks
(1993, Seongnam-si)
Deltathree
(1996, New York City)
D-Link
(1986, Taipei)
Edgewater Wireless
(1988, Ottawa)
Electronic Tele-
Communications
(1980, Waukesha)

11
Public
Enea
(1968, Kista)
Ericsson
(1876, Stockholm)
Fibrolan
(1987, Yokneam Illit)
Finisar
(1988, Sunnyvale)
FRTek
(2000, Anyang-si)
Fujikura
(1885, Tokyo)
Galtronics
(1978, Tiberias)
GigaBeam
(2004, Sunnyvale)
Gilat Satcom
(1992, Petah Tikva)
Gilat Satellite Networks
(1987, Petah Tikva)
Public
GTL Infrastructure
(2004, Mumbai)
Hexatronic
(1993, Gothenburg)
Himachal Futuristic
Communications
(1987, Gurgaon)
IDT
(1990, Newark)
Inabox Group
(2003, Sydney)
Infrastrutture Wireless
Italiane
(2015, Milan)
Innsystec
(2015, Aachen)
Inti Bangun Sejahtera
(2006, Jakarta)
ISCO International
(1989, Schaumburg)
Public
Juniper Networks
(1996, Sunnyvale)
Kavveri Telecoms
(1991, Bangalore)
Kona I
(1998, Seoul)
KRTnet
(1996, Seoul)
KVH Industries
(1982, Middletown)
Lite Access
(2003, Richmond)
Loop Telecom
(1991, Hsinchu)
LS Networks
(2005, Portland)
Macom
(1950, Lowell)
Microelectronics
Technology
(1983, Hsinchu)
Public
Midas Group
(1954, Warsaw)
MTI Wireless Edge
(1972, Rosh Haayin)
Nable Communications
(2003, Seongnam-si)
NEC
(1899, Tokyo)
New World Brands
(2002, Mckinney)
NextGen
(2001, Shirokane)
Nortel
(1895, Toronto)
NuRAN Wireless
(2013, Quebec City)
Oi Electric
(1950, Yokohama)
Oplink
(2009, Fremont)
Public
OPNET Technologies
(1991, Hsinchu)
Pac-West Telecomm
(1980, San Francisco)
ParkerVision
(1989, Jacksonville)
Pervasip Corp
(1996, White Plains)
Prysmian Group
(1872, Milan)
PTGi International
Carrier Services
(2011, Herndon)
Russian Satellite
Communications
Company
(1967, Moscow)
Samji Electronics
(1980, Seoul)
SBA Communications
(1989, Boca Raton)

12
Public
Scotty group
(1994, Raaba)
Sercomm
(1996, Taipei)
SHF Communication
Technologies AG
(1983, Berlin)
Sify Technologies
(1995, Chennai)
Solacia
(2000, Seoul)
SOLiD
(1998, Seongnam-si)
Superloop
(2014, Brisbane)
Synclayer
(1962, Nagoya)
Tainet Communication
(1998, Taipei)
Public
Tamilnadu
Telecommunications
(2007, Chennai)
Teleste
(1954, Littoinen)
Tellabs
(1978, Naperville)
Thaicom
(1991, Bangkok)
TKH Group
(1980, Haaksbergen)
Tower Bersama
(2003, Jakarta)
Ubiquiti Networks
(2005, San Jose)
Unique Broadband
Systems
(2003, Vaughan)
Vecima
(1988, Victoria)
Public
Vindhya Telelinks
(1983, Delhi)
Voip-Pal
(2016, Bellevue)
Westell
(1980, Aurora)
Wialan
(2000, Sunrise)
World Reach
(1985, Mulgrave)
Acquired
Level 3
Communications
(1998, Broomfield)
Ascend
Communications
(1988, Alameda)
Alcatel-Lucent
(2006, Boulogne-billancourt)
Acorn Packet Solutions
(2002, Mclean)
Lightower
(2006, Boxborough)
Tw Telecom
(1993, Broomfield)
Global Tower Partners
(2003, Boca Raton)
Siara Systems
(1998, Mountain View)
Qtera
Acquired
PanAmSat
(1984, Wilton, $953M)
Ortel Corporation
(1980, Alhambra)
Starent Networks
(2000, Tewksbury, $94M)
Andrew Corporation
(1994, Orland Park)
AboveNet
(1996, White Plains)
Acme Packet
(2000, Bedford, $62M)
Marconi Corporation
(1998, London)
Pace
(1982, Bradford)
BroadSoft
(1998, Gaithersburg, $44M)
Fibertech Networks
(2000, Boxborough)

13
Acquired
XO Communications
(1994, Herndon)
Electric Lightwave
(1986, Vancouver)
Nicira
(2007, Palo Alto, $43M)
Draka Holding
(1910, Amsterdam)
Illuminet Holdings
(1999, Tampa)
ECI Telecom
(1961, Petah Tikva)
Viom Networks
(2010, Gurgaon)
Italtel
(1921, Milano)
EarthLink
(1994, Atlanta, $24M)
NextG Networks
(2001, Milpitas, $445M)
Acquired
AAT Communications
Systems
(2002, Staten Island, $280M)
Sunesys
(1998, Warrington)
Lumos Networks
(2011, Waynesboro)
ONI Systems
Corporation
(1997, San Jose)
Insieme Networks
(2013, California)
TNS
(1990, Reston)
Inteliquent
(2004, Chicago, $56M)
Versatel
(1999, Flensburg)
Ceske
Radiokomunikace
(1963, Prague)
Acquired
Metroweb Italia
(2011, Milan)
Southern Light
(1998, Mobile)
Ufinet
(1998, Madrid)
Hawaiian Telcom
(1884, Honolulu)
Viptela
(2012, San Jose, $109M)
Flarion Tecjnologies
(2000, Bridgewater, $58M)
Wilcon
(1998, Los Angeles)
Broadband Networks
(1994, Winnipeg)
Hibernia Networks
(2003, Summit, $13M)
Mavenir Systems
(2005, Richardson, $105M)
Acquired
Lightera
(1998, Cupertino)
Virtela
Communications
(2000, Greenwood Village,
$105M)
Nextgen Group
(2003, Melbourne)
Blue Planet
(2006, Hanover, $98M)
2Wire
(1998, San Jose, $200M)
Intucell
(2008, Ra'anana, $8.5M)
AAPT
(1991, Sydney)
Bytemobile
(2000, San Francisco, $29M)
Neotel
(2005, Midrand)
Acquired
Essar Telecom
Infrastructure
(2003, Mumbai)
Amber Networks
(1998, Fremont)
Telex
(1936, Burbank)
PEG Bandwidth
(2009, The Colony, $15M)
@Mobile.com
(1997, Bellevue)
RuggedCom
(2001, Vaughan)
Ocular Networks
(1999, Reston, $50M)
Accord Networks
(1995, Atlanta)
Navini Networks
VSNL
(1986, Mumbai)

14
Acquired
Fibex Systems
Ubiquisys
(2004, Swindon, $81M)
Aurora Networks
(1999, Santa Clara, $30M)
Vixel
(2016, Costa Mesa)
Alliance Fiber Optic
Products
(1995, Sunnyvale)
Spatial Wireless
Entrisphere
Amos
(1995, Ramat Gan)
Hellas Sat
(2001, Koropi)
Axia FibreNet
(1993, Calgary, $2M)
Acquired
Hirschmann
Automation and
Control
(1924, Neckartenzlingen)
InFiber
(2009, Oslo)
Asia Broadcast Satellite
(2006, Hamilton)
Tower Cloud
(2006, St. Petersburg, $114M)
Radyne
(1980, Phoenix)
Granite Systems
(1995, Palo Alto)
Pacific Broadband
(1999, San Jose, $50M)
Jetcell
(1998, Menlo Park)
One Source Networks
(2006, Austin)
Acquired
Hammerhead Networks
(2000, Billerica)
Fiber Optic Network
Solutions
(2006, Marlborough, $43M)
Occam Networks
(1999, Santa Barbara)
Amteva Technologies
(1995, Glen Allen)
LGC Wireless
(1996, San Jose, $83M)
Netcentrex
(1998, San Jose)
Lightspeed
International
(1995, Sterling)
Towercom
(2007, Dublin)
Skyfire
Acquired
Barconet
(2000, Kortrijk)
CIG Wireless
(2011, Atlanta)
Teltronic
(1974, Zaragoza)
Vivace Networks
(1999, San Jose, $118M)
Astral Point
Communications
(1998, Chelmsford, $111M)
NorthPoint
Communications
NewPort
Communications
(1996, Irvine, $28M)
Fiberxon
Wavestream
(2001, San Dimas, $35M)
Acquired
Traffix Systems
(2005, Hod Hasharon, $7M)
Actix
(1981, London, $76M)
NewPath Networks
(2009, Seattle, $30M)
OnFiber
Communications
(1999, Austin, $150M)

15
Unicorns
IHS Holding Limited
(2001, Lagos, $3.3B)
Helios Towers Africa
(2009, London, $1.8B)
O3b Networks
(2007, The Hague, $945M)
Vertical Bridge
Eaton Towers
(2008, Fourways, $500M)
ExteNet Systems
(2003, Lisle, $199M)
Mobilitie
(2005, Newport Beach, $100M)
Indus Towers
(2007, Gurgaon)

List of Notable Companies by Market in Telecom Infrastructure
Notable Companies by Market (1/27)
17
Telecom Infrastructure > Feed Summary > Notable Companies by Market
Equipment
SpiderCloud (2007, San Jose, $136M)
Scalable Multi-Access Small Cell Systems
Soonicorn. Stage: Acquired
Charles River Ventures, Matrix Partners, Opus
Capital and 3 Other Investors
Airspan (1992, Boca Raton, $125M)
LTE small cell and backhaul solutions
Stage: Public
Oak Investment Partners, Meritech Capital
Partners, Weston Presidio and 10 Other Investors
LGC Wireless (1996, San Jose, $83M)
In-building wireless voice/data coverage and
capacity solutions for public operators and
equipment manufacturers.
Stage: Acquired
UOB Venture Management, Crimson Investment,
Fortune Venture Investment Group and 13 Other
Investors
Equipment
Ubiquisys (2004, Swindon, $81M)
Developer of multimode LTE, 3G and Wi-Fi small
cells
Stage: Acquired
Mobile Internet Capital, Accel Partners, Atlas
Venture and 12 Other Investors
Redline Communications (1999, Markham,
$57M)
Broadband wireless systems provider
Stage: Public
GF Private Equity, Matrix Partners, U.S Venture
Partners and 1 Other Investors
Equipment
ip.access (1999, Cambridge, $40M)
Small cell and gateway
Soonicorn. Stage: Series D
Zouk Capital, Amadeus Capital, Rothschild and 11
Other Investors
E-blink (2005, Boussy-saint-antoine, $39M)
Wireless Fronthaul Technology.
Capital-E, Radiall, Alcatel-Lucent and 6 Other
Investors
AirNet Communications (1994, Melbourne)
Software-defined base station and network
integration services provider
Stage: Public
Altiostar (2011, Tewksbury, $199M)
Virtualized RAN & NFV solutions provider
Soonicorn. Stage: Series E
Cisco Investments
Andrew Corporation (1994, Orland Park)
Manufacturer of antenna and tower equipment
Stage: Acquired
New Venture Partners

18
Equipment
Innsystec (2015, Aachen)
Wireless Data Transmitting Technology
Stage: Public
Kavveri Telecoms (1991, Bangalore)
Antenna and RF products provider
Stage: Public
MTI Wireless Edge (1972, Rosh Haayin)
Antennas for commercial wireless and RFID
applications
Stage: Public
SOLiD (1998, Seongnam-si)
Distributed Antenna System (DAS) solutions
provider
Stage: Public
Lindeman Asia Investment
Telex (1936, Burbank)
Provider of Top-of-Line Communication Equipment
Stage: Acquired
Equipment
Teltronic (1974, Zaragoza)
Communication equipment for TETRA, P25, LTE
technologies
Stage: Acquired
N+1 Group
Westell (1980, Aurora)
DAS, site management and site optimization
wireless network solutions
Stage: Public
Software
Actix (1981, London, $76M)
Mobile network analytics and optimization
Stage: Acquired
Summit Partners
Qwilt (2010, Hod Hasharon, $65M)
Open caching and video delivery platform at mobile
edge
Accel Partners, Redpoint Ventures, Innovation
Endeavors and 4 Other Investors
Vasona Networks (2010, Tel Aviv, $48M)
Solutions for mobile efficiency at the edge
Soonicorn. Stage: Series C
New Venture Partners, Bessemer Venture Partners,
NexStar Partners and 1 Other Investors
Kumu Networks (2011, Sunnyvale, $45M)
Spectrum efficiency using full-duplex technology
Verizon Ventures, Deutsche Telekom, New
Enterprise Associates and 7 Other Investors
Andrew Corporation (1994, Orland Park)
Manufacturer of antenna and tower equipment
Stage: Acquired
New Venture Partners
FRTek (2000, Anyang-si)
DAS, RF repeaters, and LED products provider
Stage: Public
Galtronics (1978, Tiberias)
Antenna and Communication Solutions
Stage: Public

19
Software
Cohere Technologies (2013, Santa Clara,
$35M)
OTFS based wireless connectivity
Lightspeed Venture Partners, AME Cloud Ventures,
Macquarie SBI Infrastructure Management and 5
Other Investors
Unwired Planet (1994, Redwood City, $33M)
Context aware mediation and messaging solutions
Stage: Public
ABN AMRO Bank, Qualcomm Ventures, Bell Canada
and 7 Other Investors
Flash Networks (1996, Herzliya, $32M)
Internet optimization and monetization solutions.
Viola Group, The Challenge Fund-Etgar, Evergreen
Venture Partners and 15 Other Investors
Software
Radisys (1987, Hillsboro, $18M)
Wireless infrastructure solutions
Stage: Public
Saints Capital
Intucell (2008, Ra'anana, $8.5M)
Software platform for SON (Self Optimizing
Network).
Stage: Acquired
Bessemer Venture Partners, Genesis Partners
ISCO International (1989, Schaumburg)
Spectrum conditioning solutions provider
Stage: Public
ARCH Venture Partners, Batterson Venture Capital
xG Technology (2002, Sarasota)
Radio technology enabling Spectrum sharing
Stage: Public
Blooston, Mordkofsky, Dicken and 1 Other
Investors
Infrastructure
DAS solutions provider
Stage: Acquired
Madison Dearborn Partners, Accel Partners,
Redpoint Ventures and 6 Other Investors
ExteNet Systems (2003, Lisle, $199M)
Telecom and wireless infrastructure provider
Unicorn. Stage: Series E
Digital Bridge Holdings, Stonepeak Infrastructure
Partners, SBA Communications and 8 Other
Investors
QMC Telecom (2008, Sao Paulo, $172M)
Wireless infrastructure
Accel Partners, Housatonic Partners, Peterson
Partners
Mobilitie (2005, Newport Beach, $100M)
Wireless infrastructure provider
Unicorn. Stage: Funded
CIT, TD Securities, Shamrock Capital Advisors

20
Infrastructure
Bellshill, $97M)
Communication tower and wireless infrastructure
provider
Soonicorn. Stage: Funded
3i Infrastructure
NewPath Networks (2009, Seattle, $30M)
Distributed Antenna System provider
Stage: Acquired
Meritage Funds, Charterhouse Equity, Sweetwater
Capital Group
Network
Equipment
Zhone Technologies (1999, Oakland, $500M)
Provider of optical telecommunication equipment
Stage: Public
TPG, New Enterprise Associates, Credit Suisse and 1
Other Investors
Calient (1999, Goleta, $402M)
Photonic Switching Subsystems
TeleSoft Partners, Wall Street Technology Partners,
DuPont Capital Management and 13 Other
Investors
Optical Networking Systems
Editor's Pick. Stage: Public
Accel Partners, Benchmark Capital, KPCB and 22
Other Investors
Equipment
2Wire (1998, San Jose, $200M)
Network equipment provider
Stage: Acquired
Oak Investment Partners, Venrock, Technology
Crossover Ventures and 9 Other Investors
Network Routers and Services
Technology Crossover Ventures, Sorenson Capital,
Delta-v Capital and 5 Other Investors
Vivace Networks (1999, San Jose, $118M)
Multiservice IP switches provider
Stage: Acquired
Meritech Capital Partners, J.P. Morgan, Putnam and
4 Other Investors

21
Network
Equipment
Astral Point Communications (1998,
Chelmsford, $111M)
SONET solutions provider
Stage: Acquired
GE Capital, Liberty Capital Ventures, New
Casa Systems (2003, Andover, $108M)
Cable and mobile edge devices to operators
Summit Partners, SeaChange
Starent Networks (2000, Tewksbury, $94M)
multimedia core technology
Stage: Acquired
Highland Capital Partners, Samsung Venture
Investment, Matrix Partners and 3 Other Investors
Equipment
Enablence (2003, Toronto, $94M)
Photonic integrated circuits for Telecommunication
and related Industry
Stage: Public
Export Development Canada, ZTE, Paradigm Capital
Acme Packet (2000, Bedford, $62M)
Network Equipment Manufacturer
Stage: Acquired
Advanced Technology Ventures, Menlo Ventures,
Canaan Partners and 2 Other Investors
Spatial Wireless (2001, Richardson, $58M)
Cost-effective, software-based and multi-standard
distributed mobile switching solutions.
Stage: Acquired
Sequoia Capital, Qualcomm Ventures, Hook
Equipment
Flarion Tecjnologies (2000, Bridgewater,
$58M)
OFDMA mobile broadband wireless technology
(Now LTE)
Stage: Acquired
Deutsche Telekom Capital Partners, Nassau Capital
Corp, Bessemer Venture Partners and 7 Other
Investors
Ocular Networks (1999, Reston, $50M)
Optical Networking Solutions provider
Stage: Acquired
Bessemer Venture Partners, Columbia Capital,
Highland Capital Partners and 3 Other Investors
Pacific Broadband (1999, San Jose, $50M)
Cable modem termination systems provider
Stage: Acquired
Cox Communications, Juniper Networks, Scientific
Atlanta and 4 Other Investors

22
Network
Equipment
Sonus (1997, Westford, $46M)
SBCs and network equipment providers
Stage: Public
Bedrock Group, Bessemer Venture Partners, Matrix
Qtera (1998, Boca Raton, $43M)
Optical transport systems provider
Stage: Acquired
Mayfield, Battery Ventures, VantagePoint Capital
Fiber Optic Network Solutions (2006,
Marlborough, $43M)
Passive fiber-optic components and interconnect
solutions provider
Stage: Acquired
Oak Investment Partners, Morgenthaler, Intel
Capital
Equipment
Wavestream (2001, San Dimas, $35M)
Solide State Amplifiers and Small Cell Radio Nodes
Stage: Acquired
Oak Investment Partners
Oclaro (1988, San Jose, $29M)
Optical components for the core optical, enterprise
and data center markets
Stage: Public
NewPort Communications (1996, Irvine,
$28M)
Routing solutions on semiconductor
Stage: Acquired
Bessemer Venture Partners, Cisco, Integral Capital
Astra Microwave Products Limited (1993,
Hyderabad, $12M)
RF and microwave sub-systems provider
Stage: Public
Frontline Strategy
Equipment
CalAmp (1981, Irvine, $9.3M)
Mission Critical Wireless Access
Stage: Public
Traffix Systems (2005, Hod Hasharon, $7M)
Diameter signaling solutions
Stage: Acquired
Bessemer Venture Partners, StageOne Ventures
Digi International (1985, Minnetonka, $6.8M)
Provides hardware modules & gateways for M2M
communication
Stage: Public
DrayTek (1997, Hsinchu, $350k)
Broadband Equipment Manufacturer
Stage: Public
DFJ
4Cable (2005, Myrtle Beach, $20.9k)
Outdoor transmission equipment manufacturer for
Cable TV and Internet providers.
Stage: Public

23
Network
Equipment
Advantech (1998, Milpitas)
Network equipment, automation and embedded
computing solutions provider
Stage: Public
Intellian (2004, Seongnam-si)
Satellite communication antenna systems provider
Stage: Public
IMM Investment
IRITEL (1967, Belgrade)
Telecom and electronics equipment manufacturer
Stage: Public
Lightron (1998, Daejeon)
Fiber-optic network equipment provider
Stage: Public
Hanwha Investment
Opcom Holdings Berhad (1994, Shah Alam)
Fiber-optic cable, accessories, and HRM services
provider
Stage: Public
Equipment
Radyne (1980, Phoenix)
Satellite communication equipment provider
Stage: Acquired
Sterlite Technologies (1988, Pune)
Fiber-optic cable, internet, network engineering,
and OSS/BSS solutions provider
Stage: Public
Sunf Pu (1983, Taoyuan City)
IT and telecom cables provider
Stage: Public
Tai Tung Communication (1981, Taipei)
Fiber-optic cable and accessories provider
Stage: Public
Ubiquoss (2000, Seongnam-si)
Telecom network equipment provider
Stage: Public
Q Capital Partners, SBI Investment Korea
Equipment
United Fiber Optic Communication (1984,
Hsinchu)
Fiber-optic cable, accessories and network
integration services provider
Stage: Public
Baycom (1990, Hsinchu)
Fiber-optic cables and accessories provider
Stage: Public
Accord Networks (1995, Atlanta)
Voice and video network infrastructure
Stage: Acquired
Advanced Technology Ventures, ConcordVentures,
Veritas Venture Partners
Accton Technology (1988, Hsinchu)
Networking and communications solutions
provider
Stage: Public
Acorn Packet Solutions (2002, Mclean)
TDM-to-IP gateways solution provider
Stage: Acquired

24
Network
Equipment
ADTRAN (1985, Huntsville)
Network Solutions Providers
Stage: Public
Aksh Optifibre (1986, Delhi)
Optical fiber and optical fiber cable manufacturer
Stage: Public
Amber Networks (1998, Fremont)
Telecommunications Infrastructure Router
Stage: Acquired
Accel Partners, Storm Ventures, Western
Technology Investment and 1 Other Investors
Ascend Communications (1988, Alameda)
Network switches and broadband access solutions
provider
Stage: Acquired
New Enterprise Associates, Menlo Ventures
Avantel Limited (1993, Hyderabad)
Satellite Communication and Wireless System
Provider
Stage: Public
Equipment
Belden (1902, St. Louis)
Cable and related components/assemblies provider
Stage: Public
Wells Fargo, J.P. Morgan, Goldman Sachs
Billion Electric (1973, Taipei)
Network equipment and power supply products
Stage: Public
Ciena (1992, Linthicum Heights)
Optical Networking Equipment Provider
Stage: Public
Lightspeed Venture Partners, Bessemer Venture
Partners, Opus Capital and 8 Other Investors
Communications Systems (1969,
Minnetonka)
Connectivity infrastructure products for broadband
networks
Stage: Public
Equipment
Comtech Telecommunications Corp (1967,
Melville)
SATCOM and command & control products
provider
Stage: Public
DASAN Networks (1993, Seongnam-si)
FTTH and equipment provider to telcoms
Stage: Public
Standard Chartered
Deltathree (1996, New York City)
Integrated VoIP solutions
Stage: Public
D-Link (1986, Taipei)
Networking equipment provider
Stage: Public
WI Harper Group, H&Q Asia Pacific
Draka Holding (1910, Amsterdam)
Cable and cable system manufacturer
Stage: Acquired
Parcom Capital

25
Network
Equipment
Electronic Tele-Communications (1980,
Waukesha)
Electronic Tele-Communications, Inc.
Stage: Public
Fibex Systems (1997, San Francisco)
Digital Loop Carrier
Stage: Acquired
New Enterprise Associates
Finisar (1988, Sunnyvale)
Fiber optic subsystems and components provider
Stage: Public
Starfish Ventures, Battery Ventures, Summit
Fujikura (1885, Tokyo)
Optical cables, components, electronic, and
automotive components provider
Stage: Public
Equipment
Gilat Satellite Networks (1987, Petah Tikva)
Solutions and services for satellite-based
broadband communications networks
Stage: Public
Veritas Venture Partners, FIMI Opportunity Fund
Granite Systems (1995, Palo Alto)
High speed network switches
Stage: Acquired
Rembrandt Venture Partners, Vesbridge Partners
Hexatronic (1993, Gothenburg)
Fiber-optic cable accessories and passive
equipment provider
Stage: Public
Himachal Futuristic Communications
(1987, Gurgaon)
Telecom equipment and fiber cables
Stage: Public
Equipment
Hirschmann Automation and Control
(1924, Neckartenzlingen)
Industrial ethernet and connectivity solutions
provider
Stage: Acquired
HgCapital
Italtel (1921, Milano)
Network equipment manufacturer & integrator
Stage: Acquired
KVH Industries (1982, Middletown)
Satellite Communication and sensor systems
Stage: Public
Lightera (1998, Cupertino)
Bandwidth management equipment
Stage: Acquired
Storm Ventures
Lite Access (2003, Richmond)
Fiber-optic deployment components provider
Stage: Public
Brisio

26
Network
Equipment
Loop Telecom (1991, Hsinchu)
Telecom network equipment manufacturer
Stage: Public
Macom (1950, Lowell)
Analog solutions
Stage: Public
Summit Partners
Nortel (1895, Toronto)
Networking products and solutions
Stage: Public
Western Technology Investment
NuRAN Wireless (2013, Quebec City)
Low cost RAN and backhaul solutions for rural
areas
Stage: Public
Oi Electric (1950, Yokohama)
Telecom transmission equipment provider
Stage: Public
Equipment
ONI Systems Corporation (1997, San Jose)
Optical Network equipment provider
Stage: Acquired
Mohr Davidow Ventures
Oplink (2009, Fremont)
Fiber Optic products provider
Stage: Public
Dragon Venture
OPNET Technologies (1991, Hsinchu)
Network access, transmission, and distribution
equipment provider
Stage: Public
Ortel Corporation (1980, Alhambra)
Optoelectronics component provider
Stage: Acquired
Alloy Ventures
ParkerVision (1989, Jacksonville)
Chipsets for mobile communication networks
Stage: Public
Tyco, Leucadia National
Equipment
Prysmian Group (1872, Milan)
Cable and system manufacturer for electric
transmission and telecom
Stage: Public
European Investment Bank
RuggedCom (2001, Vaughan)
Networking solutions for rough environments
Stage: Acquired
Emerald Technology Ventures
Scotty group (1994, Raaba)
SATCOM solutions provider
Stage: Public
Siara Systems (1998, Mountain View)
Offers optical technology infrastructure solutions
Stage: Acquired
KPCB, Presidio Ventures, Vesbridge Partners
Synclayer (1962, Nagoya)
Fiber-optic based equipment and solutions
provider
Stage: Public

27
Network
Equipment
Tainet Communication (1998, Taipei)
Carrier-class network equipment manufacturer
Stage: Public
Tamilnadu Telecommunications (2007,
Chennai)
Fiber-optic cable manufacturer
Stage: Public
Teleste (1954, Littoinen)
Video and broadband solutions
Stage: Public
Sponsor, Taaleri
Tellabs (1978, Naperville)
Network access solutions to service providers.
Stage: Public
Sutter Hill Ventures, Governing Dynamics, Marlin
Equity Partners
TKH Group (1980, Haaksbergen)
Telecom, building and industrial solutions provider
Stage: Public
Navitas Capital
Equipment
Ubiquiti Networks (2005, San Jose)
Low Cost Wifi Radio solutions
Stage: Public
Summit Partners
Unique Broadband Systems (2003, Vaughan)
Digital transmission equipment provider
Stage: Public
Vecima (1988, Victoria)
Broadband and IP video access solutions provider
Stage: Public
Vixel (2016, Costa Mesa)
Storage Switch products provider
Stage: Acquired
Globespan Capital Partners, Black Diamond
Ventures
World Reach (1985, Mulgrave)
Satellite communication equipment providers
Stage: Public
Software
Genband (1999, Plano, $695M)
Unified communication and IP products provider
Silicon Valley Bank, Sevin Rosen Funds, Venrock
Mavenir Systems (2005, Richardson, $105M)
Software based telecommunication networking
solutions
Stage: Acquired
August Capital, North Bridge, Austin Ventures and 7
Other Investors
Benu Networks (2010, Billerica, $64M)
wireless broadband Software platform for mobile
operators- LTE & Wifi
Liberty Global, ARRIS, Spark Capital and 2 Other
Investors

28
Network
Software
BroadSoft (1998, Gaithersburg, $44M)
Unified communication solutions for service
providers and enterprises
Stage: Acquired
Meritech Capital Partners, Bessemer Venture
Partners, Charles River Ventures and 12 Other
Investors
Flint Telecom Group (2005, Overland Park,
$26M)
Telecom Technology and services to
telecommunications industry.
Stage: Public
AGS Capital Group, Kodiak Capital
Calypso Wireless (1983, Ohio, $1.3M)
Roaming solution between cellular networks and
Wireless LAN.
Stage: Public
Illuminet Holdings (1999, Tampa)
Network signaling and routing solutions provider
Unicorn. Stage: Acquired
Insight Venture Partners
Software
Metaswitch (1981, London)
SoftSwitch and VOIP solutions provider
Sequoia Capital, Francisco Partners, Northgate
Capital
Green Packet (1999, Petaling Jaya)
Wi-fi offloading solution and wi-fi access device
provider
Stage: Public
Kumpulan Modal Perdana
Netcentrex (1998, San Jose)
VoIP and fixed-mobile convergence solutions
provider
Stage: Acquired
Innovacom, El Dorado Ventures, Vesbridge
TELES (1983, Berlin)
Cloud-based unified communication solutions
provider
Stage: Public
Software
@Mobile.com (1997, Bellevue)
Wireless application service provider
Stage: Acquired
Sutter Hill Ventures, OVP Venture Partners
Amteva Technologies (1995, Glen Allen)
Middleware platform for integrating unified
communications
Stage: Acquired
Challenger Mobile (2006, Kista)
Mobile IP telephony solutions provider
Stage: Public
Cistera Networks (2005, Plano)
Unified communication solutions provider
Stage: Public
Enea (1968, Kista)
Embedded Software and Consulting
Stage: Public

29
Network
Software
Hammerhead Networks (2000, Billerica)
Software solutions enabling IP services
Stage: Acquired
Cisco
Jetcell (1998, Menlo Park)
Wireless communication equipment for corporate
needs
Stage: Acquired
Storm Ventures
Lightspeed International (1995, Sterling)
Voice signalling solutions provider
Stage: Acquired
Lightspeed Venture Partners
Nable Communications (2003, Seongnam-si)
IP-based communication solutions provider
Stage: Public
Altos Ventures Capital
Software
NextGen (2001, Shirokane)
VoIP/SIP solutions and system integration services
provider
Stage: Public
TNS (1990, Reston)
Data communications and interoperability
solutions provider
Stage: Acquired
GIV Management, Prospect Street Ventures
Voip-Pal (2016, Bellevue)
VoIP technology solutions provider
Stage: Public
Wholesale Carrier
PanAmSat (1984, Wilton, $953M)
Satellite operator providing communication
services
The Carlyle Group, Providence Equity Partners
Satellite-based telecommunication services
provider
HSBC Group, ING, Credit Agricole CIB and 16 Other
Investors
Zayo Group (2007, Boulder, $825M)
Colocation and communication infrastructure
services company
Stage: Public
GTCR, Charlesbank Capital Partners, Centennial
Ventures and 16 Other Investors

30
Network
Wholesale Carrier
Subsea fiber-optic network services provider
Ireland Strategic Investment Fund, Cartesian
Capital
Intelsat (1964, Mclean, $348M)
Satellite communications service provider
Unicorn. Stage: Public
Silver Lake, Apax Partners, Convergence Partners
Cogent Communications (1999, Washington
D.C., $158M)
Network Access for service providers
Stage: Public
Keiretsu Forum, Worldview Technology Partners,
Broadview Ventures and 7 Other Investors
Wholesale Carrier
OnFiber Communications (1999, Austin,
$150M)
Fiber network infrastructure solutions provider
Stage: Acquired
KPCB, Irving Place Capital, TeleSoft Partners and 2
Other Investors
Tower Cloud (2006, St. Petersburg, $114M)
Fiber network services provider
Stage: Acquired
Sutter Hill Ventures, El Dorado Ventures, Ballast
Point Ventures and 8 Other Investors
Wholesale fiber network services provider
GV, Convergence Partners, IFC and 1 Other
Investors
Wholesale Carrier
Inteliquent (2004, Chicago, $56M)
Network Solutions for telecom providers
Stage: Acquired
Mesirow Financial, DCM Ventures, New Enterprise
Associates and 3 Other Investors
Vocus (2008, Sydney, $44M)
Dark fibre, data centre and Internet provider
Stage: Public
GTT Communications (1998, Mclean, $29M)
cloud networking solutions and services
Stage: Public
Draper Esprit
EarthLink (1994, Atlanta, $24M)
Unified Communications and Virtual Network
Solutions
Stage: Acquired
El Dorado Ventures, Boston Financial and Equity
Corporation, Mindfull Investors and 1 Other
Investors

31
Network
Wholesale Carrier
Kacific Broadband Satellites (2013,
Singapore, $20M)
Satellite operator providing communication
network services
Soonicorn. Stage: Series A
Hera Capital
PEG Bandwidth (2009, The Colony, $15M)
Wireless Backhaul and small cell design and build
services provider
Stage: Acquired
Associated Partners LP
Hibernia Networks (2003, Summit, $13M)
Network infrastructure services provider
Stage: Acquired
Mitsubishi UFJ Financial Group, HSBC Group,
Center for Innovative Technology and 7 Other
Investors
Wholesale Carrier
Axia FibreNet (1993, Calgary, $2M)
Fiber-optic network and data connectivity service
provider
Stage: Acquired
Crown Capital Partners
InterMetro Communications (2003, Simi
Valley, $798k)
VoIP switching equipment and facility provider
Stage: Public
Vencore Capital
Level 3 Communications (1998, Broomfield)
Communication, telecom & DDoS mitigation service
provider
NTIA, ST Telemedia
Dark Fibre Africa (2007, Centurion)
Fiber network infrastructure services provider
Absa bank, DBSA, Rand Merchant Bank and 6 Other
Investors
Wholesale Carrier
InFiber (2009, Oslo)
Stage: Acquired
Contango Kapital
InterlinkTelecom (2007, Bangkok)
Wholesale fiber-optic network services provider
Stage: Public
Tw Telecom (1993, Broomfield)
Managed network infrastructure services provider
AAPT (1991, Sydney)
Wholesale and business telecommunication
services provider
Stage: Acquired
AboveNet (1996, White Plains)
Fiber optic network connectivity infrastructure
provider
Stage: Acquired
D-Link, Morningside Ventures

32
Network
Wholesale Carrier
Amos (1995, Ramat Gan)
Operating AMOS Satellite fleet to offer space
services
Stage: Acquired
Export Development Canada, Export-Import Bank
of the United States, IAI
Angel Telecom (2004, Baar)
Wholesale VOIP carrier
Stage: Public
ARSAT (2006, Benavidez)
Satellite operator and telecommunication solutions
provider
Stage: Public
Asia Broadcast Satellite (2006, Hamilton)
Satellite operator in Asia
Stage: Acquired
HSBC Group, ING, Standard Chartered and 2 Other
Investors
Wholesale Carrier
Broadband Networks (1994, Winnipeg)
Wireless network supplier
Stage: Acquired
Whitecap Venture Partners
Ceske Radiokomunikace (1963, Prague)
Backbone network owner providing TV, radio, and
telecom services
Stage: Acquired
Darby Overseas Investments, BXR Group
CityFibre (2011, London)
Wholesale fiber network infrastructure provider
Stage: Public
Electric Lightwave (1986, Vancouver)
Wholesale fiber network infrastructure services
provider
Stage: Acquired
Searchlight Capital
Fibertech Networks (2000, Boxborough)
Fiber-optic network services provider
Stage: Acquired
Wholesale Carrier
Gilat Satcom (1992, Petah Tikva)
Satellite and Fiber connectivity services provider
Stage: Public
Hawaiian Telcom (1884, Honolulu)
Telecom operator in Hawai offering long distance
wholesale
Stage: Acquired
The Carlyle Group
Hellas Sat (2001, Koropi)
Satellite operator and wholesaler of capacity
Stage: Acquired
IDT (1990, Newark)
Prepaid, wholesale, and payments services provider
Stage: Public
Inabox Group (2003, Sydney)
Wholesale telecommunication, cloud, and IT
services provider
Stage: Public
Commonwealth Bank of Australia

33
Network
Wholesale Carrier
Lightower (2006, Boxborough)
Fiber network solutions provider
Stage: Acquired
HarbourVest Partners, M/C Partners, Berkshire
Partners
LS Networks (2005, Portland)
Wholesale fiber optic network solutions and
communication services provider in Oregon
Stage: Public
Lumos Networks (2011, Waynesboro)
Fiber network infrastructure services provider
Stage: Acquired
Pamplona Capital Management, Quadrangle Group
Metroweb Italia (2011, Milan)
Wholesale fiber infrastructure services provider
Stage: Acquired
Midas Group (1954, Warsaw)
Holding company providing wholesale wireless
network
Stage: Public
Wholesale Carrier
Neotel (2005, Midrand)
Fixed-line telecom services provider
Stage: Acquired
Nedbank, Investec, DBSA and 1 Other Investors
New World Brands (2002, Mckinney)
Distribution and wholesale services provider
Stage: Public
Nextgen Group (2003, Melbourne)
Network infrastructure connectivity and data
center services provider
Stage: Acquired
NorthPoint Communications (1997, San
Francisco)
Wholesale connectivity services provider
Stage: Acquired
Verizon, Wing Venture Capital
One Source Networks (2006, Austin)
Unified Communications and cloud solutions
Stage: Acquired
ABRY Partners
Wholesale Carrier
Pac-West Telecomm (1980, San Francisco)
Provider of traditional and cloud-based telecom
services.
Stage: Public
Safeguard Scientifics, TL Ventures
Pervasip Corp (1996, White Plains)
Wholesale VoIP telephone and videophone services
Stage: Public
PTGi International Carrier Services (2011,
Herndon)
Voice, data and internet network provider
Stage: Public
Russian Satellite Communications
Company (1967, Moscow)
Russian state operator of communications satellites
Stage: Public
Sify Technologies (1995, Chennai)
Integrated ICT solutions provider
Stage: Public
SAIF Partners

34
Network
Wholesale Carrier
Southern Light (1998, Mobile)
Fiber optic network and transport solutions
provider
Stage: Acquired
Sunesys (1998, Warrington)
Private fiber optic networks and bandwidth
services provider
Stage: Acquired
Superloop (2014, Brisbane)
Wholesale fiber-optic network services provider
Stage: Public
Thaicom (1991, Bangkok)
Satellite operator and telecommunication services
provider
Stage: Public
intouchcompany
Ufinet (1998, Madrid)
Wholesale network services provider
Stage: Acquired
Wholesale Carrier
Versatel (1999, Flensburg)
Telecommunication services to businesses and
carriers
Stage: Acquired
VSNL (1986, Mumbai)
Stage: Acquired
Wilcon (1998, Los Angeles)
Offers fiber & data center infrastructure solutions.
Stage: Acquired
XO Communications (1994, Herndon)
Long distance telecommunication services provider
Stage: Acquired
Software Defined Networking (SDN)
Big Switch Networks (2010, Mountain View,
$147M)
Software Defined Network Control Fabric
Dell Technologies, Silver Lake, Index Ventures and
10 Other Investors
Providing Secure Extensible Networks
Editor's Pick. Stage: Acquired
Sequoia Capital, Redline Capital Management,
Northgate Capital and 1 Other Investors
Virtela Communications (2000, Greenwood
Village, $105M)
Virtual Overlay Network Services
Editor's Pick. Stage: Acquired
Norwest Venture Partners, New Enterprise
Associates, Palomar Ventures and 4 Other Investors

35
Network
Blue Planet (2006, Hanover, $98M)
Multi-Vendor network management
Stage: Acquired
Azure Capital Partners, Norwest Venture Partners,
Tenaya Capital and 5 Other Investors
Pluribus Networks (2010, Palo Alto, $93M)
Network virtualization
Temasek, Ericsson, Newtech Technology and 7
Other Investors
Plexxi (2010, Cambridge, $83M)
Affinity networking services
GV, Lightspeed Venture Partners, Matrix Partners
Console Connect (2011, Santa Clara, $65M)
Global software-defined IXP provider
Soonicorn. Stage: Series B
Formation 8, New Enterprise Associates, AME
Cloud Ventures and 6 Other Investors
Versa Networks (2012, Cupertino, $57M)
SD-WAN and SD-Security solutions based on NFV
Verizon Ventures, Sequoia Capital, Mayfield and 2
Other Investors
Luminate Wireless (2013, Cupertino, $48M)
Cloud-enabled Mobile Network Connection
Sequoia Capital, New Enterprise Associates,
Qualcomm and 4 Other Investors
VeloCloud (2012, Mountain View, $48M)
Cloud Based WAN Optimization
Hermes Growth Partners, Khazanah Nasional, New
Talari (2004, San Jose, $45M)
Creating WAN by aggregation of private
connections
Square 1 Bank, Menlo Ventures, Silver Creek
Elephant Talk (2001, Boulevard, $23M)
International telecom operator, M-wallet solution
provider and Partner of MNO and MVNO
Stage: Public
Saffelberg, QAT Investments
Arista (2005, Santa Clara)
Software driven Cloud networking solutions
Stage: Public
Accel Partners, Greylock Partners, Redpoint
Insieme Networks (2013, California)
Hardware based response to SDN & NFV
Stage: Acquired

36
Network
Network Function Virtualization (NFV)
VMware (1998, Palo Alto, $389M)
Virtualization Software
Stage: Public
Cisco, Intel Capital, Dell and 2 Other Investors
Affirmed Networks (2010, Middlesex, $117M)
Mobile network virtualization solution
Bessemer Venture Partners, Charles River
Ventures, Matrix Partners and 3 Other Investors
Midokura (2010, Tokyo, $44M)
Network Virtualization leveraging existing physical
infrastructure
Simplex, Innovation Network Corporation of Japan,
Fujitsu and 4 Other Investors
Nicira (2007, Palo Alto, $43M)
Network Virtualization platform for SDDC
Lightspeed Venture Partners, New Enterprise
Associates, Andreessen Horowitz
Transport
Equipment
Navini Networks (2000, Richardson, $197M)
Internet Access system based on WiMAX
Stage: Acquired
Austin Ventures, Arcapita, Investor Growth Capital
Entrisphere (2000, Santa Clara, $170M)
Fiber broadband access solutions provider
Stage: Acquired
VantagePoint Capital Partners, Benchmark Capital,
Accel Partners and 7 Other Investors
Calix (1999, Petaluma, $158M)
Communication Equipment Provider
Stage: Public
Silicon Valley Bank, Azure Capital Partners,
Meritech Capital Partners and 13 Other Investors
Equipment
Applied Optoelectronics (1997, Sugar Land,
$91M)
Optical semiconductor devices
Stage: Public
Giza Venture Capital, Harbinger Venture
Management, Swanlaab and 2 Other Investors
Siklu (2008, Tel Aviv, $49M)
E-band and V-band radios manufacturer
Sercomm, Evergreen Venture Partners, Qualcomm
Fastback Networks (2010, California City,
$41M)
wireless backhaul technology for 4G/5G LTE
mobile infrastructure,
Harmony Partners, Foundation Capital, Juniper
Networks and 3 Other Investors

37
Transport
Equipment
Tejas Networks (2000, Bangalore, $35M)
Optical transport solutions to telecom service
providers
Soonicorn. Stage: Public
Battery Ventures, Intel Capital, Sands Capital
Management and 4 Other Investors
Aurora Networks (1999, Santa Clara, $30M)
Optiical Transport Systems
Stage: Acquired
Battery Ventures, Castile Ventures, Fuse Capital and
4 Other Investors
Ekinops (2003, Lannion, $29M)
Optical transport platform provider
Stage: Public
Societe Generale, Auriga Partners, Equitis and 6
Other Investors
Equipment
Fiberxon (2000, Santa Clara, $20M)
Optical Transceiver solutions
Stage: Acquired
Greylock Partners, Apax Partners, JAFCO Asia and 2
Other Investors
DragonWave (2000, Ottawa, $10M)
Packet microwave equipment and high-capacity
broadband wireless systems
Stage: Public
Celtic House Venture Partners, BEST Funds
Microqual (1999, Mumbai, $10M)
Telecom Equipment Manufacturer and
Infrastructure services Provider
Stage: Public
JAFCO Asia, IndoUS Venture Partners
Proxim (1982, California City, $7.5M)
End-to-End Broadband wireless systems
Stage: Public
CSRA, Pacific Horizon Ventures, Batterson Venture
Capital
Equipment
Tranzeo Wireless Technologies (2000, Pitt
Meadows, $5.4M)
Designs, manufactures, and sells wireless network
equipment
Stage: Public
Z-Com (1995, Hsinchu)
Wireless access point, small cell, surveillance, and
wi-fi management solutions provider
Stage: Public
OE Solutions (2003, Gwangju)
Fiber-optic transceiver and network management
solutions provider
Stage: Public

38
Transport
Equipment
ADVA Optical Networking (1994,
Martinsried)
Network equipment for data, storage, voice and
video services
Stage: Public
Egora Holding
Alliance Fiber Optic Products (1995,
Sunnyvale)
Fiber-optic equipment provider
Stage: Acquired
AcornAngels
Apac Opto Electronics (1998, Hsinchu)
Optic fiber transmission component manufacturer
Stage: Public
Arcadyan (2003, Hsinchu)
Broadband access, multimedia, and wireless
equipment provider
Stage: Public
Equipment
ARRIS (1995, Suwanee)
IP, video, and broadband solutions provider
Stage: Public
Venrock, Matrix Partners, North Bridge and 1 Other
Investors
Aviat Networks (2007, Santa Clara)
Microwave networking solutions
Stage: Public
Barconet (2000, Kortrijk)
Distribution services for broadband and broadcast
applications
Stage: Acquired
Gimv
BAXL Technologies (1997, Bethel)
Broadband services enabler over existing wiring
Stage: Public
Equipment
Ceragon (1996, Tel Aviv)
wireless backhaul solutions
Stage: Public
Gemini Israel Ventures, Evergreen Venture
Partners, Apax Partners and 1 Other Investors
Circa Enterprises (1985, Calgary)
Telecom, Hydel & metal fabrication solutions
provider
Stage: Public
ECI Telecom (1961, Petah Tikva)
Provider of transport and telecom solutions
Stage: Acquired
Viola Group
Edgewater Wireless (1988, Ottawa)
Wireless access points provider
Stage: Public
Fibrolan (1987, Yokneam Illit)
Toolbox for various Mobile Backhauling and Carrier
Ethernet Access
Stage: Public

39
Transport
Equipment
GigaBeam (2004, Sunnyvale)
Fixed wireless communication equipment provider
Stage: Public
Microelectronics Technology (1983,
Hsinchu)
Developer of RF devices for communication
Stage: Public
Occam Networks (1999, Santa Barbara)
Broadband access equipment - Optical Network
Equipment
Stage: Acquired
U.S Venture Partners, Windward Ventures,
Hercules Capital and 2 Other Investors
Pace (1982, Bradford)
Receiver and Gateways for high speed internet
needs
Stage: Acquired
Samji Electronics (1980, Seoul)
Telecom, networking, and energy equipment
provider
Stage: Public
Equipment
Sercomm (1996, Taipei)
Broadband and wireless networking equipments
Stage: Public
SHF Communication Technologies AG
(1983, Berlin)
Microwave Equipment supplier for service
providers
Stage: Public
Vindhya Telelinks (1983, Delhi)
Copper and optical telecommunication cables
Stage: Public
Wialan (2000, Sunrise)
Wireless/Wi-Fi access points provider
Stage: Public
Software
Bytemobile (2000, San Francisco, $29M)
Mobile data optimization solutions provider
Stage: Acquired
Trident Capital, Vesbridge Partners, Eastven
Venture Partners and 4 Other Investors
Multapplied Networks (2008, Chilliwack)
Bandwidth aggregation/ bonded internet software
solutions provider
Madison Partners
Skyfire (2007, San Francisco)
Mobile video optimization and browser extension
solutions provider
Stage: Acquired
Panorama Capital, Matrix Partners, Trinity

40
Tower
Tower
IHS Holding Limited (2001, Lagos, $3.3B)
Mobile tower infrastructure provider
IFC Asset Management Company, African
Infrastructure Investment Managers (AIIM),
Goldman Sachs and 4 Other Investors
Helios Towers Africa (2009, London, $1.8B)
Independent operator of telecom towers in Africa
Providence Equity Partners, Quantum Partners,
Helios and 3 Other Investors
Bharti Infratel (2006, Gurgaon, $1.25B)
Telecom Tower infrastructure provider
Stage: Public
KKR, Temasek, Goldman Sachs and 4 Other
Investors
Tower
Vertical Bridge (2014, Boca Raton, $700M)
Cell Tower Lease & Wireless Telecom Site
Management
Goldman Sachs, Stonepeak Infrastructure Partners,
The Jordan Company and 4 Other Investors
Eaton Towers (2008, Fourways, $500M)
Tower Sharing and Management Operator
Development Partners International, Ethos Private
Equity, Standard Chartered and 6 Other Investors
Tower Vision (2006, Chennai, $490M)
Passive Infrastructure For Wireless
Telecommunications
Quadrangle Group, Morgan Stanley, Mustang
Mezzanine Fund
Tower
AAT Communications Systems (2002, Staten
Island, $280M)
Antenna Sites and Equipment Provider
Charterhouse Equity, The Oklahoman, WallerSutton
$230M)
Telecom tower infrastructure provider
Olayan, Equity International, Interconexión
Eléctrica S.A. E.S.P.
Russian Towers (2009, Moscow, $100M)
Eurasian Development Bank, Sumitomo
Corporation, Macquarie Group and 4 Other
Investors

41
Tower
Tower
Africa Mobile Networks(2013, Milton Keynes,
$75M)
Tower management company in rural Africa
Midven, Harwell Capital
Apollo Towers (2014, Yangon, $70M)
OPIC, Myanmar Investments, TPG and 1 Other
Investors
Indus Towers (2007, Gurgaon)
Co-location service provider
Providence Equity Partners
Hightel Towers (2001, Rome)
Telecom tower infrastructure services provider
Stage: Public
Tower
Tower One Wireless (2015, Vancouver)
Cellular tower infrastructure provider
Stage: Public
Executive Investment Partners
Global Tower Partners (2003, Boca Raton)
Development, Lease and Management of Antenna
Sites
Bregal Sagemount
Viom Networks (2010, Gurgaon)
Telecom Infrastructure Provider and Management
Company
IDFC
American Tower (1995, Boston)
Global provider of wireless communications
infrastructure
Stage: Public
The CapStreet Group, Spectrum Equity
Tower
Cellnex Telecom (2000, Barcelona)
Wireless telecom infrastructure
Stage: Public
HarbourVest Partners
CIG Wireless (2011, Atlanta)
Cell tower leasing & site management
Stage: Acquired
Crown Castle (1994, Houston)
Shared Wireless Infrastructure
Stage: Public
CS&L (2015, Little Rock)
Stage: Public
Essar Telecom Infrastructure (2003,
Mumbai)
Telecom tower infrastrcuture provider
Stage: Acquired
GTL Infrastructure (2004, Mumbai)
Passive infrastructure to wireless operators
Stage: Public

42
Tower
Tower
Infrastrutture Wireless Italiane (2015,
Milan)
Tower unit of Telecom Italia
Stage: Public
Inti Bangun Sejahtera (2006, Jakarta)
Tower infrastructure services provider
Stage: Public
KRTnet (1996, Seoul)
Wireless base station infrastructure services
provider
Stage: Public
SBA Communications (1989, Boca Raton)
Tower leasing and site development
Stage: Public
TA Associates Management
Tower Bersama (2003, Jakarta)
Tower infrastructure solutions provider
Stage: Public
Tower
Towercom (2007, Dublin)
Telecom site infrastructure provider
Stage: Acquired
Goodbody Stockbrockers
SIM Providers
Removable SIM
Gemalto (2006, Amsterdam)
IAM, data security and SIM manufacturers
Stage: Public
USA.gov, Convergence Partners
CallKey (2003, Basingstoke)
Roaming SIM cards provider
Stage: Public
Kona I (1998, Seoul)
SIM cards and Smart cards provider
Stage: Public
STIC Investments
Solacia (2000, Seoul)
USIM, smart cards, and mobile security solutions
provider
Stage: Public
SBI Investment Korea

43
Suite
Suite
Cisco (1984, San Francisco, $2.5M)
Designs and manufactures Networking Equipment
Editor's Pick. Stage: Public
Sequoia Capital, Lightspeed Venture Partners,
Western Technology Investment and 2 Other
Investors
Nera Telecommunications (1978, Singapore)
Wireless, IP, broadcast, and optical infrastructure
solutions provider
Stage: Public
CommScope (1976, Richardson)
Fiber-optic and wireless infrastructure products
provider
Unicorn. Stage: Public
Novacap, The Carlyle Group
Alcatel Lucent Teletas
Telecommunication (1983, Istanbul)
Telecommunication equipment provider
Stage: Public
Suite
Alcatel-Lucent (2006, Boulogne-billancourt)
IP networking, ultra-broadband access, and cloud
technology solutions
Stage: Acquired
Cyber Digital (1983, Hauppauge)
Distributed digital voice switches and IP broadband
systems provider
Stage: Public
Ericsson (1876, Stockholm)
Telecom services and technology provider
Stage: Public
Investor, NTT Finance
Juniper Networks (1996, Sunnyvale)
Juniper Networks - Networking and Security
Products
Stage: Public
National Institute of Informatics, New Enterprise
Associates, IVP and 2 Other Investors
Suite
Marconi Corporation (1998, London)
Optical networking and broadband access
equipment provider
Stage: Acquired
NEC (1899, Tokyo)
Integration of IT and network technologies provider
Stage: Public

List of Notable Companies in Telecom Infrastructure in China
Notable Companies in the Sector in China
44
Telecom Infrastructure > Feed Summary > Notable Companies in the Sector in China
Public
Datang Mobile
Communications
Equipment
(2002, Beijing, $25M)
Sunsea
(1994, Shenzhen, $3.9M)
Auden Techno
(1981, Taoyuan)
Chengdu Putian Cable
(1994, Chengdu)
CITIC Telecom
(2000, Hong Kong)
Shenzhen ChengTian
Weiye Technology
(2006, Shenzhen)
Sunwave Telecom
(2007, Shenzhen)
Xinwei Technology
Group
(1995, Beijing)
Public
Allwin
Telecommunication
(2001, Shenyang)
Comba Telecom
(1997, Hong Kong)
Datang Telecom
(1998, Beijing)
Fiberhome
Technologies
(1973, Wuhan)
Jiangsu Etern Company
(1978, Suzhou)
O-Net
(2000, Shenzhen)
Shenglu
Telecommunication
Tech
(1998, Foshan)
Wuhan Yangtze
Communication
(1996, Wuhan)
Public
ZTE
(1985, Shenzhen)
Trigiant Group
(2007, Wuxi)
Boomsense
(2002, Beijing, $3.6M)
UTStar
(1991, Beijing, $181M)
Jiangsu Wutong
Communications
(1999, Suzhou)
Fujian Sunnada
Communication
(1998, Fuzhou)
Acquired
Hutchison Global
Communications
(1995, Hong Kong)
Pacnet
(2008, Hong Kong)

Recent News in Telecom Infrastructure Sector
Recent News
45
Telecom Infrastructure > Feed Summary > Recent News
Nov 2017 NEC Launches LoRaWAN Compliant Network Server, ACN Newswire
Nov 2017
KKR in talks to sell Aricent in a deal worth up to $1.5 billion,
Livemint
Nov 2017 Airtel sells 4.49% stake in Infratel, raises Rs 3,325, Business Standard
Nov 2017 VNPT launches online charging system with Ericsson, Telecompaper
Nov 2017 XG Technology -15.2% as q3 losses widen, Seeking Alpha
Nov 2017
Versa Networks Extends Software-Defined Branch with New
Unified Communications Services , Marketwired
Nov 2017
Cisco Announces $1 Billion Program for Smart Cities, Sector
Publishing Intelligence
Nov 2017
Huawei And Gemalto Team Up To Accelerate Narrowband Iot
Deployments, Financial IT
Nov 2017
SSE Enterprise to lay optical cables in Thames Water sewers,
Telecompaper
Nov 2017
Arqiva to deploy small cell technology in Waltham Forest,
Telecompaper
Nov 2017
Mali gives Huawei more time to complete national broadband
network, Telecompaper
Nov 2017 Peugeot partners with Huawei in connected-car software, Reuters
Nov 2017
Hrvatski Telekom d.d. (Deutsche Telekom Group – Croatia) Partners
With Kapsch CarrierCom and Opanga for Nationwide Deployment of
Software Enabled Network Densification, Marketwired
Key Recent News Key Recent News
Nov 2017 ParkerVision Reports Third Quarter 2017 Results, GlobeNewswire
Nov 2017
Telus, Huawei deploy small-cell platform that supports 1Gbps,
Telecompaper
Nov 2017
Gilat Reports Continued Growth in Profitability in Q3 2017 with
GAAP Net Income of $2.1 million and Adjusted EBITDA of $7.1
million, PR Newswire
Nov 2017 VC-backed Globetouch hires two advisers, PE Hub
Nov 2017
Lite Access Technologies hails 'transformational' contract with
Carillion telent for superfast fibre rollout in Wales Share , Proactive
Investors
Nov 2017 TNS introduces cloud connectivity services, Finextra
Nov 2017
MACOM Reports Fiscal Fourth Quarter and Fiscal Year 2017
Financial Results, Business Wire
Nov 2017
ParkerVision's (PRKR) CEO Jeffrey Parker on Q3 2017 Results,
Seeking Alpha
Nov 2017
Afero and D-Link Partner to Bring the World’s Most Secure Smart
IoT Products to Market , PRWeb
Nov 2017
Commvault Showcases Hybrid Cloud and HyperScale Solutions at
Huawei Eco-Connect Europe 2017, Marketwired
Nov 2017 Qwilt selected for next-generation content distribution, Marketwired
Nov 2017
M1, VMware unveil cloud offering for Singapore digital startups,
Technology
Nov 2017 Tushar Sighat appointed as Managing Director of D-Link, DQWeek

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
46
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

Some more Sector Reports you might want to check out
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$1.4B
$876M
$1.1B
$1.0B
$2.2B
$1.8B
$842M $817M
0
20
40
60
80
100
120
$0k
$500M
$1.B
$1.5B
$2.B
$2.5B
2010 2011 2012 2013 2014 2015 2016 2017*
$ Funding # Rounds
3 Year CAGR
6 Year CAGR
Investments ($M) and number of rounds in Telecom Infrastructure; 2010-2016
Global Funding Trends (1/2)
48
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
*YTD
Telecom Infrastructure > Investment Trends > Global Funding Trends
#Rounds
$Funding
8% $ Funding
7% $ Funding
9% # of Rounds
12% # of Rounds

$13M $6M $11M $8M $8M $11M $11M $13M
$287M $228M $223M $251M
$280M $311M $165M
$103M
$1.1B $641M $913M $780M $2.B $1.4B $667M $701M
2010 2011 2012 2013 2014 2015 2016 2017 YTD
Seed Early Stage Late Stage
$1.4B
$817M
Total $ Invested
17 11 19 15 16 15 15 9
40
31
28 35
30
29
21
13
39 38 29 28 16 30 18 19
2010 2011 2012 2013 2014 2015 2016 2017 YTD
Seed Early Stage Late Stage
96
41
Total # of Rounds
$890M
$499M
$852M
$746M
$2.B
$1.5B
$726M $727M
0
2
4
6
8
10
12
14
16
18
20
0
500000000
1E+09
1.5E+09
2E+09
2.5E+09
2010 2011 2012 2013 2014 2015 2016 2017 YTD
$ Funding # of Rounds
49
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded ClubMega Rounds
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Telecom Infrastructure; 2010-2016
Telecom Infrastructure > Investment Trends > Global Funding Trends
25
23
21
25
23
21
18 156
$3.8M
$4.4M
$0.0M
$1.0M
$2.0M
$3.0M
$4.0M
$5.0M
$6.0M
0
20
40
60
80
100
120
140
160
180
2001-2010 2011 2012 2013 2014 2015 2016 Total
Entrants in Funding Club Avg. Ticket Size
8 13 11 10 11 19 14 13 $3.8M $5.4M $3.2M $4.1M $5.4M $4.5M $4.6M $4.4M

Telecom Infrastructure > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Telecom Infrastructure
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Bay Area 7.3B 371
Delhi NCR 1.3B 5
Boca Raton 1B 8
Wilton 953M 1
The Hague 945M 11
Boulder 865M 10
London 775M 12
Plano 749M 19
Richardson 695M 52
Fourways 500M 2
Total Funding
474
237
24
80
4
59
3
6
# Rounds
$19B
$3.5B
$2B
$682M
$533M
$490M
$420M
$110M
US
Europe
India
Israel
South Africa
Canada
Nigeria
Latam
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.9 $0.8 $0.8 $0.8
$0.6
$0.9 $0.8
2010 2011 2012 2013 2014 2015 2016
$7.3
$5.1
$7.0 $7.0 $6.5
$5.5
$7.2
$9.8 $12.7 $12.1 $10.5
$14.8
$22.2
$12.8
$30.9 $17.8
$39.7 $35.5
$122.1
$59.9
$51.3
Telecom Infrastructure > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Telecom Infrastructure; 2010-2016
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$5K* $11M
$50K $31M
$92K $80M
$50K $1B
$22M
$7M
$2.8M
$0.3M
Series C+
Series B
Series A
Seed
Stage

Note: 438 companies with undisclosed funding amount are not included
52
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
40
130
189
83
71
No. of Companies
Telecom Infrastructure > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Telecom Infrastructure; as of Nov 2017
Distribution of companies by Funding Range
$14M
$561M
$4.9B
$5.9B
$23.B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
51%
27%
20%
14%
53
Note: Numbers in the brackets show the count of companies
Time to raise
next round
260
364
485
924
1802
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
51% 17%
(313)
15%
(272)
16%
(293)
4%
(76)
28%
(509)
52% 30%
(274)
25%
(233)
25%
(232)
6%
(59)
16%
(148)
75% 23%
(111)
15%
(73)
33%
(158)
8%
(38)
-15%
(-75)
71% 27%
(99)
17%
(62)
35%
(129)
7%
(26)
-14%
(-51)
- 30%
(78)
17%
(45)
34%
(89)
7%
(17)
-7%
(-19)
Telecom Infrastructure > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Telecom Infrastructure
Funding Funnel
17 Months
22 Months
21 Months
Investment backedBootstrapped
39
18
91
142
17
22
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Telecom Infrastructure > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Telecom Infrastructure; Nov 2015-Nov 2017
Notable Investments in last 24 months (1/4)
LATE STAGE
$460M - Series E Dec 2015
Satellite-based telecommunication services provider
$233M - PE Jan 2016
Seaborn Networks (2011, Beverly, $252M)
Developer and operator of submarine
communications cables
Partners Group
$150M - PE Mar 2017
$230M)
Olayan, Equity International
$100M - PE May 2017
GV, Convergence Partners, IFC, Mitsui
LATE STAGE
$97.3M - PE Apr 2016
Bellshill, $97M)
Communication tower and wireless infrastructure
provider
3i Infrastructure
$89M - Series C Mar 2017
Network Routers and Services
Technology Crossover Ventures
$80M - PE Feb 2017
$230M)
Interconexión Eléctrica S.A. E.S.P.
$75M - Series C May 2016
Providing Secure Extensible Networks
Redline Capital Management, Northgate Capital
LATE STAGE
$90.8M - PE Apr 2017
Ascend Telecom (2008, Bangalore, $125M)
Infrastructure maintenance and services.
IDFC
$50M - PE May 2016
Cartesian Capital
$48.5M - Series C Jan 2016
$147M)
Silver Lake, Accton Technology, The CID Group, MSD
Capital
$40M - Series C Nov 2017
Globetouch (2010, Oakland, $40M)
Connectivity platform and OSS/BSS solutions
provider
Hermes Growth Partners, Spark Ventures, Impact
Venture Capital, Verizon Ventures

LATE STAGE
$35M - Series D Mar 2017
Hermes Growth Partners, Telstra Global
$33.3M - PE Jun 2016
Comsol (1997, Midrand, $33M)
Wholesale Layer 2 service provider using fibre and
wireless technology
Convergence Partners, Nedbank, Industrial
Development Corporation of SA Ltd. (IDC)
$30.7M - Series D Jul 2017
$147M)
Dell Technologies
LATE STAGE
$30M - Series E Sep 2016
$27M - Series E Jan 2017
$27M - Series C Jan 2016
March Capital Partners, Cisco Investments
$25M - PE Oct 2016
Ireland Strategic Investment Fund
$25M - Series C Jan 2016
Kumu Networks (2011, Sunnyvale, $45M)
Spectrum efficiency using full-duplex technology
Verizon Ventures
LATE STAGE
$21.5M - Series C May 2017
128 Technology (2014, Burlington, $57M)
Software based networking platform for distributed
routing and network services
G20 Ventures
$20.7M - Series C Jun 2017
$147M)
$15.2M - Series D Dec 2015
SpiderCloud (2007, San Jose, $136M)
Scalable Multi-Access Small Cell Systems
$14.6M - Series C Apr 2016
Vasona Networks (2010, Tel Aviv, $48M)
Solutions for mobile efficiency at the edge
NexStar Partners
$13.2M - Series G Aug 2017

LATE STAGE
$6M - Series G Aug 2016
$1000k - Series D May 2017
Talari (2004, San Jose, $45M)
Creating WAN by aggregation of private connections
PE Nov 2016
Indus Towers (2007, Gurgaon)
Co-location service provider
Providence Equity Partners
Series E Nov 2015
ExteNet Systems (2003, Lisle, $199M)
Telecom and wireless infrastructure provider
Digital Bridge Holdings, Stonepeak Infrastructure
Partners
Series D Jan 2016
Plexxi (2010, Cambridge, $83M)
Affinity networking services
GV
EARLY STAGE
$42M - Series B Sep 2017
Federated Wireless (2013, Arlington, $69M)
Saas based spectrum efficiency solutions provider
Charter Communications, American Tower, ARRIS,
GIC
$26M - Series B Nov 2015
Console Connect (2011, Santa Clara, $65M)
Global software-defined IXP provider
Formation 8
$22M - Series A Feb 2016
Federated Wireless (2013, Arlington, $69M)
Saas based spectrum efficiency solutions provider
Woodford Investment Management
$20.4M - Series B Jun 2016
Midokura (2010, Tokyo, $44M)
Network Virtualization leveraging existing physical
infrastructure
Simplex
EARLY STAGE
$20M - Series B Mar 2016
Teridion (2013, Petah Tikva, $25M)
Cloud Routing Services between data centre and
enduser
Kickstart Ventures, Magma Venture Partners, Globe
Telecom
$20M - Series A Apr 2016
Kacific Broadband Satellites (2013,
Singapore, $20M)
Satellite operator providing communication network
services
$17M - Series A Jun 2017
Pivotal Commware (2016, Bellevue, $17M)
Software-defined antenna provider
Thermo Companies, Lux Capital
$16.2M - Series B Dec 2015
Blue Danube Systems (2006, San Francisco,
$24M)
Wireless Access Solutions to increase capacity.
Northgate Capital, AT&T

EARLY STAGE
$14.5M - Series A Dec 2015
Cellwize (2012, Tel Aviv, $15M)
Self Organizing Network solution provider
Vintage Investment Partners
$13.8M - Series A Jan 2017
TiBit Communications (2014, Petaluma, $14M)
Modules to virtualize access network using optical
switches
$13.6M - Series B Aug 2016
Sedona Systems (2014, Ra'anana, $20M)
Real Time Network Layer Monitoring
Intel Capital, Bessemer Venture Partners
$5.7M - Series A Jul 2017
CAILabs (2013, Rennes, $9.9M)
Mode multiplexers and light converters provider
Safran, Innovacom
$3.2M - Series A Feb 2017
E-blink (2005, Boussy-saint-antoine, $39M)
Wireless Fronthaul Technology.
Capital-E
EARLY STAGE
$2.7M - Series A Nov 2017
Anova Data (2007, Westford, $5.4M)
Real time intelligence at the radio edge
$2.5M - Series A Mar 2016
Anova Data (2007, Westford, $5.4M)
Real time intelligence at the radio edge
SEED STAGE
$7M - Seed Sep 2017
Metawave (2017, Palo Alto, $7M)
Smart radar and 5G antenna systems provider
Thyra Global, Khosla Ventures, Motus Ventures,
SAIC USA Inc., Western Technology Investment,
Autotech Ventures, Alrai Capital, Rising Tide Fund
$1.2M - Seed Feb 2016
Paris Business Angels
$1.1M - Seed Jul 2016
Starquest Capital

Most Active Investors (VC, PE) by Stage in Telecom Infrastructure; Last 5 years (Nov 2012-Nov 2017)
Most Active VC & PE Investors
58
Telecom Infrastructure > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Innovacom (4 Investments)
CAILabs, Air-Lynx
2
Starquest Capital(2 Investments)
CAILabs, Simpulse
3
ACT Venture Partners
Ambeent
4
AIB Seed Capital Fund
Benetel
5
Almaz Capital
NFWare
6
Alrai Capital
Metawave
7
ANU Connect Ventures
InterfereX
8
Autotech Ventures
Metawave
9
Bold Capital Partners
Metawave
10
EARLY STAGE
New Enterprise Associates(4 Investments)
Gainspeed, Console Connect, VeloCloud
1
Sequoia Capital(4 Investments)
Viptela, Versa Networks, Luminate Wireless
2
Capital-E(2 Investments)
E-blink, Accelleran
3
Intel Capital(2 Investments)
Big Switch Networks, Sedona Systems
4
Mayfield(2 Investments)
Versa Networks, CloudGenix
5
Qualcomm Ventures(2 Investments)
PLUMgrid, M87
6
Andreessen Horowitz
Gainspeed
7
Ark Angels Activator Fund NV
Accelleran
8
Allied Minds
Federated Wireless
9
AME Cloud Ventures
Console Connect
10
LATE STAGE
Cisco Investments(3 Investments)
Qwilt, Kumu Networks, VeloCloud
1
AME Cloud Ventures(2 Investments)
Pluribus Networks, Cohere Technologies
2
Bessemer Venture Partners (2
Investments)
Affirmed Networks, Qwilt
3
Convergence Partners(2 Investments)
CSquared, Comsol
4
GV (2 Investments)
Plexxi, CSquared
5
Hermes Growth Partners(2 Investments)
VeloCloud, Globetouch
6
Verizon Ventures(2 Investments)
Kumu Networks, Globetouch
7
3i Infrastructure
Wireless Infrastructure Group
8
Accel Partners
QMC Telecom
9
Blue Cloud Ventures
BTI Systems
10

Telecom Infrastructure > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Telecom Infrastructure; Last 5 years (Nov 2012-Nov 2017)
Most Active Ecosystem Investors
INCUBATOR
Jerusalem Venture Partners(3
Investments)
Chromatis Networks, Teridion, USRobotics
1
Plug and Play Tech Center(2 Investments)
Noviflow, nCore communications
2
Techstars(2 Investments)
Telnyx, Fairwaves
3
500 Startups
Simless
4
AngelPad
Mobile Bigfoot
5
Startup Wise Guys
RebelRoam
6
The Fabric
VeloCloud
7
Openfund
Incelligent
8
OTHER NOTABLE INVESTOR
Saints Capital(15 Investments)
Genband, Calient, Aperto Networks
1
HarbourVest Partners(5 Investments)
Zayo Group, Eaton Towers, Transmode
2
Delta-v Capital(4 Investments)
Cradlepoint, ExteNet Systems, Zayo Group
3
IFC(4 Investments)
Seaborn Networks, Helios Towers Africa, CSquared
4
Providence Equity Partners(4
Investments)
Helios Towers Africa, Indus Towers, PT Komet Infra Nusantara
5
Business Growth Fund (3 Investments)
Mono Consultants, Sub10 Systems, Virtual1
6
CIT(3 Investments)
Mobilitie, Central States Tower, CTI Towers
7
EQT Partners(3 Investments)
IP-Only, Broadnet, IslaLink
8
IDFC(3 Investments)
Ascend Telecom, Viom Networks
9
Investec(3 Investments)
Accuris Networks, Vumatel, Liquid Telecom
10
DEBT INVESTOR
Western Technology Investment(31
Investments)
Genband, Infinera, Calient
1
Kreos Capital(12 Investments)
Cambridge Broadband Networks, Atrica, Siklu
2
Hercules Capital(5 Investments)
Seven Networks, BridgeWave, Peerless Network
3
BEST Funds(3 Investments)
DragonWave, XipLink, NewStep Networks
4
Export Development Canada(3
Investments)
Enablence, BTI Systems, Amos
5
Pinnacle Ventures(3 Investments)
Tower Cloud, Redline Communications, IP Unity
6
Silicon Valley Bank(2 Investments)
Genband, Capella Photonics
7
North Atlantic Capital
IPWireless
8

Telecom Infrastructure > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/14)

Telecom Infrastructure > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
75
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Investment Activity
Top Markets of Early Stage Investors
Other Notable Markets
Market Deep Dive

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Telecom Infrastructure > Market Details > BlueBox

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