Asheem Chandna
SANS – Internet of Things
October 2013
Agenda
• Greylock
• Hype vs. reality
• Challenges and opportunities
• Venture investment
• Summary
Page 2
Greylock Partners
• Founded in 1965
• Menlo Park (primary) and Cambridge
• Currently investing out of Greylock 14 ($1B fun...
Asheem Chandna
• 15+ years product management, marketing, business development
•
•
•

BSEE, MS Computer Engineering – Case...
Greylock enterprise companies
Cloud Infrastructure

Cloud Services

Applications
Data and
Analytics

*

Management
Securit...
Greylock consumer companies
Commerce

Media

Ads

Social

Mobile
Internet of Things – a definition
“Imagine if all the objects in the world had
all the information that they needed to
fun...
Reality vs. hype: 50 billion connected objects?

Page 8
$1 Trillion in new revenue?

Biggest categories:
Security, Education, Industrial Automation?
Page 9
Another view on future revenue?
Connection Revenues from Application
Connected Car
Clinical Remote Monitoring
Assisted Liv...
6 devices per human?

Page 11
Not a new idea…
“When wireless is perfectly applied the
whole earth will be converted into a huge
brain...and the instrume...
But increasing recent interest

2005

2013

Page 13
Especially in Asia…

Page 14
And increasing public awareness

Page 15
Big companies focusing too…

Page 16
Big companies focusing too…

Page 17
Hype may be ahead of reality, but future growth
could surprise on upside….

IoT?

Page 18
New challenges
Connectivity

Footprint

Security
Scale

Battery Life

Page 19
Scale
Increasing
devices
(sensors)

data from
each
sensor

big data
problem

Simple example:
If every car in the US record...
Security
• Exponential expansion in attack surfaces

• Changing threat landscape
• Privacy concerns

• Hardware refresh cy...
Shodan
Search engine for servers, routers, load balancers,
computers…

Search by location, hostname, OS, IP range, port,
e...
Vehicle control

Page 23
Scada control

Dan Tentler find
Page 24
10K+ geolocatable scada systems

Eireann Leverett
Page 25
Traffic control

Page 26
Cams and controls in your home

Page 27
Cheney’s heart device…

Page 28
Transitions create opportunities

Page 29
Transforming industries
• Transportation
•
•
•

Self-driving cars reduce accident rates
Free up productive time
Increase f...
Opportunities and business models
• Software platforms
• End-to-end
•
•
•
•
•

Home automation
Wearables
Healthcare
Indust...
Some examples – platform

Page 33
Some examples – end-to-end

Page 34
Some examples – end-to-end

Page 35
Smart marketing but…

Page 36
Some examples – data & analytics

Page 37
Growing VC investment in IoT
$752M across 100+ deals in last year
(Q2 2012 – Q1 2013)

Page 38
Significant businesses starting to be built…

$370M
(market
cap)

$800M
(last
venture
valuation)

$1.5B
(last venture
valu...
Opportunity areas
• Software platforms
• End-to-end
•

Home automation, wearables, healthcare,
industrial, transportation
...
Summary
• Billions of devices are expected to come online
rapidly, many without adequate security
• Hype ahead of reality,...
Internet of Things - October 2013 - Chandna
Internet of Things - October 2013 - Chandna
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  • From the associate of mobile network operators + Machina Research
  • Google searches (scaled to 100)
  • 250m cars90 minutes driven on averageObviously need to centralize, categorize, correlate, visualize + understand that data
  • Includes debt!
  • Internet of Things - October 2013 - Chandna

    1. 1. Asheem Chandna SANS – Internet of Things October 2013
    2. 2. Agenda • Greylock • Hype vs. reality • Challenges and opportunities • Venture investment • Summary Page 2
    3. 3. Greylock Partners • Founded in 1965 • Menlo Park (primary) and Cambridge • Currently investing out of Greylock 14 ($1B fund) • Two primary areas of investment focus • Consumer Internet • Enterprise IT • Invest across stages, with strong focus on early-stage • Investors with industry operating backgrounds Page 3
    4. 4. Asheem Chandna • 15+ years product management, marketing, business development • • • BSEE, MS Computer Engineering – Case Western Reserve University AT&T Bell Labs, SynOptics / Bay Networks, CoroNet / Compuware Check Point Software ($10M -> $550M+) • 10+ years venture capital (investing and company building) • • CipherTrust (INTC), PortAuthority (WBSN), Securent (CSCO), Aruba (ARUN), Sourcefire (CSCO), Zenprise (CTXS), Imperva (IMPV), Xsigo (ORCL) Palo Alto Networks (PANW), Sumo Logic, AppDynamics, Delphix, Aquantia, SkyHigh, Avi Networks, Instart Logic, Tech Process Page 4
    5. 5. Greylock enterprise companies Cloud Infrastructure Cloud Services Applications Data and Analytics * Management Security Storage Networking *
    6. 6. Greylock consumer companies Commerce Media Ads Social Mobile
    7. 7. Internet of Things – a definition “Imagine if all the objects in the world had all the information that they needed to function optimally.” – The Economist, 2010 • Sea change in # of sensors + actuators that can communicate • Massive new data sources • Increasing automation (M2M) Page 7
    8. 8. Reality vs. hype: 50 billion connected objects? Page 8
    9. 9. $1 Trillion in new revenue? Biggest categories: Security, Education, Industrial Automation? Page 9
    10. 10. Another view on future revenue? Connection Revenues from Application Connected Car Clinical Remote Monitoring Assisted Living Home and Building Security Pay-As-You-Drive Car Insurance New Business Models for Car Usage Smart Meters Traffic Management Electric Vehicle Charging Building Automation 2020 ($ billions) 600 350 270 250 245 225 105 100 75 40 (GSM Association of Mobile Operators) Biggest categories: Cars, Healthcare, Security? Page 10
    11. 11. 6 devices per human? Page 11
    12. 12. Not a new idea… “When wireless is perfectly applied the whole earth will be converted into a huge brain...and the instruments through which we shall be able to do this will be amazingly simple compared with our present telephone. A man will be able to carry one in his vest pocket.” - Nikola Tesla, 1926 Page 12
    13. 13. But increasing recent interest 2005 2013 Page 13
    14. 14. Especially in Asia… Page 14
    15. 15. And increasing public awareness Page 15
    16. 16. Big companies focusing too… Page 16
    17. 17. Big companies focusing too… Page 17
    18. 18. Hype may be ahead of reality, but future growth could surprise on upside…. IoT? Page 18
    19. 19. New challenges Connectivity Footprint Security Scale Battery Life Page 19
    20. 20. Scale Increasing devices (sensors) data from each sensor big data problem Simple example: If every car in the US records location data every 30s while driven… 16 trillion data points / year Google Self-Driving Car… 750 MB / sec sensor ingest Page 20
    21. 21. Security • Exponential expansion in attack surfaces • Changing threat landscape • Privacy concerns • Hardware refresh cycle • Increased stakes • • Critical infrastructure Kinetic cyber attacks (e.g. Stuxnet) Page 21
    22. 22. Shodan Search engine for servers, routers, load balancers, computers… Search by location, hostname, OS, IP range, port, etc. Page 22
    23. 23. Vehicle control Page 23
    24. 24. Scada control Dan Tentler find Page 24
    25. 25. 10K+ geolocatable scada systems Eireann Leverett Page 25
    26. 26. Traffic control Page 26
    27. 27. Cams and controls in your home Page 27
    28. 28. Cheney’s heart device… Page 28
    29. 29. Transitions create opportunities Page 29
    30. 30. Transforming industries • Transportation • • • Self-driving cars reduce accident rates Free up productive time Increase fuel economy, reduce congestion, increase infrastructure load, optimize routes • Healthcare • • • • Wearables encourage weight loss Ingestable sensors Internal monitors feed data to doctors to reduce hospital visits, algorithms to look for anomalies / increase preventive care Mass tracking benchmarks effectiveness of treatments • Many others… Page 30
    31. 31. Opportunities and business models • Software platforms • End-to-end • • • • • Home automation Wearables Healthcare Industrial Transportation • Data and analytics Page 32
    32. 32. Some examples – platform Page 33
    33. 33. Some examples – end-to-end Page 34
    34. 34. Some examples – end-to-end Page 35
    35. 35. Smart marketing but… Page 36
    36. 36. Some examples – data & analytics Page 37
    37. 37. Growing VC investment in IoT $752M across 100+ deals in last year (Q2 2012 – Q1 2013) Page 38
    38. 38. Significant businesses starting to be built… $370M (market cap) $800M (last venture valuation) $1.5B (last venture valuation) $2B (acquisition by Blackstone) Page 39
    39. 39. Opportunity areas • Software platforms • End-to-end • Home automation, wearables, healthcare, industrial, transportation • Data and analytics • Transportation (self-driving, optimization) • Healthcare (monitoring, tele-health) • Utilities (climate controls, smart grid) Page 40
    40. 40. Summary • Billions of devices are expected to come online rapidly, many without adequate security • Hype ahead of reality, but industry transforming changes are ahead • Platform transitions will create opportunities for many new large companies to be built Page 41
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