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#IOTSTATEOFTHEUNION
IoT Startup State Of The Union 2016
Martin Giles
@Wing_VC | www.wing.vc
#IOTSTATEOFTHEUNION
Instrumenting The Real World
#IOTSTATEOFTHEUNION
Drawing A Parallel Between Electricity And The IoT
TV
AC
RADIO
MICROWAVE
VCR
WASHER
DRYER
FRIDGE
1900 1910 1920 1930 1940 1950 1960 1970 1980 1990
ELECTRICITY
100
90
80
70
60
50
40
30
20
10
0
PercentageofHouseholds
Source: The Atlantic
#IOTSTATEOFTHEUNION
Media Coverage Is Turning More Negative
Internet Of Things Struggles As Use
Of Smart Home Gadgets Flatlines
August 27, 2016
Why Smartphones Are Bringing Down
Internet Of Things Revenue Forecasts
August 4, 2016
Intel’s Cloud And IoT-Focused
Businesses Deliver Disappointing
Growth
July 21, 2016
The Internet Of Things Is More Hype
Than Reality For Many Tech Giants
August 16, 2016
#IOTSTATEOFTHEUNION
Sliding Into The Trough Of Disillusionment?
INNOVATION
TRIGGER
PEAK OF INFLATED
EXPECTATIONS
TROUGH OF
DISILLUSIONMENT
SLOPE OF
ENLIGHTENMENT
Expectations
Source: Gartner; Wing
PLATEAU OF
PRODUCTIVITY
Time
2013
2014
2015
Feels like we are here
2012
#IOTSTATEOFTHEUNION
Thoughts From An IoT Pioneer
“If you had bet against the
electrification of the home in the late
1800s, then your bet would have
been seriously wrong. And it’s the
same situation with the Internet of
Things today.”
Tony Fadell
Founder, Nest
#IOTSTATEOFTHEUNION
IoT Startups: A Dive Into The Data
#IOTSTATEOFTHEUNION
To Investigate The IoT Startup Landscape, We…
• Looked at the pre-funding environment
• Built a database of 2335 IoT deals (Jan 2013 - Aug 2016)
• Examined IoT exit data
• Interviewed IoT pioneers
#IOTSTATEOFTHEUNION
GitHub IoT Repo Growth = Builders Are Building Fast
2013 2014 2015 2016*
9261
4368
934
239
10,000
8,000
6,000
4,000
2,000
0
Number of repositories
Containing IoT keyword
*Annualized
#IOTSTATEOFTHEUNION
Kickstarter Shows A Slowdown In Growth
*Annualized
0
20
40
60
80
100
120
140
2013 2014 2015 2016*
IoT Projects
(screened from flight, wearables, IoT, hardware)
NumberoffundedIoTKickstarterprojects
#IOTSTATEOFTHEUNION
But There’s Some Positive News From Accelerators
#IOTSTATEOFTHEUNION
Where Are The Builders Building?
0
100
200
300
400
500
600
Industrial /
Enterprise
Wearables Home Infrastructure Drones Robotics Health Auto /
Transport
Other
* To August 31, 2016
NumberofDeals,2013-2016*
Source: Wing IoT Analysis
#IOTSTATEOFTHEUNION
0
100
200
300
400
500
600
Industrial /
Enterprise
Wearables Home Infrastructure Drones Robotics Health Auto /
Transport
Other
Industrial / Enterprise IoT Leads The Way In Deals
* To August 31, 2016
** Average $ per deal
NumberofDeals,2013-2016*
$4.18M**
$5.76M**
Source: Wing IoT Analysis
#IOTSTATEOFTHEUNION
There Is A Lot Of Activity In Manufacturing
* To August 31, 2016
NumberofDeals,2013-2016*
Source: Wing IoT Analysis
0
10
20
30
40
50
60
70
80
90
100
Platform Manufacturing Building
Management
Supply Chain /
Logistics
Healthcare Retailing Other Agriculture Energy Const. /
Infrastructure
174
#IOTSTATEOFTHEUNION
Industrial / Enterprise IoT Is All About RoIoT
• Towards Factory 4.0
• Monitoring/Optimization
• Alerting/Predictive Analytics
#IOTSTATEOFTHEUNION
Categories Attracting The Biggest Dollars Per Deal
Other
Wearables
Home
Drones
Robotics
Industrial / Enterprise
Health
Infrastructure
Auto / Transport 7.79
7.65
6.07
5.76
5.25
5.01
4.96
4.18
0.23
Average $ Per Deal (M)
Source: Wing IoT Analysis
#IOTSTATEOFTHEUNION
What’s Going On In Auto / Transport?
Other
Wearables
Home
Drones
Robotics
Industrial / Enterprise
Health
Infrastructure
Auto / Transport 7.79
7.65
6.07
5.76
5.25
5.01
4.96
4.18
0.23
Average $ Per Deal (M)
Source: Wing IoT Analysis
#IOTSTATEOFTHEUNION
The Tesla-Uber Effect
#IOTSTATEOFTHEUNION
Connectivity First
* To August 31, 2016
0
5
10
15
20
25
30
35
40
45
Connected
Vehicles
Autonomous
Vehicles
Platform Traffic
Management
Driver
Assistance
Fleet
Management
Other Security
NumberofDeals,2013-2016*
Source: Wing IoT Analysis
#IOTSTATEOFTHEUNION
The Path To Autonomy
• Connected car = still early days
• Autonomous vehicles = even earlier…
• …but strategic acquisitions in 2016
Acquired by UberAcquired by GM
#IOTSTATEOFTHEUNION
Drones: Hardware Still Rules…
* To August 31, 2016
NumberofDeals,2013-2016*
0
10
20
30
40
50
60
70
80
Hardware
Manufacturer
Platform Mapping /
Surveying
Other Inspection /
Monitoring
Film /
Photography
Agriculture Security /
Safety
Logistics
Source: Wing IoT Analysis
#IOTSTATEOFTHEUNION
… But Who Rules Hardware?
• Hardware + Services common
• Surveying/mapping + Inspection/monitoring
• China wins in consumer hardware
vs
#IOTSTATEOFTHEUNION
Some Categories Look Set To Decline in 2016...NumberofDeals,2013-2016*
0
50
100
150
200
250
2013 2014 2015 2016*
INDUSTRIAL /
ENTERPRISE
WEARABLES
HOME
ROBOTICS
*Annualized
Source: Wing IoT Analysis
#IOTSTATEOFTHEUNION
…While Others Appear Likely To GrowNumberofDeals,2013-2016*
0
20
40
60
80
100
120
140
2013 2014 2015 2016*
DRONES
INFRASTRUCTURE
HEALTH
AUTO /
TRANSPORT
*Annualized
Source: Wing IoT Analysis
#IOTSTATEOFTHEUNION
Scaling and Exiting
#IOTSTATEOFTHEUNION
IoT Deals By Funding Size
0
100
200
300
400
500
600
700
800
900
2013 2014 2015 2016*
$<2M
$2-20M
$20M+
* To August 31, 2016, Annualized
NumberofDeals,2013-2016*
Source: Wing IoT Analysis
#IOTSTATEOFTHEUNION
Later Stage IoT Funding Is Growing
0
10
20
30
40
50
60
70
80
2013 2014 2015 2016*
$20M+
* To August 31, 2016, Annualized
NumberofDeals,2013-2016*
Source: Wing IoT Analysis
#IOTSTATEOFTHEUNION
Some Examples Of Recent Later Stage Deals
$52M
$61M
$90M
$30M
$50M
$45M
Source: Pitchbook, Wing Analysis
#IOTSTATEOFTHEUNION
The Number Of Larger M&A Deals Is Rising
Source: Pitchbook
0
20
40
60
80
100
120
140
160
2013 2014 2015 2016*
NumberofAcquisitions,2013-2016*
(Pitchbook’sIoT,Wearables,AutonomousVehicles,
andDrones/Roboticsverticals)
* To August 31, 2016, Annualized
Deals Over
$200M
#IOTSTATEOFTHEUNION
There Is No Shortage Of Potential Acquirers…
Semiconductor Companies Web Companies
Other Companies Industrial Companies
(Amazon) (Google)
(Google)(Apple)
(PTC)
(GE)
(PTC) (GE)
(Intel) (ARM)
(Qualcomm) (ARM)
(Verizon) (Samsung)
(Verizon) (IBM)
#IOTSTATEOFTHEUNION
…And There Have Been Notable $1Bn+ M&A Exits/IPOs
#IOTSTATEOFTHEUNION
Platforms And Opportunities
#IOTSTATEOFTHEUNION
Platformitis
"Platform" deals
We found
#IOTSTATEOFTHEUNION
Platforms By IoT Category
* To August 31, 2016
NumberofDeals,2013-2016*
0
20
40
60
80
100
120
140
160
180
200
Industrial /
Enterprise
Home Infrastructure Wearables Drones Robotics Health Auto /
Transport
Source: Wing IoT Analysis
#IOTSTATEOFTHEUNION
A Big Opportunity: Securing The Internet Of Things
Chinese hackers take over moving
Tesla from 12 miles away
September 20, 2016
How Hacked Cameras Are Helping
Launch The Biggest Attacks The
Internet Has Ever Seen
September 25, 2016
Mirai IoT Botnet Wasn't Alone in
Massive DDoS Attack: Akamai
October 6, 2016
Is IoT Security a Ticking Time Bomb?
September 1, 2016
#IOTSTATEOFTHEUNION
We Saw Surprisingly Few IoT-Focused Security Deals
Home Interfaces
Wearable Health
Data/Analytics
AI
Platforms
Construction and Infrastructure
Agriculture
Manufacturing
Building Management
Retail Technology
Energy and Utilities
Supply Chain
Logistics
Inspection and Monitoring
Mapping and Surveying
Drone Hardware
Drone Fleet Management
Anti-Drone Technology
Embedded Home Systems
Home Indoor Environment
Wearable Quantified Self
Home – Outdoors
Family, Kids, and Pet Technology
Appliances
Robotics
Autonomous Vehicles
Driver Assistance
Fleet Management
Connected Vehicles
Traffic Management
Connected Cities
General Security
1277 Deals
IoT Security
45 Deals
Global Deal Data Set, 2013-16 IoT Data Set, 2013-16
#IOTSTATEOFTHEUNION
A Big Opportunity: Dealing With The Coming IoT Data Wave
The Internet of Things Will
Make Big Data Look Small
#IOTSTATEOFTHEUNION
Tackling The Challenge With Data-First Applications
“What really distinguishes
data-first applications…is the
virtuous data cycle that they
make possible.”
- Peter Wagner, Co-Founder of Wing
http://wing.vc/blog/why-data-first-applications-will-come-to-rule-enterprise-software
#IOTSTATEOFTHEUNION
Final Thoughts
#IOTSTATEOFTHEUNION
To 2025: Reinventing Entire Industries e.g. Insurance
#IOTSTATEOFTHEUNION
To 2025: Reinventing The Physical World
#IOTSTATEOFTHEUNION
Thoughts From An IoT Pioneer
“The real power of the Internet of
Things is that it transforms a static
product into a dynamic service. Once
a thing becomes connected, it
becomes part of a much larger fabric
of things. We’re still only in the first or
second innings of this shift.”
Jahangir Mohammed
Founder, Jasper
#IOTSTATEOFTHEUNION
dustrial internet, productive workplaces, agriculture, smart sensors, heal
erations efficiency, increased efficiency, connected homes, dro
apping, agriculture, Wifi, battery technology, secure joining protocol, mini
d mineral processing, Ford, NFC, IEEE P2413, transport and secur
nsor networks, RoIoT, Wireless IIoT, SoC, embedded platform
nvergence, cyber-physical systems, building management, AI, App
andards, mining and mineral processing, regulatory compliance, Z-Wav
ols control, platforms, remote access, Tesla, mapping and surveyin
ualcomm, gateways, deriving insights, anti-drone systems, ZigBee, IB
ge devices, Industry 4.0, BeagleBone Black, IIC, indoor environme
nnected vehicles, Google, line-of-sight, www.wing.vc, Samsun
teways, AllJoyn, point of sale, machine learning, smart home contro
MC, 6LoWPAN, Sigfox, statistical process control, retailin
oTStateOfTheUnion, industrial internet, MQTT-SN, indoor positioning, sle
chnology, data first, HomeKit, autonomous vehicle operating system
vanced robotics, data acquisition, energy consumption, inspection, ITU
G20, raspberry pi, IIoT, arduino, RIOT OS, Bosch, low power, fle

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IoT Startup State of The Union 2016--Wing Venture Capital

  • 1. #IOTSTATEOFTHEUNION IoT Startup State Of The Union 2016 Martin Giles @Wing_VC | www.wing.vc
  • 3. #IOTSTATEOFTHEUNION Drawing A Parallel Between Electricity And The IoT TV AC RADIO MICROWAVE VCR WASHER DRYER FRIDGE 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 ELECTRICITY 100 90 80 70 60 50 40 30 20 10 0 PercentageofHouseholds Source: The Atlantic
  • 4. #IOTSTATEOFTHEUNION Media Coverage Is Turning More Negative Internet Of Things Struggles As Use Of Smart Home Gadgets Flatlines August 27, 2016 Why Smartphones Are Bringing Down Internet Of Things Revenue Forecasts August 4, 2016 Intel’s Cloud And IoT-Focused Businesses Deliver Disappointing Growth July 21, 2016 The Internet Of Things Is More Hype Than Reality For Many Tech Giants August 16, 2016
  • 5. #IOTSTATEOFTHEUNION Sliding Into The Trough Of Disillusionment? INNOVATION TRIGGER PEAK OF INFLATED EXPECTATIONS TROUGH OF DISILLUSIONMENT SLOPE OF ENLIGHTENMENT Expectations Source: Gartner; Wing PLATEAU OF PRODUCTIVITY Time 2013 2014 2015 Feels like we are here 2012
  • 6. #IOTSTATEOFTHEUNION Thoughts From An IoT Pioneer “If you had bet against the electrification of the home in the late 1800s, then your bet would have been seriously wrong. And it’s the same situation with the Internet of Things today.” Tony Fadell Founder, Nest
  • 8. #IOTSTATEOFTHEUNION To Investigate The IoT Startup Landscape, We… • Looked at the pre-funding environment • Built a database of 2335 IoT deals (Jan 2013 - Aug 2016) • Examined IoT exit data • Interviewed IoT pioneers
  • 9. #IOTSTATEOFTHEUNION GitHub IoT Repo Growth = Builders Are Building Fast 2013 2014 2015 2016* 9261 4368 934 239 10,000 8,000 6,000 4,000 2,000 0 Number of repositories Containing IoT keyword *Annualized
  • 10. #IOTSTATEOFTHEUNION Kickstarter Shows A Slowdown In Growth *Annualized 0 20 40 60 80 100 120 140 2013 2014 2015 2016* IoT Projects (screened from flight, wearables, IoT, hardware) NumberoffundedIoTKickstarterprojects
  • 11. #IOTSTATEOFTHEUNION But There’s Some Positive News From Accelerators
  • 12. #IOTSTATEOFTHEUNION Where Are The Builders Building? 0 100 200 300 400 500 600 Industrial / Enterprise Wearables Home Infrastructure Drones Robotics Health Auto / Transport Other * To August 31, 2016 NumberofDeals,2013-2016* Source: Wing IoT Analysis
  • 13. #IOTSTATEOFTHEUNION 0 100 200 300 400 500 600 Industrial / Enterprise Wearables Home Infrastructure Drones Robotics Health Auto / Transport Other Industrial / Enterprise IoT Leads The Way In Deals * To August 31, 2016 ** Average $ per deal NumberofDeals,2013-2016* $4.18M** $5.76M** Source: Wing IoT Analysis
  • 14. #IOTSTATEOFTHEUNION There Is A Lot Of Activity In Manufacturing * To August 31, 2016 NumberofDeals,2013-2016* Source: Wing IoT Analysis 0 10 20 30 40 50 60 70 80 90 100 Platform Manufacturing Building Management Supply Chain / Logistics Healthcare Retailing Other Agriculture Energy Const. / Infrastructure 174
  • 15. #IOTSTATEOFTHEUNION Industrial / Enterprise IoT Is All About RoIoT • Towards Factory 4.0 • Monitoring/Optimization • Alerting/Predictive Analytics
  • 16. #IOTSTATEOFTHEUNION Categories Attracting The Biggest Dollars Per Deal Other Wearables Home Drones Robotics Industrial / Enterprise Health Infrastructure Auto / Transport 7.79 7.65 6.07 5.76 5.25 5.01 4.96 4.18 0.23 Average $ Per Deal (M) Source: Wing IoT Analysis
  • 17. #IOTSTATEOFTHEUNION What’s Going On In Auto / Transport? Other Wearables Home Drones Robotics Industrial / Enterprise Health Infrastructure Auto / Transport 7.79 7.65 6.07 5.76 5.25 5.01 4.96 4.18 0.23 Average $ Per Deal (M) Source: Wing IoT Analysis
  • 19. #IOTSTATEOFTHEUNION Connectivity First * To August 31, 2016 0 5 10 15 20 25 30 35 40 45 Connected Vehicles Autonomous Vehicles Platform Traffic Management Driver Assistance Fleet Management Other Security NumberofDeals,2013-2016* Source: Wing IoT Analysis
  • 20. #IOTSTATEOFTHEUNION The Path To Autonomy • Connected car = still early days • Autonomous vehicles = even earlier… • …but strategic acquisitions in 2016 Acquired by UberAcquired by GM
  • 21. #IOTSTATEOFTHEUNION Drones: Hardware Still Rules… * To August 31, 2016 NumberofDeals,2013-2016* 0 10 20 30 40 50 60 70 80 Hardware Manufacturer Platform Mapping / Surveying Other Inspection / Monitoring Film / Photography Agriculture Security / Safety Logistics Source: Wing IoT Analysis
  • 22. #IOTSTATEOFTHEUNION … But Who Rules Hardware? • Hardware + Services common • Surveying/mapping + Inspection/monitoring • China wins in consumer hardware vs
  • 23. #IOTSTATEOFTHEUNION Some Categories Look Set To Decline in 2016...NumberofDeals,2013-2016* 0 50 100 150 200 250 2013 2014 2015 2016* INDUSTRIAL / ENTERPRISE WEARABLES HOME ROBOTICS *Annualized Source: Wing IoT Analysis
  • 24. #IOTSTATEOFTHEUNION …While Others Appear Likely To GrowNumberofDeals,2013-2016* 0 20 40 60 80 100 120 140 2013 2014 2015 2016* DRONES INFRASTRUCTURE HEALTH AUTO / TRANSPORT *Annualized Source: Wing IoT Analysis
  • 26. #IOTSTATEOFTHEUNION IoT Deals By Funding Size 0 100 200 300 400 500 600 700 800 900 2013 2014 2015 2016* $<2M $2-20M $20M+ * To August 31, 2016, Annualized NumberofDeals,2013-2016* Source: Wing IoT Analysis
  • 27. #IOTSTATEOFTHEUNION Later Stage IoT Funding Is Growing 0 10 20 30 40 50 60 70 80 2013 2014 2015 2016* $20M+ * To August 31, 2016, Annualized NumberofDeals,2013-2016* Source: Wing IoT Analysis
  • 28. #IOTSTATEOFTHEUNION Some Examples Of Recent Later Stage Deals $52M $61M $90M $30M $50M $45M Source: Pitchbook, Wing Analysis
  • 29. #IOTSTATEOFTHEUNION The Number Of Larger M&A Deals Is Rising Source: Pitchbook 0 20 40 60 80 100 120 140 160 2013 2014 2015 2016* NumberofAcquisitions,2013-2016* (Pitchbook’sIoT,Wearables,AutonomousVehicles, andDrones/Roboticsverticals) * To August 31, 2016, Annualized Deals Over $200M
  • 30. #IOTSTATEOFTHEUNION There Is No Shortage Of Potential Acquirers… Semiconductor Companies Web Companies Other Companies Industrial Companies (Amazon) (Google) (Google)(Apple) (PTC) (GE) (PTC) (GE) (Intel) (ARM) (Qualcomm) (ARM) (Verizon) (Samsung) (Verizon) (IBM)
  • 31. #IOTSTATEOFTHEUNION …And There Have Been Notable $1Bn+ M&A Exits/IPOs
  • 34. #IOTSTATEOFTHEUNION Platforms By IoT Category * To August 31, 2016 NumberofDeals,2013-2016* 0 20 40 60 80 100 120 140 160 180 200 Industrial / Enterprise Home Infrastructure Wearables Drones Robotics Health Auto / Transport Source: Wing IoT Analysis
  • 35. #IOTSTATEOFTHEUNION A Big Opportunity: Securing The Internet Of Things Chinese hackers take over moving Tesla from 12 miles away September 20, 2016 How Hacked Cameras Are Helping Launch The Biggest Attacks The Internet Has Ever Seen September 25, 2016 Mirai IoT Botnet Wasn't Alone in Massive DDoS Attack: Akamai October 6, 2016 Is IoT Security a Ticking Time Bomb? September 1, 2016
  • 36. #IOTSTATEOFTHEUNION We Saw Surprisingly Few IoT-Focused Security Deals Home Interfaces Wearable Health Data/Analytics AI Platforms Construction and Infrastructure Agriculture Manufacturing Building Management Retail Technology Energy and Utilities Supply Chain Logistics Inspection and Monitoring Mapping and Surveying Drone Hardware Drone Fleet Management Anti-Drone Technology Embedded Home Systems Home Indoor Environment Wearable Quantified Self Home – Outdoors Family, Kids, and Pet Technology Appliances Robotics Autonomous Vehicles Driver Assistance Fleet Management Connected Vehicles Traffic Management Connected Cities General Security 1277 Deals IoT Security 45 Deals Global Deal Data Set, 2013-16 IoT Data Set, 2013-16
  • 37. #IOTSTATEOFTHEUNION A Big Opportunity: Dealing With The Coming IoT Data Wave The Internet of Things Will Make Big Data Look Small
  • 38. #IOTSTATEOFTHEUNION Tackling The Challenge With Data-First Applications “What really distinguishes data-first applications…is the virtuous data cycle that they make possible.” - Peter Wagner, Co-Founder of Wing http://wing.vc/blog/why-data-first-applications-will-come-to-rule-enterprise-software
  • 40. #IOTSTATEOFTHEUNION To 2025: Reinventing Entire Industries e.g. Insurance
  • 42. #IOTSTATEOFTHEUNION Thoughts From An IoT Pioneer “The real power of the Internet of Things is that it transforms a static product into a dynamic service. Once a thing becomes connected, it becomes part of a much larger fabric of things. We’re still only in the first or second innings of this shift.” Jahangir Mohammed Founder, Jasper
  • 43. #IOTSTATEOFTHEUNION dustrial internet, productive workplaces, agriculture, smart sensors, heal erations efficiency, increased efficiency, connected homes, dro apping, agriculture, Wifi, battery technology, secure joining protocol, mini d mineral processing, Ford, NFC, IEEE P2413, transport and secur nsor networks, RoIoT, Wireless IIoT, SoC, embedded platform nvergence, cyber-physical systems, building management, AI, App andards, mining and mineral processing, regulatory compliance, Z-Wav ols control, platforms, remote access, Tesla, mapping and surveyin ualcomm, gateways, deriving insights, anti-drone systems, ZigBee, IB ge devices, Industry 4.0, BeagleBone Black, IIC, indoor environme nnected vehicles, Google, line-of-sight, www.wing.vc, Samsun teways, AllJoyn, point of sale, machine learning, smart home contro MC, 6LoWPAN, Sigfox, statistical process control, retailin oTStateOfTheUnion, industrial internet, MQTT-SN, indoor positioning, sle chnology, data first, HomeKit, autonomous vehicle operating system vanced robotics, data acquisition, energy consumption, inspection, ITU G20, raspberry pi, IIoT, arduino, RIOT OS, Bosch, low power, fle