Tracxn - Embedded Systems Startup Landscape

Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Embedded Systems - Aug 2019
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
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 August 1, 2019.
Embedded Systems Feed Summary
4
Embedded Systems > Feed Summary
Embedded systems are an application-specific combination of hardware and software designed to manage and optimise
a specific device.
• Inclusions: Design tools for designing, developing and
testing embedded hardware, software and applications and IP
cores exclusively for embeddable hardware; includes
hardware components such as development boards,
embeddable ICs, and single board computers and embedded
hardware such as firmware, middleware, etc. Also includes
embedded systems specific for applications in healthcare,
automotive, etc.
• Exclusions: Integrated circuits not developed specifically for
embedded systems; printed circuit boards, flexible
electronics, semiconductor wafers, etc. Also excludes design
tools specifically built for designing Semiconductor ICs and
not embedded systems.
• Excludes funding information of Chinese companies Feed in Numbers
Overview
$1B
Funding
17
Mega
Companies
79204
FundedCovered on
Tracxn
-
Unicorns
3
Soonicorns
3
Minicorns
15
IPO’d Cos
38
Late Stage Cos
16
30
Acquisitions
3
DeadPooled
-
Acquihired
Series A+ Cos
Andes Technology
(2005, Hsinchu)
Achronix
(2004, Santa Clara, $136M)
Wind River
(1981, Alameda)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Embedded Systems
5
$27.7M - Series B
Particle (2012, San Francisco, $47.1M)
$15M - Series F
Mocana (2004, San Francisco, $113M)
$18M - Series B
Silexica (2014, Cologne, $28M)
$4.9M - Series A
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Embedded Systems > Feed Summary > Investment Trend Summary
Seed
Qualcomm Ventures (#1), Draper Associates (#1), Mitsubishi UFJ
Capital (#1)
Series A/B Qualcomm Ventures (#1), Spark Capital (#1), Vinnova (#1)
Series C+
Court Square Capital Partners (#1), Sway Ventures (#1),
ForgePoint Capital (#1)
Incubators
Y Combinator (#1), Industrial Technology Investment
Corporation (#1), T-Hub(#1)
Other Notable
Investors
Bpifrance (#2), Department of Energy (#1), General Electric (#1)
Debt Investors
Most Active InvestorsRecent Investments
9
10
3
5
2
1
2014 2015 2016 2017 2018 2019*
Y-o-Y # of Companies Founded 4 8 8 8 8 4
$837M
$67.1M
$30M
$14.1M
$1.8M
US
Europe
Israel
Japan
India
$ Funding
$31M
$17M $15M
$21M
$46M
$87M
$46M6
2014 2015 2016 2017 2018 2019*
$ Funding # Rounds

Summary of exit outlook in Embedded Systems
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Herald Investment
Management
3
Concurrent Technologies (1985, Colchester)
Silicon Motion (1995, Hsinchu)
ACE Management 1 Kalray (2008, Montbonnot-saint-martin, $27M)
Alliance Venture 1 Kalray (2008, Montbonnot-saint-martin, $27M)
Bpifrance 1 Kalray (2008, Montbonnot-saint-martin, $27M)
CEA Investissement 1 Kalray (2008, Montbonnot-saint-martin, $27M)
Nov 2016 Applied Micro Circuits Acq by Macom for $770M
Jan 2016 Atmel Acq by Microchip for $3.6B
Jul 2014 Tilera Acq by EZChip for $50M
Nov 2012 ZiiLABS Acq by Intel for $50M
Aug 2012 DesignArt Networks Acq by Qualcomm for $150M
Dec 2009 Zilog Acq by IXYS corporation for $62.4M
Apr 1999 Amteva Technologies Acq by Cisco for $170M
Embedded Systems > Feed Summary > Exit Outlook Summary
Intel 2 ZiiLABS (Nov 2012, $50M), Virtutech (Feb 2010)
Vector 2 Vector Software (Feb 2017), Arccore (Aug 2018)
Cisco 1 Amteva Technologies (Apr 1999, $170M)
Microsoft 1 Rtos (Apr 2019)
Synopsys 1 VaST Systems (Feb 2010)
Recent IPOs Top Acquisitions
Silicon Motion Jul 2005
Developer of microcontroller ICs for stor…
IPO MCap: $322M
CEVA Nov 2002
Signal processing IP provider
IPO MCap: $100M
QuickLogic Oct 1999
Developer of low power field programmable…
IPO MCap: $176M
Altium Apr 1999
Provider of software for PCB design
IPO MCap: -
Kalray Jun 2018
Low power many core processors for autono…
IPO MCap: $112M
Andes Technology Mar 2017
Provider of 32 bit IP core for embedded p…
IPO MCap: -
eMemory Dec 2015
Embedded non-volatile memory (eNVM) techn…
IPO MCap: -
Adlink Technology May 2012
Provides embedded computing solutions for…
IPO MCap: -

Key Sub Sectors in Embedded Systems Sector
Summary of Key Markets
7
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Embedded Hardware
Companies providing special-purpose embeddable
hardware modules and integrated circuits
65 27 $491M
IP Core
Companies providing embedded systems designs as
their intellectual property which is...
14 9 $168M
Embedded Software
Companies providing embedded software to control
an embedded machines
15 4 $140M
Embedded Applications
Companies developing application-specific embedded
systems (software, hardware or both)
50 24 $136M
Design and Development Tools
Companies developing tools to design, simulate and
verify embedded systems
58 14 $85.2M
Embedded Firmware
Companies developing firmware to provide low-level
control on an embedded system
2 1 -
Embedded Systems > Feed Summary > Summary of Key Markets

List of Notable Companies in Embedded Systems
Notable Companies in the Sector
8
Note: *(Founded Year, Location, Total Funding)
Embedded Systems > Feed Summary > Notable Companies in the Sector
Public
Silicon Motion
(1995, Hsinchu)*
QuickLogic
(1988, Sunnyvale)
Kalray
(2008, Montbonnot-saint-
martin, $27M)
CEVA
(2002, Mountain View)
Kontron
(2008, Poway, $49.2M)
Altium
(1985, La Jolla)
Andes Technology
(2005, Hsinchu)
PESTECH International
(1991, Shah Alam)
Adlink Technology
(1995, Taipei)
Concurrent
Technologies
(1985, Colchester)
Public
eMemory
(2000, Hsinchu)
Eurotech
(1992, Udine)
Acquired
Atmel
(1984, San Jose)
Applied Micro Circuits
(1979, Sunnyvale)
Amteva Technologies
(1995, Glen Allen)
DesignArt Networks
(2006, Raanana, $30M)

List of Notable Companies by Market in Embedded Systems
Notable Companies by Market (1/5)
10
Embedded Systems > Feed Summary > Notable Companies by Market
Hardware Designing
Altium (1985, La Jolla)
Editor's Pick. Stage: Public
CHAMP Ventures
IP Core
Embedded Processor
Andes Technology (2005, Hsinchu)
Provider of 32 bit IP core for embedded processors
Darwin Ventuere Management
CEVA (2002, Mountain View)
Herald Investment Management, Silverton
Partners, Quan Fund
MIPS Computer Systems (1998, Sunnyvale)
RISC architecture processor IP for licensing
Stage: Acquired
Sigma Partners, Sutter Hill Ventures, Mayfield and 1
Other Investors
Embedded FPGA
Achronix (2004, Santa Clara, $136M)
Provider of FPGA Chiplets
Soonicorn. Stage: Series C
Easton Capital, New Science Ventures, Argonaut
Partners and 4 Other Investors

11
IP Core
Embedded Memory
eMemory (2000, Hsinchu)
Embedded non-volatile memory (eNVM)
technology IP
Stage: Public
Embedded Hardware
Horizontal
Kalray (2008, Montbonnot-saint-martin, $27M)
Low power many core processors for autonomous
vehicles and data centers
Eurekap, INOCAP GESTION, Alliance Venture and 5
Other Investors
Development Boards
Developer of processor-based solutions for use in
embedded applications
Stage: Public
Herald Investment Management

12
Embedded Hardware
Core Processors
Tilera (2004, San Jose, $127M)
Scalable multicore embedded processor design
company
Soonicorn. Stage: Acquired
WestSummit, Comerica, Walden International and
12 Other Investors
Applied Micro Circuits (1979, Sunnyvale)
Developer of application specific network
processors
Editor's Pick. Stage: Acquired
Asset Management Ventures, Asset Management
Company, Alloy Ventures and 1 Other Investors
Atmel (1984, San Jose)
Provider of core processors for embedded systems
Stage: Acquired
PointGuard Ventures, Berkeley VC International,
Oradell Capital
Field-Programmable Devices
QuickLogic (1988, Sunnyvale)
Developer of low power field programmable gate
arrays
Heritage Bank of Commerce, New Enterprise
Associates, Tycoons and 2 Other Investors
System on Chips
DesignArt Networks (2006, Raanana, $30M)
Programmable SoC and embedded SW, 4G
Infrastructure products
Stage: Acquired
Viola Group, Motorola Mobility, Magma Venture
Partners

13
Embedded Hardware
Memory
Developer of microcontroller ICs for storage
devices and RF components
Stage: Public
Herald Investment Management, Technology
Investments
Embedded Software
Application Security
IoT device and application security platform
Soonicorn. Stage: Series F
Sway Ventures, Shasta Ventures, ForgePoint Capital
and 12 Other Investors
Diversified
Kontron (2008, Poway, $49.2M)
Developer of embedded computing platforms
Stage: Public
Warburg Pincus, BC Partners
Adlink Technology (1995, Taipei)
Provides embedded computing solutions for edge
devices, intelligent gateways and cloud services.
Stage: Public
Eurotech (1992, Udine)
Infrastructure for IoT based device management
Stage: Public

14
Energy
PESTECH International (1991, Shah Alam)
Provider of transmission infrastructure, power
products and embedded system software
Stage: Public
Healthcare
Amteva Technologies (1995, Glen Allen)
Middleware platform for integrating unified
communications
Stage: Acquired

List of Notable Companies in Embedded Systems in China
Notable Companies in the Sector in China
15
Embedded Systems > Feed Summary > Notable Companies in the Sector in China
Unicorns
Horizon Robotics
(2015, Beijing, $700M)

Recent News in Embedded Systems Sector
Recent News
16
Embedded Systems > Feed Summary > Recent News
Jul 2019
Silicon Motion Announces Results for the Period Ended June 30,
2019, GlobeNewswire
Jul 2019
New Graphics XMC from Abaco Delivers Optimum Combination of
High Performance, Small Footprint, PR Newswire
Jul 2019
Mocana Expands Executive Team to Lead Rapid Company Growth,
GlobeNewswire
Jul 2019
Kalray Unveils Support of NVMe/TCP to Ease and Accelerate Data
Center Storage Disaggregation, Business Wire
Jul 2019
Arduino Selects Auth0 as Standardized Login for Open-Source
Ecosystem, GlobeNewswire
Jul 2019
CommAgility Signal Processing Hardware Integrated by VIAVI in 4G
and 5G Non-Standalone Cellular Network Test System, Business Wire
Jul 2019
Canon Selects Critical Link to Develop Evaluation Kits for Industrial
CMOS Sensors, PR Newswire
Jul 2019
Arrow Electronics Teams With ADLINK and Microsoft to Enable
Faster Deployment of Industrial IoT Solutions, Business Wire
Jul 2019
CEVA acquires Hillcrest Labs intelligent sensor technologies
business from Interdigital, Automotive World
Jul 2019
Kontron acquires industrial mainboard business from Fujitsu
Technology Solutions, newelectronics.co.uk
Jul 2019
NVMe M.2 solid state drives in 2242 and 2280 form factors,
European Business Press
Jul 2019
DSP Concepts partners with CEVA to streamline development of
high-end sound applications, newelectronics.co.uk
Key Recent News Key Recent News
Jul 2019
Greenliant Delivers Industrial NVMe ArmourDrive™ SSDs,
GlobeNewswire
Jul 2019
Hubject and IoTecha Partner to Jumpstart Smart EV Charging
Systems Including Plug&Charge, PRWeb
Jul 2019 MicroPilot Nears DO-178C Certification, PR Newswire
Jul 2019
Acromag Releases New Isolated Quad RS232 Serial Communication
Modules in Ruggedized Mini PCIe Form Factor, PR Newswire
Jul 2019
Hilscher multiprotocol SoC supported for debug, European Business
Press
Jul 2019
The Raspberry Pi Foundation messed up its first USB-C device,
iCrowdNewswire
Jul 2019
eSOL and Kalray Extend Their Cooperation to Address Demanding
Needs of Automotive, Industrial and Medical Applications, Business
Wire
Jul 2019
ReFirm Labs Announces New Strategic Technology Collaboration
for IoT Security with Wind River, PRWeb
Jul 2019 Eta's Ultra Low-Power Machine Learning Platform, EE times
Jul 2019
Silicon Motion announces preliminary 2Q19 revenue and earnings
guidance, Seeking Alpha
Jul 2019 Raspberry Pi's new 4 Model B microchip is coming to SA, IOL
Jul 2019
Intrinsyc (TSX: ITC and OTCQX: ISYRF) Announces New Orders
Valued at US$818,176, GlobeNewswire

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
17
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

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Investments ($M) and number of rounds in Embedded Systems; 2012-2019
Global Funding Trends (1/2)
19
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Embedded Systems > Investment Trends > Global Funding Trends
#Rounds
$Funding
3 Year CAGR
6 Year CAGR 0% # of Rounds6% $ Funding
0% # of Rounds
79% $ Funding
$31M
$63M
$37M
$17M $15M
$21M
$46M
$87M
$46M
0
1
2
3
4
5
6
7
8
9
$0k
$10M
$20M
$30M
$40M
$50M
$60M
$70M
$80M
$90M
$100M
2012 2013 2014 2015 2016 2017 2018 2019*
$ Funding Predicted $ Funding # Rounds Predicted # Rounds

$0K $304K $0K $276K $250K $968K $2M $12M$10M
$0K
$6M
$0K
$21M
$34M
$85M
$4M
$53M $37M $11M $15M $0K $11M $0K $15M
2012 2013 2014 2015 2016 2017 2018 2019 YTD
Seed Early Stage Late Stage
2 5 2 3 2 1
2
1
2
1
4
4 6
1
6 4 2 2 2 1 2
2012 2013 2014 2015 2016 2017 2018 2019 YTD
Seed Early Stage Late Stage
8
4
Total # of Rounds
20
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 Club
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Embedded Systems; 2012-2019
Embedded Systems > Investment Trends > Global Funding Trends
4
2
5
2
2
2
1
18
$2.0M
$2.9M
$0.0M
$1.0M
$2.0M
$3.0M
$4.0M
$5.0M
$6.0M
$7.0M
$8.0M
$9.0M
0
2
4
6
8
10
12
14
16
18
20
2013 2014 2015 2016 2017 2018 2019 YTD Total
Entrants in Funding Club Avg. Ticket Size
$2M $4.4M $0.1M $1.3M $7.8M $0.8M $4M $2.9M
$63M
$31M
Total $ Invested
$25M
$28M
0
0.2
0.4
0.6
0.8
1
1.2
23500000
24000000
24500000
25000000
25500000
26000000
26500000
27000000
27500000
28000000
2012 2013 2014 2015 2016 2017 2018 2019 YTD
$ Funding Predicted $ Funding # of Rounds Predicted # Rounds
Mega Rounds
1 - - - - - 1 -

Embedded Systems > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Embedded Systems
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Bay Area 545M 35
Poway 47.4M 1
Mesa 41M 3
Waltham 40.1M 3
Raanana 30M 1
Montbonnot-
saint-martin
27M 2
Cologne 26M 3
Seattle 25.8M 5
Herndon 25.5M 2
Framingham 21.8M 7
Total Funding
38
19
1
3
7
# Rounds
$837M
$67.1M
$30M
$14.1M
$1.8M
US
Europe
Israel
Japan
India
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.3
$0.1 $0.3
$0.5
$0.8
2012 2013 2014 2015 2016 2017 2018
Embedded Systems > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Embedded Systems; 2012-2018
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$126K* $11.8M
$2.3M $10.4M
$2M $27.7M
$1.5M $25M
$8.5M
$13M
$5.4M
$304K
Series C+
Series B
Series A
Seed
Stage
$4.5
$2.0
$14.6
$16.9
$8.8 $9.3
$5.5
$14.8
$11.0
$5.4
$4.2
$6.9
$4.9
$8.8

Note: 43 companies with undisclosed funding amount are not included
23
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
5
10
18
2
3
No. of Companies
Embedded Systems > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Embedded Systems; as of Aug 2019
Distribution of companies by Funding Range
$1M
$35M
$455M
$153M
$376M
$ Investment

Stage No. of Companies
Funding
Funnel
100%
39%
19%
13%
8%
24
Note: Numbers in the brackets show the count of companies
Time to raise
next round
16
26
38
79
204
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
39% 10%
(20)
9%
(19)
- 1%
(3)
60%
(122)
48% 24%
(19)
23%
(18)
- 3%
(2)
49%
(39)
68% 16%
(6)
8%
(3)
- 5%
(2)
26%
(10)
62% 23%
(6)
12%
(3)
- 8%
(2)
31%
(8)
- 25%
(4)
6%
(1)
- 13%
(2)
44%
(7)
Embedded Systems > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Embedded Systems
Funding Funnel
26 Months
24 Months
11 Months
Investment backedBootstrapped
3
16
15
14
0
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Embedded Systems > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Embedded Systems; Aug 2017-Aug 2019
Notable Investments in last 24 months
LATE STAGE
$15M - Series F Mar 2019
Sway Ventures, Shasta Ventures, ForgePoint Capital,
Uber
EARLY STAGE
$27.7M - Series B May 2018
Prototype to production connectivity platform for
IoT
Spark Capital, Qualcomm Ventures
$18M - Series B Jun 2018
Development tools for automated multi-core
programming & optimization
EQT Ventures, Merus Capital, Seed Fonds Aachen,
Paua Ventures
$4.9M - Series A Aug 2017
IoT

Embedded Systems > Investment Trends > Notable Investments in last 24 months in China
Major funding rounds by Stage in Embedded Systems; Aug 2017-Aug 2019
Notable Investments in last 24 months in China
EARLY STAGE
$600M - Series B Feb 2019
Horizon Robotics (2015, Beijing, $700M)
Manufacturer of AI vision processors for ADAS and
smart infrastructure
SK hynix, Oceanwide Capital, CMBC Capital
Holdings, Morningside venture Capital, Oceanpine
Capital, Linear Venture, Hillhouse Capital Group,
CMIG
$100M - Series A Oct 2017
Horizon Robotics (2015, Beijing, $700M)
Manufacturer of AI vision processors for ADAS and
smart infrastructure
Intel Capital, Harvest Investments, Hillhouse Capital
Group, Wu Capital, Linear Venture, Morningside
venture Capital, Shanghai Chaos Investment, E-
Commodities, Linear Partners

Most Active Investors (VC, PE) by Stage in Embedded Systems; Last 5 years (Aug 2014-Aug 2019)
Most Active VC & PE Investors
27
Embedded Systems > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Qualcomm Ventures
Dover Microsystems
1
Draper Associates
Dover Microsystems
2
Mitsubishi UFJ Capital
Floadia
3
Hyperplane Venture Capital
Dover Microsystems
4
Capital-E
Silicon Mobility
5
Seed Fonds Aachen
Silexica
6
Jetty Ventures
Uncanny Vision
7
EARLY STAGE
Qualcomm Ventures
Particle
1
Spark Capital
Particle
2
Vinnova
Percepio
3
BlueRun Ventures
alwaysAI
4
Alliance Venture
Kalray
5
UMC Capital
Floadia
6
Walden International
Eta Compute
7
CEA Investissement
Kalray
8
INCJ
Floadia
9
EQT Ventures
Silexica
10
LATE STAGE
Court Square Capital Partners
Virtium
1
Sway Ventures
Mocana
2
ForgePoint Capital
Mocana
3
L Squared Capital Partners
Virtium
4
Montage Partners
Boundary Devices
5

Embedded Systems > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Embedded Systems; Last 5 years (Aug 2014-Aug 2019)
Most Active Ecosystem Investors
INCUBATOR/ACCELERATOR
Y Combinator
JITX
1
Industrial Technology Investment
Corporation
S2C
2
T-Hub
Uncanny Vision
3
Zone Startups
Uncanny Vision
4
OTHER NOTABLE INVESTORS
Bpifrance(2 Investments)
Kalray, Smart Me Up
1
Department of Energy
Packet Digital
2
General Electric
Mocana
3
SBI Holdings
Floadia
4
Cipio Partners
Silicon Mobility
5
Qualcomm
Uncanny Vision
6
ACE Management
Kalray
7
LetsVenture
Uncanny Vision
8
Safran
Kalray
9
Hub Angels
Dover Microsystems
10

Embedded Systems > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club

Embedded Systems > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

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Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
32
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Investment Activity
Market Deep Dive

Key Sub Sectors
33
Key Sub Sectors in Embedded Systems
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Embedded Hardware
Companies providing special-purpose embeddable hardware modules and integrated circuits
QuickLogic (1988, Sunnyvale, Public)
Tilera (2004, San Jose, Acquired)
65 27 $491M
IP Core
Companies providing embedded systems designs as their intellectual property which is can be
licenced to other companies for commercial use
Andes Technology (2005, Hsinchu, Public)
14 9 $168M
Embedded Software
Companies providing embedded software to control an embedded machines
Minoca (2013, Menlo Park)
15 4 $140M
Companies developing application-specific embedded systems (software, hardware or both)
Cinemo (2008, Karlsruhe)
50 24 $136M
Companies developing tools to design, simulate and verify embedded systems
Wind River (1981, Alameda, Acquired)
Altium (1985, La Jolla, Public)
58 14 $85.2M
Embedded Firmware
Companies developing firmware to provide low-level control on an embedded system
Insyde Software (1998, Westborough)
3mdeb (2014, Gdansk)
2 1 -
Embedded Systems > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/7)
34
Embedded Systems > Market Details > Detailed Sector Taxonomy

35

36

37

38

39

40

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(+3)
Embedded Applications > Internet of Things
Companies developing embedded systems for use in IoT systems and networks
(Companies covered 8 | Funded 4 | Total Funding $48.6M)
$34M
(+$23.6M)
3
(+2)
Particle
(2012, San Francisco, $47.1M)
2
(+7)
IP Core > Embeddable Security
Companies providing secure silicon designs which can be incorporated in an embedded hardware
design
$12.4M
(+$12.4M)
2
(+2)
Dover Microsystems
(2017, Boston, $12.4M)
3
(+2)
Design and Development Tools > Hardware and Software Codesigning
Companies providing software tools which allow users to design embedded hardware and software
simultaneously
$18M
(+$10M)
1
(-)
Silexica
(2014, Cologne, $28M)
4
(-1)
Embedded Software > Application Security
Companies developing software tools such as encryption for securing embedded systems
(Companies covered 3 | Funded 2 | Total Funding $139M)
$15M
(+$4M)
1
(-)
Mocana
(2004, San Francisco, $113M)
5
(-3)
Embedded Hardware > Horizontal
Companies designing and manufacturing multiple types of embedded hardware
(Companies covered 8 | Funded 3 | Total Funding $27M)
$12M
(-$3M)
1
(-)
Kalray
(2008, Montbonnot-saint-martin,
Public)
6
(-5)
Embedded Applications > Automotive
Companies developing embedded systems for applications in the automotive industry
$10M
(+$7.7M)
1
(-1)
Silicon Mobility
(2015, Sophia, $10M)
7
(+19)
Embedded Applications > Energy
Companies developing embedded systems for use in smart grids, power management, energy storage,
etc.
$9.7M
(+$9.7M)
1
(+1)
Packet Digital
(2003, Fargo, $11.7M)
41
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets of Investment Activity (1/2)
Top Markets by Funding in Embedded Systems in last 2 years (August 2017 - July 2019)
Embedded Systems > Market Details > Top Markets of Investment Activity

Top Markets of Investment Activity (2/2)
Embedded Systems > Market Details > Top Markets of Investment Activity

Incubators SOSV (#1)
Seed ECS (#1)
Series A/B
Qualcomm Ventures (#1), O'Reilly AlphaTech Ventures
(#1)
Series C+
None
$1.5M - Seed
IoTecha (2015, Miami, $1.5M)
$27.7M - Series B
$4.9M - Series A
$10.4M - Series A
$4.2M - Series A
Jul 2019
Hubject and IoTecha Partner to Jumpstart Smart EV
Charging Systems Including Plug&Charge, PRWeb
Jul 2019
Intrinsyc (TSX: ITC and OTCQX: ISYRF) Announces New
Orders Valued at US$818,176, GlobeNewswire
Jun 2019
Phoenix New Media Announces Update on Proposed Sale of
Investment in Particle, PR Newswire
Jun 2019
Intrinsyc (TSX: ITC and OTCQX: ISYRF) Announces New
Orders for the Company’s Open-Q™ Edge Computing
Modules and Product Development Services, WebWire
May 2019
Particle development kits streamlines IoT secure
connectivity, European Business Press
Nov 2018
electronica: Toolkit extension opens up IoT applications,
Electronic Specifier
Aug 2018
Foundries.io Launches microPlatforms for an Always-Secure
Internet of Things, AiThority
Aug 2018
Foundries.io promises standardized open source IoT device
security, TechCrunch
Feb 2018
Intrinsyc Technologies (TSX: ITC and OTC: ISYRF) debuts
system on module and development kit powered by NXP
i.MX 8M processor, Sector Publishing Intelligence
Feb 2018
Particle Launches 'Lego Bricks' For IoT Mesh Networks, Sells
5K In Five Hours, Forbes
Jul 2017
End-to-end IoT platform Particle banks $20M Series B,
Postscapes
Aug 2016
Israel’s SolidRun creates open networking kit inspired by
Raspberry Pi, VentureBeat
News
-
-
1
4
8
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Embedded Applications > Internet of Things: Market Factsheet
43
Exits
Most Active Investors
Recent InvestmentsCompanies developing embedded
systems for use in IoT systems
and networks
Particle
(2012, San Francisco, $47.1M)
FoundriesIO
(2017, Cambridge)
IoTecha
(2015, Miami, $1.5M)
Intrinsyc
(1992, Vancouver)
SolidRun
(2010, Migdal)
Top Companies
#1 Top Markets of Investment Activity
Embedded Systems > Market Details > Market: Internet of Things
Companies Created 8 | Funded 4 | Total Funding $48.6M
0
1
2
3
$0k
$20M
$40M
2015 2016 2017 2018 2019
Predicted Funding YoY Funding
Rounds Predicted Rounds
YoY Funding and Rounds
Market: Internet of Things

Embedded Applications > Internet of Things: Top Companies
Analyst’s Pick
IoT
Minicorn. Stage: Series B
Spark Capital, Qualcomm Ventures, Root Ventures
FoundriesIO (2017, Cambridge)
Security solution for IoT devices
Editor's Pick. Stage: Funded
Wisemont Capital

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
45
Embedded Applications > Internet of Things: Leaderboard
Better than Market Average
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0 Particle 2012
San
Francisco
Series B $47.1M 4 - 4 - - - 60k 570 5 16 3% - -
4.0 Zerynth 2016
New York
City
Unfunded - - - 4 - 4 2.1k 8k 43 5 1 2% 175 9%
3.4 Intrinsyc 1992 Vancouver Funded - 1 - - - - 2.4k - - 6 - - -69 -3%
3.2 SolidRun 2010 Migdal Unfunded - - - - - - 1.6k - - 2 - - 55 4%
2.8 IoTecha 2015 Miami Seed $1.5M 1 - - - - - - - 1 - - - -
1.4 FoundriesIO 2017 Cambridge Funded - - - - - 2 269 - - 2 - - - -
0.1 TESPA 2015 Chiang Mai Unfunded - - - - - 3 48 - - - - - -2 -4%
0.0
ThingForwar
d
1998 Dortmund Unfunded - - - - - 2 244 - - - - - - -

Incubators
Seed Qualcomm Ventures (#1), Draper Associates (#1)
Series A/B Robert Bosch Venture Capital (#1), Prime Ventures (#1)
Series C+
None
$11.8M - Seed
Dover Microsystems (2017, Boston,
$12.4M)
$593k - Seed
Dover Microsystems (2017, Boston,
$12.4M)
$5.4M - Series A
Intrinsic (2008, Eindhoven, $5.3M)
Jan 2019
Dover Microsystems’ Revolutionary Silicon IP Cybersecurity
Approach Fuels Momentum, iCrowdNewswire
May 2018
Dover Microsystems Announces Advisory Board,
GlobeNewswire
Apr 2018
Dover Microsystems Brings Secure Silicon IP to DesignShare,
PR Newswire
Feb 2018
Dover Microsystems Says Secured $6 Million In Seed
Funding Financing Was Led By Hyperplane Venture Capital,
Reuters
Nov 2017
Barco Silex Partners with Intrinsic ID for North American
Representation, Design And Reuse
Feb 2016
Synopsys and Intrinsic-ID Collaborate to Accelerate
Implementation of Security for IoT Edge Devices, Synopsys
Nov 2015
Synopsys teams up with Intrinsic-ID to bring PUF to low
power ARC EM processors, Intrinsic
News
-
-
1
2
2
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
IP Core > Embeddable Security: Market Factsheet
46
Exits
Recent InvestmentsCompanies providing secure
silicon designs which can be
incorporated in an embedded
hardware design
Dover Microsystems
(2017, Boston, $12.4M)
Intrinsic
(2008, Eindhoven, $5.3M)
Top Companies
Embedded Systems > Market Details > Market: Embeddable Security
0
1
2
3
$0k
$10M
$20M
2015 2016 2017 2018 2019
Market: Embeddable Security

IP Core > Embeddable Security: Top Companies
Analyst’s Pick
Dover Microsystems (2017, Boston, $12.4M)
Provider of embedded security IP solution for RISC-
based embedded system
Editor's Pick. Stage: Seed
Hyperplane Venture Capital, Draper Associates,
Qualcomm Ventures, Hub Angels

48
IP Core > Embeddable Security: Leaderboard
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0
Dover
Microsystem
s
2017 Boston Seed $12.4M 2 - - - 4 365 - - 6 - - 73 25%
0.0 Intrinsic 2008 Eindhoven Series A $5.3M 1 - - - - 2.6k - - 5 - - -4 -

Incubators
Seed Seed Fonds Aachen (#1), Fresco International (#1)
Series A/B Merus Capital (#1), Paua Ventures (#1)
Series C+
None
$18M - Series B
$8M - Series A
Seed
$1M - Seed
Vayavya Labs (2006, Belgaum, $1.3M)
$282k - Seed
Vayavya Labs (2006, Belgaum, $1.3M)
Jun 2019
Space Codesign Systems Announces Support of Zynq
UltraScale+ MPSoC, PRWeb
Jun 2018
Silexica raises $18 million to accelerate development of
software tools for autonomous vehicles, VentureBeat
Jan 2017
Zeidman Technologies Releases Free Version of SynthOS,
Marketwired
News
-
-
1
3
4
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Design and Development Tools > Hardware and Software Codesigning: Market Factsheet
49
Exits
Recent InvestmentsCompanies providing software
tools which allow users to design
embedded hardware and software
simultaneously
Silexica
(2014, Cologne, $28M)
Vayavya Labs
(2006, Belgaum, $1.3M)
Space Codesign
(2008, Montreal)
Zeidman
(2012, Cupertino)
Top Companies
Embedded Systems > Market Details > Market: Hardware and Software Codesigning
0
0.5
1
1.5
$0k
$10M
$20M
2015 2016 2017 2018 2019
Market: Hardware and Software Codesigning

Design and Development Tools > Hardware and Software Codesigning: Top Companies
Analyst’s Pick
EQT Ventures, Merus Capital, Seed Fonds Aachen

51
Design and Development Tools > Hardware and Software Codesigning: Leaderboard
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0 Silexica 2014 Cologne Series B $28M 3 5 - - 4 288 - - 1 - - 19 7%
3.3
Vayavya
Labs
2006 Belgaum Seed $1.3M 2 - - - - 143 - - - - - 15 12%
1.8
Space
Codesign
2008 Montreal Funded - - 4 - - 3 92 - - 2 - - 3 3%
0.0 Zeidman 2012 Cupertino Unfunded - - 5 - - 4 - - - 1 - - - -

Embedded Systems > Market Details > Market: Application Security
Companies Created 3 | Funded 2 | Total Funding $139M
Market: Application Security

Embedded Systems > Market Details > Market: Horizontal
Market: Horizontal

Market: Horizontal

Embedded Systems > Market Details > Market: Automotive
Market: Automotive

Market: Automotive

Embedded Systems > Market Details > Market: Energy
Market: Energy

Embedded Systems > Market Details > Market: Application Specific Integrated Circuits
Market: Application Specific Integrated Circuits

Embedded Systems > Market Details > Market: IDEs
Market: IDEs

Market: IDEs

Embedded Systems > Market Details > Market: Schematic Capture
Companies Created 1 | Funded 1 | Total Funding $150k
Market: Schematic Capture

Public Companies
Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
69
Notable Acquisitions
Top Acquirers

Public companies (1/2)
71
List of Public Companies in Embedded Systems
IPO Date Company
IPO
Mcap
Exchange
Ticker
Jun 2018
Kalray (2008, Montbonnot-saint-martin)
Low power many core processors for autonomous vehicles and data
centers
$112M EPA:ALKAL
Mar 2017
TPE:6533
Dec 2015
Embedded non-volatile memory (eNVM) technology IP
TPE:3529
May 2012
Provides embedded computing solutions for edge devices, intelligent
gateways and cloud services.
TPE:6166
Jul 2005
Developer of microcontroller ICs for storage devices and RF
components
$322M NASDAQ:SIMO
Nov 2002
$100M NASDAQ:CEVA
Oct 1999
Developer of low power field programmable gate arrays
$176M QUIK
Apr 1999
ASX: ALU
Provider of transmission infrastructure, power products and
embedded system software
Embedded Systems > Exit Outlook > Public Companies

Public companies (2/2)
72
List of Public Companies in Embedded Systems
IPO Date Company
IPO
Mcap
Exchange
Ticker
Developer of processor-based solutions for use in embedded
applications
Kontron (2008, Poway)
BIT:ETH
Embedded Systems > Exit Outlook > Public Companies

Notable Acquisitions
73
Notable Acquisitions in Embedded Systems
Embedded Systems > Exit Outlook > Notable Acquisitions
Acq. Date Company Acquirer Deal Size
Nov 2016
Developer of application specific network processors
Macom $770M
Jan 2016
Microchip $3.6B
Jul 2014
Tilera (2004, San Jose)
Scalable multicore embedded processor design company
EZChip $50M
Aug 2012
DesignArt Networks (2006, Raanana)
Programmable SoC and embedded SW, 4G Infrastructure
products
Qualcomm $150M
Feb 2010
VaST Systems (1997, Sunnyvale)
Developer of virtual prototyping platform for automotive
and consumer application space
Synopsys
Mar 2004
Triscend (1998, San Jose)
Provider of configurable SoCs and micro-controllers
Xilinx
Apr 1999
communications
Cisco $170M

Most Active Acquirers
74
Embedded Systems > Exit Outlook > Most Active Acquirers

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
75
Details on VC & PE Investors
Seed Stage
Early Stage
Late Stage
Details on Top Ecosystem Players

Embedded Systems > Investors > Index of Most Active VC & PE Investors
Index of Top Investors (VC, PE) by Stage in Embedded Systems; Last 5 years (Aug 2014 - Jul 2019)
Index of Most Active VC & PE Investors
SEED STAGE
Qualcomm Ventures
Draper Associates
Mitsubishi UFJ Capital
Capital-E
Seed Fonds Aachen
Jetty Ventures
EARLY STAGE
Qualcomm Ventures
Spark Capital
Vinnova
BlueRun Ventures
Alliance Venture
UMC Capital
CEA Investissement
INCJ
EQT Ventures
Capital E
Rincon Venture Partners
Merus Capital
Paua Ventures
Walden Riverwood Ventures
LATE STAGE
Court Square Capital Partners
Sway Ventures
ForgePoint Capital
L Squared Capital Partners
Montage Partners

Qualcomm Ventures
78
Portfolio in Embedded Systems | Exits | Funds Link | Website | LinkedIn | Twitter
Embedded Systems > Investors > Qualcomm Ventures
Investments
[Minicorn] Particle (2012, San Francisco, $47.1M, Series B)
Prototype to production connectivity platform for IoT
[Editor's Pick] Dover Microsystems (2017, Boston, $12.4M,
Seed)
Provider of embedded security IP solution for RISC-based embedded
system
Embedded Systems Notable Portfolio
[Unicorn] OneWeb (2012, California City, $3.4B, Series E)
Satellite connectivity across the globe
[Unicorn] Ola (2011, Bangalore, $3.3B, Series J)
App-based asset-light cab operator
[Unicorn] Magic Leap (2011, Miami, $2.6B, Series D)
Head-mounted virtual retinal display to view augmented reality
[Unicorn] Tango (2009, Mountain View, $367M, Series D)
Free video & voice calls app
[Unicorn] CloudFlare (2009, San Francisco, $332M, Series E)
DDoS prevention, cloud application acceleration, and CDN
[Unicorn] Lookout (2007, San Francisco, $284M, Series G)
Mobile device protection against malware
[Unicorn] Loggi (2013, Sao Paulo, $264M, Series C)
Business-focused on-demand delivery platform
[Unicorn] Toss (2011, Gangnam, $200M, Series D)
App-based platform for financial services
[Soonicorn] Cohesity (2013, Santa Clara, $410M, Series D)
Hybrid secondary storage with insights and analytics
[Soonicorn] MapR Technologies (2009, San Jose, $347M,
Series E)
Hadoop enterprise-grade platform
Other Notable Portfolio
Top Exits Recent News on Fund & Portfolio
Geographical Spread Stage of Entry
Jun 2019
Phoenix New Media Announces Update on Proposed Sale
of Investment in Particle, PR Newswire
May 2019
Particle development kits streamlines IoT secure
connectivity, European Business Press
Jan 2019
Dover Microsystems’ Revolutionary Silicon IP
Cybersecurity Approach Fuels Momentum,
iCrowdNewswire
Jul 2018
NXP and Dover Microsystems Join Forces to Deliver
Network Security, Safety, and Privacy,
iotevolutionworld.com
May 2018
GlobeNewswire
Apr 2018
Particle brings an LTE cellular model to market for
networked devices working off of 2G and 3G, TechCrunch
Apr 2018
Dover Microsystems Brings Secure Silicon IP to
DesignShare, PR Newswire
Mar 2018 Dover Microsystems Expands Team, GlobeNewswire
Feb 2018
Funding Financing Was Led By Hyperplane Venture
Capital, Reuters
None
1 1
2014 2015 2016 2017 2018 2019
Follow On New Investments
-
-
1
-
1
Undisclosed
Series C+
Series B
Series A
Seed2
-
-
-
-
US

Draper Associates
79
Embedded Systems > Investors > Draper Associates
People
Investments
Seed)
system
[Unicorn] SpaceX (2002, Hawthorne, $2.9B, Series I)
Reusable Space launch vehicles
[Unicorn] Robinhood (2012, Palo Alto, $862M, Series E)
Zero commission trading app for stocks, cryptocurrencies & other
assets
[Unicorn] Coinbase (2012, San Francisco, $547M, Series E)
Digital currency exchange & wallet provider
[Unicorn] Thumbtack (2009, San Francisco, $544M, Series H)
Local Services Marketplace
[Unicorn] DocuSign (2003, San Francisco, $522M, Series F)
Electronic signature management platform
[Unicorn] Carta (2012, San Francisco, $447M, Series E)
Solution for cap table management
[Soonicorn] Prosper (2005, San Francisco, $401M, Series G)
P2P Lending Marketplace
[Soonicorn] Zopa (2005, London, $177M, Series F)
Online P2P lending marketplace.
[Soonicorn] Nutmeg (2010, London, $159M, Series E)
Automated investment management service
[Soonicorn] Prolacta Bioscience (1999, Los Angeles, $93.7M,
Series D)
Human milk fortifier supplement products for premature infants
Top Exits
Recent News on Fund & Portfolio
Tim Draper
Founder & Managing
Partner
Jan 2019
iCrowdNewswire
Jul 2018
May 2018
GlobeNewswire
Apr 2018
Feb 2018
Capital, Reuters
None
1
2014 2015 2016 2017 2018 2019
-
-
-
-
1
Undisclosed
Series C+
Series B
Series A
Seed1
-
-
-
-
US

80
Embedded Systems > Investors > Hyperplane Venture Capital
People
Investments
Seed)
system
[Minicorn] Vesper MEMS (2009, Boston, $76.8M, Series B)
Piezoelectric MEMS micrphones
[Minicorn] Kite (2014, San Francisco, $17M, Series A)
Internet-connected programming
[Minicorn] Indico Data Solutions (2013, Boston, $14M, Seed)
Deep Learning For Developers
[Minicorn] Talla (2015, San Francisco, $12.3M, Series A)
AI enabled assistant for teams
[Minicorn] Spiro Technologies (2014, Boston, $8.5M, Seed)
Cloud-based CRM for SMBs
[Minicorn] LinkSquares (2015, Somerville, $7M, Series A)
Contract Management tool using NLP and machine learning
[Minicorn] Elsen (2014, Boston, $2.9M, Seed)
High performance platform for financial institutions
[Editor's Pick] Soft Robotics (2013, Cambridge, $25M, Series B)
Manufactures robotic grippers and control system
[Editor's Pick] Numerated (2017, Boston, $17M, Series A)
Platform for digitizing credit policies
[Editor's Pick] DynamiCare Health (2016, Cambridge, $6.5M,
Seed)
Chronic disease management using patient-generated behavioral data
and evidence-based technologies
Top Exits
Vivjan Myrto
Founder & Managing
Partner
John Murphy
Co-Founder &
Managing Partner
Brendan Kohler
Co-Founder &
Venture Partner
Jan 2019
iCrowdNewswire
Jul 2018
May 2018
GlobeNewswire
Apr 2018
Feb 2018
Capital, Reuters
None
1
2014 2015 2016 2017 2018 2019
-
-
-
-
1
Undisclosed
Series C+
Series B
Series A
Seed1
-
-
-
-
US

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
81
Seed Stage
Early Stage
Late Stage

Qualcomm Ventures
82
Embedded Systems > Investors > Qualcomm Ventures

Alliance Venture
83
Embedded Systems > Investors > Alliance Venture

UMC Capital
84
Embedded Systems > Investors > UMC Capital

85
Embedded Systems > Investors > Walden International

CEA Investissement
86
Embedded Systems > Investors > CEA Investissement

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
87
Seed Stage
Early Stage
Late Stage

Sway Ventures
88
Embedded Systems > Investors > Sway Ventures

ForgePoint Capital
89
Embedded Systems > Investors > ForgePoint Capital

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
90
Incubators
Other Notable Investors

Embedded Systems > Investors > Index of Ecosystem Investors
Index of Top Ecosystem Investors in Embedded Systems; Q3 2014 - Q3 2019
Index of Ecosystem Investors
INCUBATOR
Y Combinator
Industrial Technology Investment
Corporation
T-Hub
Zone Startups
OTHER NOTABLE INVESTORS
Bpifrance (2 Investments)
Department of Energy
General Electric
SBI Holdings
Cipio Partners
Qualcomm
ACE Management
LetsVenture
Safran
Hub Angels
Uber
Heritage Bank of Commerce
Tel Venture Capital
Target
INOCAP GESTION

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
92
Other Notable Investors

Bpifrance
93
Embedded Systems > Investors > Bpifrance
People
Investments
[Unicorn] Symphony (2014, Palo Alto, $465M, Series E)
Open source, secure communication and workflow platform
[Unicorn] Doctolib (2013, Paris, $266M, Series E)
Online platform for booking doctor appointment
[Soonicorn] Sigfox (2009, Toulouse, $331M, Series E)
Wireless network operator for IoT and M2M applications
[Soonicorn] ManoMano (2013, Paris, $212M, Series D)
Online marketplace for home improvement items
[Soonicorn] Vestiaire Collective (2009, Paris, $176M, Series E)
Online consignment platform for luxury fashion goods
[Soonicorn] Ynsect (2011, Paris, $175M, Series C)
Manufacturer and distributor of natural fertilizers and feeds for pets
and aquatic animals
[Soonicorn] Scality (2010, San Francisco, $152M, Series E)
Software defined storage
[Soonicorn] Wynd (2013, Paris, $127M, Series C)
Provider of cloud-based PoS solution for the restaurants, hospitality
and retail industries
[Soonicorn] Younited Credit (2009, Paris, $123M, Series D)
Online lending marketplace
[Soonicorn] Evaneos (2009, Paris, $109M, Series D)
Online marketplace for booking personalized holiday packages from
local travel agents
[Soonicorn] Talentsoft (2007, Paris, $105M, Series D)
Human resource management solution
[Soonicorn] Actility (2010, Paris, $100M, Series D)
Platform for Internet of Things deployments
Top Exits
Nicolas
Dufourcq
CEO
Jul 2019
Kalray Unveils Support of NVMe/TCP to Ease and
Accelerate Data Center Storage Disaggregation, Business
Wire
Jul 2019
eSOL and Kalray Extend Their Cooperation to Address
Demanding Needs of Automotive, Industrial and Medical
Applications, Business Wire
Jun 2017
Kalray raises $26 million, anticipating the launch of its
third generation of microprocessor that will target two
rapidly growing markets: autonomous vehicles and data
centers, PR Newswire
May 2017
Many-core processor in 80- or 160-core versions,
Smart Me Up
(2012, Meylan, $2.3M)
Acq by Magneti Marelli - Aug
2018
Kalray
$27M)
IPO - Jun 2018
1 1
2014 2015 2016 2017 2018 2019
-
-
1
1
-
Undisclosed
Series C+
Series B
Series A
Seed2
-
-
-
-
Europe

General Electric
94
Embedded Systems > Investors > General Electric
Investments
[Soonicorn] Mocana (2004, San Francisco, $113M, Series F)
Jul 2019
Mocana Expands Executive Team to Lead Rapid Company
Growth, GlobeNewswire
Jun 2019
Mocana Joins CTIA and GSMA to Bring Mission-Critical
Security Expertise to the Telecom Sector, GlobeNewswire
May 2019
Mocana Introduces Cyber Protection Solution For Massive
IoT, Smart Cities And Distributed Intelligence Networks,
Mocana
Apr 2019
Collaborators Connect Mission-Critical IIoT Systems,
Sensors Online
Mar 2019
Mocana Adds New Funding to Meet Strong Demand for its
TrustCenter™ IoT Device Security Management Platform,
GlobeNewswire
Aug 2018
Mocana Supports Trusted Platform Module,
May 2017
Mocana raises $11M to boost its IoT security offering,
SiliconAngle
Apr 2017
DDC-I, Mocana launch integrated COTS platform for
military, commercial avionics, Financial News
Jul 2015
Xconomy: Mocana Lands $14,763,004 Series E Funding,
Xconomy
None
1
2014 2015 2016 2017 2018 2019
-
1
-
-
-
Undisclosed
Series C+
Series B
Series A
Seed1
-
-
-
-
US

ACE Management
95
Embedded Systems > Investors > ACE Management
Investments
[Editor's Pick] 6WIND (2000, Montigny, $9.7M, Series A)
Embedded Software Providers
Jul 2019
Kalray Unveils Support of NVMe/TCP to Ease and
Accelerate Data Center Storage Disaggregation, Business
Wire
Jul 2019
eSOL and Kalray Extend Their Cooperation to Address
Demanding Needs of Automotive, Industrial and Medical
Applications, Business Wire
Jun 2017
Kalray raises $26 million, anticipating the launch of its
third generation of microprocessor that will target two
rapidly growing markets: autonomous vehicles and data
centers, PR Newswire
May 2017
Many-core processor in 80- or 160-core versions,
Kalray
$27M)
IPO - Jun 2018
11
2014 2015 2016 2017 2018 2019
-
-
1
-
-
Undisclosed
Series C+
Series B
Series A
Seed1
-
-
-
-
Europe

Safran
96
Embedded Systems > Investors > Safran

Hub Angels
97
Embedded Systems > Investors > Hub Angels

Uber
98
Embedded Systems > Investors > Uber

Heritage Bank of Commerce
99
Embedded Systems > Investors > Heritage Bank of Commerce

INOCAP GESTION
100
Embedded Systems > Investors > INOCAP GESTION

Contents
Feed Summary
Investment Trend
Key Markets
Exit Outlook
Investors
News
Appendix
101
Recent News

Recent News (1/2)
103
Embedded Systems > News > Recent News
Jul 2019
Silicon Motion Announces Results for the Period Ended June 30,
2019, GlobeNewswire
Jul 2019
New Graphics XMC from Abaco Delivers Optimum Combination of
High Performance, Small Footprint, PR Newswire
Jul 2019
Mocana Expands Executive Team to Lead Rapid Company Growth,
GlobeNewswire
Jul 2019
Kalray Unveils Support of NVMe/TCP to Ease and Accelerate Data
Center Storage Disaggregation, Business Wire
Jul 2019
Arduino Selects Auth0 as Standardized Login for Open-Source
Ecosystem, GlobeNewswire
Jul 2019
CommAgility Signal Processing Hardware Integrated by VIAVI in 4G
and 5G Non-Standalone Cellular Network Test System, Business Wire
Jul 2019
Canon Selects Critical Link to Develop Evaluation Kits for Industrial
CMOS Sensors, PR Newswire
Jul 2019
Arrow Electronics Teams With ADLINK and Microsoft to Enable
Faster Deployment of Industrial IoT Solutions, Business Wire
Jul 2019
CEVA acquires Hillcrest Labs intelligent sensor technologies
business from Interdigital, Automotive World
Jul 2019
Kontron acquires industrial mainboard business from Fujitsu
Technology Solutions, newelectronics.co.uk
Jul 2019
NVMe M.2 solid state drives in 2242 and 2280 form factors,
Jul 2019
DSP Concepts partners with CEVA to streamline development of
high-end sound applications, newelectronics.co.uk
Jul 2019
Greenliant Delivers Industrial NVMe ArmourDrive™ SSDs,
GlobeNewswire
Jul 2019
Hubject and IoTecha Partner to Jumpstart Smart EV Charging
Systems Including Plug&Charge, PRWeb
Jul 2019 MicroPilot Nears DO-178C Certification, PR Newswire
Jul 2019
Acromag Releases New Isolated Quad RS232 Serial Communication
Modules in Ruggedized Mini PCIe Form Factor, PR Newswire
Jul 2019
Hilscher multiprotocol SoC supported for debug, European Business
Press
Jul 2019
The Raspberry Pi Foundation messed up its first USB-C device,
iCrowdNewswire
Jul 2019
eSOL and Kalray Extend Their Cooperation to Address Demanding
Needs of Automotive, Industrial and Medical Applications, Business
Wire
Jul 2019
ReFirm Labs Announces New Strategic Technology Collaboration
for IoT Security with Wind River, PRWeb
Jul 2019 Eta's Ultra Low-Power Machine Learning Platform, EE times
Jul 2019
Silicon Motion announces preliminary 2Q19 revenue and earnings
guidance, Seeking Alpha
Jul 2019 Raspberry Pi's new 4 Model B microchip is coming to SA, IOL
Jul 2019
Intrinsyc (TSX: ITC and OTCQX: ISYRF) Announces New Orders
Valued at US$818,176, GlobeNewswire
Jul 2019
Hyundai Autron, Wind River enter collaboration to create
autonomous driving platform, Telecompaper

Recent News (2/2)
104
Embedded Systems > News > Recent News
Jul 2019
Andes Technology and Silex Insight Announce Strategic Partnership
for RISC-V Based Root-of-Trust IP Solutions, GlobeNewswire
Jul 2019 Si Catalyst adds Rescale and S2C, Electronics Weekly
Jun 2019
Alpine 4 Technologies Announces That Its Subsidiary ALTIA Has
Reached An Agreement With A California Based Hyundai
Automotive Dealership For Its Brake Active Product Line, PR
Newswire
Jun 2019 Wind River achieves OpenChain 2.0 Conformance, TELEMATICS WIRE
Jun 2019
Gosuncn Group and Horizon Robotics Achieve AI Strategic
Cooperation to Jointly Explore the Future Evolution of Automatic
Drive, PR Newswire
Jun 2019
CEVA Technology Licensed to Develop Software Defined Radios for
5G & Automotive Communication, EverythingRF
Jun 2019
Phoenix New Media Announces Update on Proposed Sale of
Investment in Particle, PR Newswire
Jun 2019
Arduino launches science kit for students aged 11-14, Electronics
Weekly
Jun 2019
Mocana Joins CTIA and GSMA to Bring Mission-Critical Security
Expertise to the Telecom Sector, GlobeNewswire
Jun 2019
Virtium Expands StorFly Industrial SSD Family With New NVMe 3D
NAND-Based M.2 Drives Featuring I-Temp Support, Business Wire
Jun 2019
Ceva introduces Wi-Fi platform to connect IoT devices to Alibaba
Cloud, Telecompaper
Jun 2019 MIPS Acquires GlideWear, SGB Media
Jun 2019
Cinemo Acclaimed by Frost & Sullivan for its Modular and Feature-
rich In-vehicle Infotainment Systems, PR Newswire
Jun 2019
Intrinsyc (TSX: ITC and OTCQX: ISYRF) Announces New Orders for
the Company’s Open-Q™ Edge Computing Modules and Product
Development Services, GlobeNewswire
Jun 2019
Raspberry Pi 4 Model B is out: Faster CPU, GPU, dual-screen 4K, up
to 4GB for $55, ZDNet
Jun 2019
From The NASA Lab, Raspberry Pi Used To Steal Information,
techkenyot.com
Jun 2019
New Development Kit to Simplify Developing Advanced Electronic
Warfare Applications, EverythingRF
Jun 2019
Nurlink completes first call on commercial NB-IoT network with its
CEVA-powered eNB-IoT SoC, IoT Now
Jun 2019
Arteris® IP FlexNoC® Interconnect Licensed by Achronix for New
Speedster®7t FPGA family, PRWeb
Jun 2019
Riviera-PRO™ Users to Benefit from Automatic UVM Register
Generation Plus the Latest Verification Methodology Libraries,
Business Wire
Jun 2019
id3 introduces biometric digital seal for document verification at
ID4Africa, BiometricUpdate.com
Jun 2019
QuickLogic Announces Proposed Public Offering of Common Stock,
PR Newswire
Jun 2019
Achronix turns to UK for on-die temperature sensing, Electronics
Weekly

Contents
Feed Summary
Investment Trend
Key Markets
Exit Outlook
Investors
News
Appendix
105
Explore more on Tracxn Platform
Index of Top companies by Market
Funded Deadpooled Companies

Explore more on Tracxn Platform
107
Companies
Companies Covered
Unicorns
Public Companies
Acquired Companies
Funded Companies
Investment Trends
Recent Investments
Mega Investments
Investment Trend
Markets
BlueBox
Taxonomy
News
Key News
Recent News
Company Stage
Seed Funded
Early Stage (Series A/B)
Late Stage (Series C+)
Acqui-hires
Deadpooled
Investors Acquirers
Unicorn Investors
Most Active VC &PE Investors
Portfolio of Top Investor
Most Active Acquirer
Embedded Systems > Appendix > Explore Sector on Tracxn Platform

Index of IPOs, Acquisitions, Unicorns, Soonicorns, Minicorns and Editor Picks in Embedded Systems
Index of Top companies by Market (1/9)
108
Embedded Systems > Appendix > Index of Top companies by Market
Hardware and Software Codesigning
EQT Ventures, Merus Capital, Seed Fonds Aachen
Hardware Designing
Bluespec (2003, Framingham, $21.8M)
Provider of electronic design synthesis tools for
integrated circuits & FPGAs
Editor's Pick. Stage: Series C
Atlas Venture, North Bridge, Accomplice
IPO Date Apr 1999 IPO Mcap -
- ASX: ALU
Software Development
VaST Systems (1997, Sunnyvale, $24M)
Developer of virtual prototyping platform for
automotive and consumer application space
Stage: Acquired
Foundation Capital, Zenshin Capital, Allen &
Buckeridge and 1 Other Investors
GrammaTech (1988, Ithaca)
Provider of tool for static analysis of the software
code
Editor's Pick. Stage: Unfunded
QA-Systems (1996, Stuttgart)
Code testing tools for embedded software
development
Virtutech (1998, San Jose)
Provider of virtualized software development
solutions for intelligent connected systems
Vision Capital, Endeavour Vision

109
Software Development
Wind River (1981, Alameda)
Embedded, mobile software & other edge to cloud
solutions for IoT applications
Hummer Winblad Venture Partners, Verdi Capital,
Zygote Ventures
Application Development
alwaysAI (2018, Solana Beach, $4M)
Platform to build and deploy computer vision (CV)
applications for embedded devices
Editor's Pick. Stage: Series A
BlueRun Ventures, Marty Beard
Clarinox Technologies (2001, Cheltenham)
Design and manufactures embedded systems
PolyCore Software (2003, Burlingame)
Suite of tools and runtime libraries for the
semiconductor industry
IP Core
Embedded Processor
IPO Date Mar 2017 IPO Mcap -
TPE 6533
IPO Date Nov 2002 IPO Mcap $100M
NASDAQ CEVA
MIPS Computer Systems (1998, Sunnyvale)
RISC architecture processor IP for licensing
Stage: Acquired
Sigma Partners, Sutter Hill Ventures, Mayfield and 1
Other Investors

110
IP Core
Embedded FPGA
Provider of FPGA Chiplets
Soonicorn. Stage: Series C
Easton Capital, New Science Ventures, Argonaut
Partners and 4 Other Investors
Embedded Memory
Embedded non-volatile memory (eNVM)
technology IP
IPO Date Dec 2015 IPO Mcap -
TPE 3529
Embeddable Security
Dover Microsystems (2017, Boston, $12.4M)
Provider of embedded security IP solution for RISC-
based embedded system
Editor's Pick. Stage: Seed
Hyperplane Venture Capital, Draper Associates,
Qualcomm Ventures and 1 Other Investors

111
Embedded Hardware
Horizontal
Kalray (2008, Montbonnot-saint-martin, $27M)
Low power many core processors for autonomous
vehicles and data centers
IPO Date Jun 2018 IPO Mcap $112M
EPA ALKAL
VIA Technologies (2000, Taipei)
Power efficient x86 processor platforms , chipsets
and platforms
Volvere
Development Boards
Developer of processor-based solutions for use in
IPO Date - IPO Mcap -
- -
Core Processors
Tilera (2004, San Jose, $127M)
Scalable multicore embedded processor design
company
Soonicorn. Stage: Acquired
WestSummit, Comerica, Walden International and
12 Other Investors
Triscend (1998, San Jose, $67M)
Provider of configurable SoCs and micro-
controllers
Stage: Acquired
Berkeley VC International, WK Technology Fund,
Quanta Computer and 8 Other Investors
Recore Systems (2005, Enschede, $5M)
Developer of multi-core processor subsystems for
data analytics
Editor's Pick. Stage: Series B
Point-One Innovation Fund, Twente Technology
Fund, Oost NL and 1 Other Investors

112
Embedded Hardware
Core Processors
Developer of application specific network
processors
Asset Management Ventures, Asset Management
Company, Alloy Ventures and 1 Other Investors
Stage: Acquired
PointGuard Ventures, Berkeley VC International,
Oradell Capital
Field-Programmable Devices
Anadigm (2000, Mesa, $41M)
Provider of field programmable analog arrays
(FPAA)
Atlas Venture, NIF Ventures, 3i Group
Developer of low power field programmable gate
arrays
IPO Date Oct 1999 IPO Mcap $176M
NASDAQ QUIK
System on Chips
DesignArt Networks (2006, Raanana, $30M)
Programmable SoC and embedded SW, 4G
Infrastructure products
Stage: Acquired
Viola Group, Motorola Mobility, Magma Venture
Partners

113
Embedded Hardware
Memory
Developer of microcontroller ICs for storage devices
and RF components
IPO Date Jul 2005 IPO Mcap $322M
NASDAQ SIMO
Embedded Firmware
Embedded Firmware
Insyde Software (1998, Westborough)
Manufacturer of UEFI firmware solution for
Fuel Capital
Embedded Software
Operating Systems
Minoca (2013, Menlo Park)
Provider of general purpose operating systems for
embeeded systems

114
Embedded Software
Application Security
Soonicorn. Stage: Series F
Sway Ventures, Shasta Ventures, ForgePoint Capital
Diversified
Kontron (2008, Poway, $49.2M)
- -
Provides embedded computing solutions for edge
devices, intelligent gateways and cloud services.
IPO Date May 2012 IPO Mcap -
TPE 6166
BIT ETH
Internet of Things
IoT
Spark Capital, Qualcomm Ventures, Root Ventures
FoundriesIO (2017, Cambridge)
Security solution for IoT devices
Wisemont Capital

115
Infotainment
Cinemo (2008, Karlsruhe)
Embedded software solutions for vehicle
infotainment systems
Editor's Pick. Stage: Series A
Wabona, RLabs
Automotive
Silicon Mobility (2015, Sophia, $10M)
Semiconductor solutions for automotive embedded
systems
Cipio Partners, Capital E, Capital-E and 1 Other
Investors
Smart Me Up (2012, Meylan, $2.3M)
Developer of embedded computer vision solutions
Bpifrance, Kima Ventures, Wind Capital
Unmanned Aerial Vehicles
Prioria (2003, Gainesville, $13.5M)
Small & Micro UAVs for military, public safety and
commercial purposes
Minicorn. Stage: Series C
Athenian Venture Partners, Advantage Capital,
Florida Gulfshore Capital and 2 Other Investors

116
Energy
Provider of transmission infrastructure, power
products and embedded system software
- -
Healthcare
communications
Stage: Acquired

Funded Deadpooled Companies
117
Embedded Systems > Appendix > Funded Deadpooled Companies
Funding Company Location
$86M T-RAM
Semiconductor
Mountain View
$25.5M Rapport Herndon
Index of Deadpooled companies in Embedded Systems
1. Excludes all details for Chinese companies. 2. View all 3 Deadpooled companies on Tracxn Platform

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