The Internet of Things Market Overview and Proprietary Financial Intelligence. March 2013
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1 1 The Internet of Things Market Overview and Proprietary Financial Intelligence March 2013
2 SVB ANALYTICS PROVIDES STRATEGIC ADVISORY, RESEARCH, AND VALUATION SERVICES TO THE VENTURE CAPITAL ECOSYSTEM SVB Analytics' strategic advisory service provides investors and entrepreneurs with valuation expertise to ensure a more accurate, grounded assessment of a company's value in support of acquisitions, mergers, investments, and other strategic financing activities. The key strength of SVB Analytics strategic advisory service is a proprietary database of critical financial data and analytics that allows us to provide unique, ahead-of-the-curve intelligence that empower companies and investors with strategies for innovation and growth. SVB Analytics strategic advisory service offers the following suite of services: Market Research and Intelligence: Timely proprietary qualitative and quantitative research on the most relevant data that can be customized and presented in standard investment committee formats. Business Valuations: Expert valuations in support of strategic transactions for both investors and entrepreneurs. Portfolio Monitoring, Measurement and Reporting: Complete assessment of investor portfolio performance. Approval Process Support: Expedite deal negotiations with objective support. Relationships: Access to a deep network of valuation professionals, entrepreneurs, and investors. For over 30 years, SVB has been at the center of the venture capital world, reviewing business models and providing valuation services to thousands of early-stage disruptive companies. Because of this, SVB Analytics strategic advisory service has access to unique data that allows us to make both grounded valuations of companies, and forecasts of new markets that help investors evaluate opportunities with leading early-stage businesses. SVB Analytics offers investors proprietary analytics and valuation experience not available by any other research service.
3 EXECUTIVE SUMMARY Advancements in technology have created a renaissance for the Internet of Things. Specific sub-sectors show promise, but significant technological hurdles still remain to realize the holistic vision. PAGE 11 PAGE 14 Dissonance exists between products and services that large tech companies are pushing and where strong growth is observed. Innovation capital providers continue to be skeptical until quantifiable benefits exist beyond a promise of widespread benefits to society. PAGE 21
4 Table of Contents Overview of the Internet of Things 6 The Internet of Things in What has changed Case Study in Apparel 11 Advancements Powering IoT v2 Financing the Internet of Things 20 VC Market Dynamics Affecting IoT 22 IoT investments Who and How Much 24 Revenue Growth and Value Progression 12 Challenges Facing IoT v2 Market Forces at Work 14 Push vs. Pull A Clear Business Case 15 Relative Overall Performance of IoT Companies 16 Sales Trends of IoT Companies by Size Niche Performance Mapping 27 Internet of Things Segmentation 28 Enablement Spotlight & Analysis 34 Connected Healthcare Spotlight & Analysis 37 Energy Efficiency Spotlight & Analysis Summary and Key Takeaways Definitions
5 Table of Contents Overview of the Internet of Things 6 The Internet of Things in What has changed Case Study in Apparel 11 Advancements Powering IoT v2 Financing the Internet of Things 20 VC Market Dynamics Affecting IoT 22 IoT investments Who and How Much 24 Revenue Growth and Value Progression 12 Challenges Facing IoT v2 Market Forces at Work 14 Push vs. Pull A Clear Business Case 15 Relative Overall Performance of IoT Companies 16 Sales Trends of IoT Companies by Size Niche Performance Mapping 27 Internet of Things Segmentation 28 Enablement Spotlight & Analysis 34 Connected Healthcare Spotlight & Analysis 37 Energy Efficiency Spotlight & Analysis Summary and Key Takeaways Definitions
6 06 What is the Internet of Things in 2013? The Internet of Things is not an industry. It is an umbrella term encapsulating a collection of interrelated industries. Each sub-industry has its own stakeholders, value chains, and economics, and therefore each must be evaluated individually. The Internet of Things is also the buzz word of 2013 in the tech media, Kickstarter world (the Quantified Self ), and of large technology companies worldwide. Qualcomm CEO Paul Jacobs at CES 2013, courtesy of TheVerge
7 07 Internet of Things (IoT) v.2 Re MIT coins the term RFID to bring about a ubiquitously connected world by Version 2 of IoT re-emerges at the top of large enterprises key strategic initiatives, expectations peaking What happened to IoT v.1? It is important to take into account that the Internet of Things is a concept invented by academics, and not a response to any expressed market need. - Bob Williams, Synthesis Journal, 2008
8 08 What has changed in IoT? Successful IoT v1 Emerging IoT v2 M2M Communications Consumer and Quantified Self Wireless Patient Monitoring Energy Management Fleet Management and Asset Tracking Mass Enablement Technologies An Internet of Some Things Primarily enterprise-class, dedicated hosting, high investment, ROI-driven solutions. An Internet of More Things A new class of tools and solutions driven by decreasing hardware prices and cloud infrastructure.
9 09 Case Study Apparel Industry IoT V1 Linear, one-dimensional information flow Static Data Points Focus on improving logistics Limited or no feedback to marketing/sales, design teams
10 10 Case Study Apparel Industry IoT V2 Complex, multi-dimensional information flow Dynamic, rich data points collected at many points in the distribution channel Real time data collection and analytics allowing agile product design and product improvements Greatly enhanced product mix, market segment targeting and better customer experience
11 11 Advancements Powering IoT v2 Key Convergences Moore s Law Decreasing Prices of Wireless Sensors, Hardware, Storage and Compute Resources Smaller, more diverse, and powerful chips Metcalfe s Law Penetration of smart phones and tablets Public, Private, and Hybrid Cloudbased architectures and resources Wireless Connectivity Technologies (3G/4G/LTE, WiFi, ZigBee, Bluetooth) Ultra-low power Micro-controller Units (MCUs) Internet of Things A confluence of technologies have been key drivers advancing the Internet of Things Big Data Analytics Exploding volume of data Cloud storage systems are dated Converting data into actionable intelligence Controlling decisions, optimizing resources, lowering uncertainty in real time
12 12 Challenges Facing IoT v2 Phasing out of 2G spectrum Fragmentation of Wireless Communication Standards Battery technologies and alternative power sources (solar, motion, vibration, temperature) Software architectures and APIs Costs to retro-fit current generation things Master ontology to facilitate inter-device communication A new Wireless Intelligence report estimates more than 200 LTE networks will have launched around the world by That s great news, but they ll use 38 different frequencies. - Kevin C. Tofel, GigaOm (December 2011)
13 Table of Contents Overview of the Internet of Things 6 The Internet of Things in What has changed Case Study in Apparel 11 Advancements Powering IoT v2 Financing the Internet of Things 20 VC Market Dynamics Affecting IoT 22 IoT investments Who and How Much 24 Revenue Growth and Value Progression 12 Challenges Facing IoT v2 Market Forces at Work 14 Push vs. Pull A Clear Business Case 15 Relative Overall Performance of IoT Companies 16 Sales Trends of IoT Companies by Size Niche Performance Mapping 27 Internet of Things Segmentation 28 Enablement Spotlight & Analysis 34 Connected Healthcare Spotlight & Analysis 37 Energy Efficiency Spotlight & Analysis Summary and Key Takeaways Definitions
14 14 Push vs. Pull A Clear Business Case Large Tech Buyers are Pulling through: Push demand for products Low Cost, High Utility High Need, High ROI Mobile Operators Push demand for services Large, and frequently slow growth, enterprises have been the main drivers of IoT use cases. Particularly around the connected home, investments in marketing the future have failed to drive widespread consumer demand for those services. Conversely, innovation in Healthcare IT and Energy Management has come directly from the VC-backed market, and in response to buyer-driven business cases.
15 15 Relative Overall Performance IoT companies struggle at the early stages relative to a broad index of same-size peers Sales Growth Relative to SVB Universe 0.50% 0.00% -0.50% -1.00% -1.50% -2.00% 0.22% -0.48% 0.43% IoT companies with less than $10M in revenue underperform relative to a broad peer group. However, companies with more than $10M in revenue outperform their peers. This can be seen in the progression of comparable sales growth from the sub- $1.5M sales growth segment to the large, over $10M segment % -3.00% -2.75% All IoT Sub $1.5 mil $1.5 to $10 mil Over $10 mil n=14 Median Sales: $403k n=17 Median Sales: $4.24M n=12 Median Sales: $13.9M SOURCE SVB Analytics
16 16 Small IoT Net Sales Less Than $1.5M Viral Growth is observed REVENUE/EXPENSE GROWTH (ANNUALIZED %) Revenue (67.3%) COGS (76.9%) Operating Expenses (28.1%) Viability Ratio (1.95) Small IoT companies are able to grow revenues faster then their sales and marketing spending. This ability to grow revenues faster than their operating expenses is an indication of viral growth. However, given their small sales volume, these companies lack economies of scale and struggle to keep their production costs (COGS) in check. As such, we observe high fixed costs relative to net revenue. VIABILITY RATIO CHANGE INNETREVENUE CHANGE INOPERATING EXPENSES 0.50 Q1.10 Q2.10 Q3.10 Q4.10 Q1.11 Q2.11 Q3.11 Q4.11 Q1.12 Q2.12 Q3.12 SOURCE SVB Analytics n=14 Median Sales: $403k
17 17 Medium IoT Net Sales Between $1.5M and $10M Viral Growth Slows, Acquisition Costs Accelerate REVENUE/EXPENSE GROWTH (ANNUALIZED %) Revenue (14.2%) COGS (22.8%) Operating Expenses (6.6%) Viability Ratio (1.19) As they grow, revenues at IoT companies continue to outpace sales and marketing spending (as tracked by their operating expenses), exhibiting slower, yet still present organic growth. However, the widening gap between Revenue growth and COGS growth indicates trouble scaling from early-adopters to a wider customer base VIABILITY RATIO CHANGE INNETREVENUE CHANGE INOPERATING EXPENSES 0.50 Q1.10 Q2.10 Q3.10 Q4.10 Q1.11 Q2.11 Q3.11 Q4.11 Q1.12 Q2.12 Q3.12 SOURCE SVB Analytics n=17 Median Sales: $4.24M
18 18 Large IoT Net Sales Greater Than $10M Scale is Achieved REVENUE/EXPENSE GROWTH (ANNUALIZED %) Revenue (23.3%) COGS (17.3%) Operating Expenses (11.6%) Viability Ratio (1.28) As IoT companies achieve size and scale, revenue growth not only outstrips sales and marketing costs, but also production costs (i.e. COGS growth). In contrast to smaller companies, large companies operating expenses begin to be affected by the scale of revenues As can be observed in all three revenue buckets, IoT companies exhibit the ability to grow revenues without excessive investments in sales and marketing expenses.. VIABILITY RATIO Q1.10 Q2.10 Q3.10 Q4.10 Q1.11 Q2.11 Q3.11 Q4.11 Q1.12 Q2.12 Q3.12 CHANGE INNETREVENUE CHANGE INOPERATING EXPENSES SOURCE SVB Analytics n=12 Median Sales: $13.9M
19 Table of Contents Overview of the Internet of Things 6 The Internet of Things in What has changed Case Study in Apparel 11 Advancements Powering IoT v2 Financing the Internet of Things 20 VC Market Dynamics Affecting IoT 22 IoT investments Who and How Much 24 Revenue Growth and Value Progression 12 Challenges Facing IoT v2 Market Forces at Work 14 Push vs. Pull A Clear Business Case 15 Relative Overall Performance of IoT Companies 16 Sales Trends of IoT Companies by Size Niche Performance Mapping 27 Internet of Things Segmentation 28 Enablement Spotlight & Analysis 34 Connected Healthcare Spotlight & Analysis 37 Energy Efficiency Spotlight & Analysis Summary and Key Takeaways Definitions
20 20 VC Market Dynamics Affecting IoT The Series A Crunch Declining Venture Capital Investment Venture Dollars Raised Fall 27% Below 15-Year Trailing Median Tomasz Tunguz July 22nd, 2012 There are more angel/seed funded companies than institutional dollars available to continue to fund them.
21 21 Does a Series A Crunch affect IoT disproportionately? Series C 30% IoT Companies by Round of Funding Series D 11% Series A 30% Estimates of Silicon Valley Bank s market share in the VC-backed market exceed 50% in the US. A review of identified IoT companies shows an even distribution by stage of development between Series A, B, and C. However, IoT companies as a % of SVB s total client base is small (~3%), indicating an overall lack of VC enthusiasm for the space thus far. An important thing to note, SVB s portfolio does not cover a majority of the angel-backed market (or Seed stage companies). Activity in IoT at the Seed stage is high, but most products being developed are not venture fundable. Series B 28% SOURCE SVB Analytics
22 22 Who is investing in IoT? Investor Types and Round Preference INVESTOR ACTIVITY Strategic Angels/Individuals VC 50% 32% 30% 11% 30% FUNDING DISTRIBUTION Series A Series B Series C 18% 28% Series D The ratio of Strategic-to-VC (excluding angels) is higher in IoT than other sectors. This further illustrates the strategic imperative for large enterprises to create a market for IoTrelated products and services. The even distribution between Series A, Series B, and Series C supports the view of two iterations of IoT, and that certain sub-industries have progressed from product development to productmarket fit. Notable VCs include KPCB, DAG, Khosla, Lighthouse, and NEA. Notable Strategic Investors include Intel, BestBuy, Cisco, and Comcast. SOURCE SVB Analytics
23 23 How much are VCs investing? Total Invested Capital Median Round Size $US Millions $50 $45 $40 $35 $30 $25 $20 $15 $10 $5 $0 $6 $6 $18 $12 $11 $29 $18 $47 Important Note: Series A in SVB databases refers to institutional VC rounds. Angel rounds are considered to be Seed rounds. To get a product to market and successfully expand (Series C and beyond), it takes, on average, $30M+ in total invested capital. Given some of the quick hits in recent years (e.g. Instagram), IoT factors such as hardware development, inventory management, long sales cycles, and/or slower than expected up-take may explain the lack of investment activity. SOURCE SVB Analytics
24 24 Revenue by Stage of Development $25 Median Revenue at Financing $US Millions $20 $15 $10 Lucrative for those that execute (survivorship from Series C to Series D) $21.8 Revenue progression from Series B to Series C indicates that many mid-stage IoT companies experience trouble creating rapid growth. Successful Series C companies take invested capital and fuel strong growth going into their Series D rounds. There are much fewer Series D companies than Series C, indicating that winners and losers separate at this stage of development. $5 Traction challenges Unfortunately, the cost to get an IoT company through its Series C financing is high (~ $30m). $0 $0.1 $4.7 $6.1 SOURCE SVB Analytics
25 25 Value Progression Up-Rounds Flat Rounds Down Rounds 80% 70% 60% 50% 40% 30% 20% 10% 0% 60% 23% 17% 53% 11% 37% 75% 25% 0% 75% of Series D rounds are at higher valuations than the Series C The relatively higher proportion of down-rounds at the Series C financing again highlights the growth challenges mid-stage companies face. Average step-up 200% 150% 157% Those that successfully execute are rewarded with higher valuations in the Series D round. Average step-down 100% 50% 0% 58% 23% 0% -50% -100% -45% -45% SOURCE SVB Analytics
26 Table of Contents Overview of the Internet of Things 6 The Internet of Things in What has changed Case Study in Apparel 11 Advancements Powering IoT v2 Financing the Internet of Things 20 VC Market Dynamics Affecting IoT 22 IoT investments Who and How Much 24 Revenue Growth and Value Progression 12 Challenges Facing IoT v2 Market Forces at Work 14 Push vs. Pull A Clear Business Case 15 Relative Overall Performance of IoT Companies 16 Sales Trends of IoT Companies by Size Niche Performance Mapping 27 Internet of Things Segmentation 28 Enablement Spotlight & Analysis 34 Connected Healthcare Spotlight & Analysis 37 Energy Efficiency Spotlight & Analysis Summary and Key Takeaways Definitions
27 27 Internet of Things Segmentation Communication Connected Healthcare Enablement Energy and Environment Enterprise and IT Heavy Industry Retail and Commerce Security and Safety Smart Buildings Transportation and Logistics Backhaul Data Transfer Remote Monitoring Telehealth Toolkits Cloud Services Water Sensor Smart Meter/Utilities Data Center Monitoring MDM Process Control Petro-Chemical Location-based Commerce Emergency Response Data Privacy Automation Energy Management Supply Chain Management Asset Tracking Distribution of SVB IoT Companies 35% 30% 25% 20% 15% 10% 5% 0% Communication Connected Healthcare Enablement Energy and Environment Enterprise and IT Heavy Industry Retail and Commerce Security and Safety Smart Buildings Transportation and Logistics SOURCE SVB Analytics
28 28 Niche Spotlight Enablement Source: ZTE Technologies - Opportunities, Challenges and Practices of the Internet of Things [2010] Software Hardware The Brains Software enables underlying M2M interactions,creating a unifying experience across platforms Maximizes the limits of the operating environment through intelligent, robust and lean software Increasing focus on an information and decision-based world delivered through apps The Sensory Network The majority of connected devices in IoT are located at the last inch of the network Bridging the gap between access networks such as the internet or utility networks to a localized home area network or sensor nodes
29 29 Spotlight: Enabling the Internet of Things Hardware Enabling late-stage consumer-facing product development 1. Interoperability through Standardized Protocols Uniformity across frequencies, communications protocols Minimize device, node and band fragmentation TCP/IP support along the communications channel Software Empowering IoT end-to-end and unifying user experience 1. Single Control Interface Creating rich, cross-platform native experiences across connected devices 2. Superior Power Efficiency Ability to operate for months/years on low power sources Ability to harvest energy from environment 2. App-Platform Consolidation Build out application-development environments spanning multiple devices Enable development of consumer electronics devices tablets, smartphones, set-top boxes, social TV, in-car entertainment 3. Ease of Installation/Deployment : Consumer-facing devices with negligible capacity for user error, ease of installation in a host of environments Developer-facing devices with ease of developing and deploying firmware updates, design, debug and optimize 3. Optimize Cloud Based Service Deployments Developing smart software for tracking, situational awareness, decision analytics, resource and process optimization all deployed and controlled through the cloud Enhanced network optimization for content delivery
30 30 Niche Analysis Enablement Organic growth observed REVENUE/EXPENSE GROWTH (ANNUALIZED %) Revenue (27.3%) COGS (27.4%) Operating Expenses (18.7%) IoT enablement technologies are the base upon which all other IoT products are built, and this dependence is reflected in the robust sales growth. However, strong organic growth is matched with increasing COGS and operating expenses. Viability Ratio (1.07) VIABILITY RATIO Q1.10 Q2.10 Q3.10 Q4.10 Q1.11 Q2.11 Q3.11 Q4.11 Q1.12 Q2.12 Q3.12 CHANGE INNETREVENUE Distribution of Companies in this Niche CHANGE INOPERATING EXPENSES SOURCE SVB Analytics Sub $1.5 $1.5 to $10 Over $10
31 31 Enablement Software REVENUE/EXPENSE GROWTH (ANNUALIZED %) Revenue (44.0%) COGS (51.1%) Operating Expenses (26.9%) Viability Ratio (1.14) Organic growth observed Much of the current excitement in the IoT enablement space is driven by advancements in Big Data. The Cloud links sensors, networks, people and applications, allowing for the analysis of big data. Software revenue models allow for fast scaling after high initial investments in R&D VIABILITY RATIO Q1.10 Q2.10 Q3.10 Q4.10 Q1.11 Q2.11 Q3.11 Q4.11 Q1.12 Q2.12 Q3.12 CHANGE INNETREVENUE Distribution of Companies in this Niche CHANGE INOPERATING EXPENSES SOURCE SVB Analytics Sub $1.5 $1.5 to $10 Over $10
32 32 Enablement Mobile Devices Falling hardware prices REVENUE/EXPENSE GROWTH (ANNUALIZED %) Revenue (-7.5%) COGS (3.7%) Operating Expenses (-7.6%) The prices of mobile enablement devices have continued to fall, resulting in decreased revenue levels. Production costs for these companies have risen modestly, but have been offset by proactive management of operating expenses. Viability Ratio (1.00) VIABILITY RATIO Q1.10 Q2.10 Q3.10 Q4.10 Q1.11 Q2.11 Q3.11 Q4.11 Q1.12 Q2.12 Q3.12 CHANGE INNETREVENUE Distribution of Companies in this Niche CHANGE INOPERATING EXPENSES SOURCE SVB Analytics Sub $1.5 $1.5 to $10 Over $10
33 33 Company Spotlights Enablement Hardware Software Overview Founded in 2011, Electric Imp is developing Imp, a platform that leverages Wi-Fi and cloud technologies to connect everyday electrical devices to the internet. Imp-enabled devices can be accessed through the web or mobile devices using Electric Imp s application or other third-party applications. The Imp chip will be available as a user-installable card integrated with a processor and Wi-Fi capability. The chip can automatically recognize the device in which it is inserted to retrieve software required to operate the device. Value Proposition To Developers: - Open Imp API, which connects to most Web services, servers and applications. - Web-based IDE maintains software and pushes new features instantly. To Manufacturers: - Pre-built scalable, reliable and secure connectivity solution. - Design, test and deploy network integration into unconventional devices. Overview Founded in 2000, UIEvolution provides the UIEngine platform, tool suite, and specialized services to support real-time data application services, rich storefront clients, multimedia applications, casual games, and device/service User Interfaces (UIs) to a large number of devices and wireless/broadband users. UIEvolution employs both a traditional packaged software delivery model and an SaaS-based delivery model for its products. Value Proposition To Developers: - Write-once application logic that adapts to many native platforms and adapts itself to different screen types. To Manufacturers/Businesses: - The connected car vertical is very promising from audio today to enhanced driving and increased safety in the future - Creates seamless rich, cross-platform native user experience on multiple platforms across multiple platforms. - Integrate back end services: takes your existing Enterprise web services and optimizes them to work better with your mobile applications. - Diverse App Management: easily modify the content of applications across diverse platforms and screens.
34 34 Niche Spotlight Connected Health A Clear Business Case: Demographic changes leading to an increasing target market Rapid decrease in size and cost of devices Federally mandated readmission penalties leading to increased provider demand for telehealth and remote patient monitoring solutions Gradual shift in payer framework to accountable care organizations resulting in greater reimbursement for connected healthcare solutions US Department of Health and Human Services launching the Health Data Initiative which provides greater amounts of health data in more usable formats While the focus of funding has been in the Health Information Management [HIM] category, which covers technologies on the Healthcare Practice side, there is significant investment and funding going into companies that engage the consumers like mobile health, telehealth, personal health and social health Mercom Capital Group HIT 2012 Annual Funding and M&A Report Risks & Challenges: Long sales cycles associated with selling into healthcare markets lead to delays in successful product commercialization Complex regulatory requirements associated with healthcare devices that many technology entrepreneurs are unfamiliar with leading to product delays Security and privacy concerns related to the data generated by wireless devices lead to delayed customer acceptance Lack of standards leads to fragmented solutions, inability to scale efficiently Source: Perficient.com
35 35 Niche Analysis Connected Health Modest growth, lack of scale REVENUE/EXPENSE GROWTH (ANNUALIZED %) Revenue (11.5%) COGS (27.4%) Operating Expenses (5.0%) IoT companies developing patient monitoring products are seeing solid fundamental consumer demand for their products. However, companies in this niche tend to be relatively small (less than $10 million in sales), resulting in higher COGS growth due to a lack of scale. Viability Ratio (1.06) VIABILITY RATIO Q1.10 Q2.10 Q3.10 Q4.10 Q1.11 Q2.11 Q3.11 Q4.11 Q1.12 Q2.12 Q3.12 CHANGE INNETREVENUE Distribution of Companies in this Niche CHANGE INOPERATING EXPENSES SOURCE SVB Analytics Sub $1.5 $1.5 to $10 Over $10
36 36 Company Spotlight Connected Health Overview Founded in 2003, Healthsense is a Minnesota-based company providing technology-enabled care solutions for the entire senior care continuum. Healthsense has its platform in over 100 senior living communities serving approximately 10,000 seniors. Full suite of WiFi enabled products for remote monitoring, nurse calling, emergency response, and wellness management. Healthsense plans to offer their products and services to all at-home care customers Value Proposition Aging demographic yields large and growing market for senior care. PPACA (Obamacare) expected to increase incentives and financing options for assisted living programs. Medicare and Medicaid incentives driving more long-term preventative care spending. Potential to be a key provider of highly valuable data and services. Partnerships with strong partners such as Verizon, Sodexo, as well as NIH. ROI benefits of a single standards-based platform solution.
37 37 Niche Spotlight Energy Efficiency in the Home Current State of the Smart Energy Home: Smart Energy technologies employ two primary approaches to reducing peak demand: Energy Efficiency: Cutting unnecessary energy consumption, such as plug-load waste and vacant home temperature control. Load Management: Shifting energy consumption away from peak demand times, optimizing utility generating capacity. Energy efficiency models are already prevalent in the Smart Energy Home they enable real-time energy use monitoring, remote control of devices and appliances, and aggregate consumption data and trends for better informed decision making. Load management is critical to reducing peak energy demand, but requires residential customers to know the current price of electricity, and be charged dynamically as opposed to a flat-rate. Installing smart meters, digital meters which enable two-way communication, is the first step a utility can make towards enabling the Smart Energy Home. Risks & Challenges: Metering: Legacy meters must be overhauled to enable two-way communication of real-time electricity pricing based on peak demand. End Use: Residential energy consumption is fragmented over several dozen enduses, each contributing differently to a user s energy bill. Affordability: Broad consumer adoption requires technologies to be priced to provide user s with a reasonable rate of return on their energy expenses. Security & Privacy: Devices and technologies must be transparent about what information is collected and communicated, and for what purpose. Source: geappliances.com
38 38 Niche Analysis Energy Efficiency Organic growth observed REVENUE/EXPENSE GROWTH (ANNUALIZED %) Revenue (71.4%) COGS (50.5%) Operating Expenses (10.0%) Viability Ratio (1.56) IoT companies focused on developing products for improving energy efficiency are performing exceedingly well. Revenue growth well exceeds increases in both COGS and operating expenses. Benefits from improving energy is easily quantifiable, making the case for the adoption of products easy to justify. For example, smart meters for various utilities, such as electric, natural gas and water, have proven their value in reducing waste and improving bottom lines VIABILITY RATIO Q1.10 Q2.10 Q3.10 Q4.10 Q1.11 Q2.11 Q3.11 Q4.11 Q1.12 Q2.12 Q3.12 CHANGE INNETREVENUE Distribution of Companies in this Niche CHANGE INOPERATING EXPENSES SOURCE SVB Analytics Sub $1.5 $1.5 to $10 Over $10
39 39 Company Spotlight Energy Efficiency Overview Founded in 2008, ThinkEco is a New York City-based company developing easy-touse energy efficiency solutions for homes and businesses. Its flagship product, the Modlet short for modern outlet is a hardware-software solution for saving money and energy on plug loads, both at home and in the office. The Modlet plugs directly into any standard outlet and communicates wirelessly to a user s internet connected computer, allowing users to: Monitor real-time energy consumption; Remotely control plugged-in devices via the web or smartphone; and Set schedules for controlling plugged-in devices. Internet of Things The Modlet enables remote control and connectivity to virtually any appliance that plugs into a standard outlet. Through the use of proprietary algorithms, the Modlet software helps detect when electronic devices are unused and turns them off at the source. Clear Value Proposition Prevention of plug-load waste, the fastest growing segment of commercial energy use. 6-8 month payback period, reducing home energy use by 6-10%.
40 Table of Contents Overview of the Internet of Things 6 The Internet of Things in What has changed Case Study in Apparel 11 Advancements Powering IoT v2 Financing the Internet of Things 20 VC Market Dynamics Affecting IoT 22 IoT investments Who and How Much 24 Revenue Growth and Value Progression 12 Challenges Facing IoT v2 Market Forces at Work 14 Push vs. Pull A Clear Business Case 15 Relative Overall Performance of IoT Companies 16 Sales Trends of IoT Companies by Size Niche Performance Mapping 27 Internet of Things Segmentation 28 Enablement Spotlight & Analysis 34 Connected Healthcare Spotlight & Analysis 37 Energy Efficiency Spotlight & Analysis Summary and Key Takeaways Definitions
41 41 Summary and Key Takeaways Despite the attention being paid to the Internet of Things by large tech companies and media, there remain significant financial and technical hurdles to overcome. Compelling use cases have not, so far, translated directly into viable business cases, with the exceptions of Healthcare IT, Energy Efficiency, and Enablement technologies. Venture Capital, and in turn, venture-backed companies, fuel innovation and disruption. However, the future of the VC industry, and the thousands of seed-stage companies needing funding, is uncertain. Internet of Things companies appear to be starting strong out of the gates financially, but fight strong headwinds as they attempt to scale their businesses. Internet of Things offers the promise of enormous socio-economic benefits, but the providers of innovation capital will continue to proceed cautiously until use cases evolve into compelling business cases
42 42 Definitions Term API CES COGS IoT M2M MDM Metcalfe's Law Moore's Law Organic Sales RFID ROI Definition Application Programming Interface Consumer Electronics Show Cost of Goods Sold Internet of Things Machine to machine Mobile Device Management The value of a network is equal to the square of the number of devices connected to it The number of transistors on integrated circuits doubles approximately every two years Growth that comes from existing customers, word of mouth, and viral sources, versus from increased sales and marketing efforts Radio frequency identification Return on Investment
43 43 Definitions (continued) Term SaaS Step up SVB WSN Definition Software as a Service Refers to the percentage increase in the original issuance price of the preferred securities between two rounds of financing Silicon Valley Bank Wireless Sensor Network
44 44 SVB Experts: Biographies Russ MacTough Head of Advisory Services Russ MacTough leads SVB Analytics Advisory Services practice and is the firm s Technology Sector Lead. His background mixes both hosted application development and deep valuation and strategy expertise. rmactough@svb.com Tony Yeh Managing Director of Research Tony D. Yeh oversees proprietary research on emerging company strategy, operations and valuation that is used for advising company management and venture investors on issues of investment allocation, capital optimization, and sector/segment viability. tyeh@svb.com Vincent Timoney Director of Sales Vince Timoney is the Director of Sales for SVB Analytics and leads the sales effort for Valuations and Strategic Advisory Services. Vince has been with SVB Analytics since 2008 and previously served in client support and business development roles. vtimoney@svb.com Acknowledgements to the SVB Analytics team: Dan Zaelit Paul Schroeder Steven Kakowski Sean Lawson Amrit Sareen
45 45 SVB Analytics 555 Mission Street, Suite 900 San Francisco, California This material, including without limitation the statistical information herein, is provided for informational purposes only. The material is based in part upon information from third-party sources that we believe to be reliable, but which has not been independently verified by SVB Financial Group and, as such, we do not represent that the information is accurate or complete. The information should not be viewed as tax, investment, legal or other advice nor is it to be relied on in making an investment or other decisions. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation or offer to acquire or dispose of any investment or transaction SVB Financial Group. All rights reserved. Member Federal Reserve System. SVB>, SVB>Find a way, SVB Financial Group, and Silicon Valley Bank are registered trademarks. SVB Analytics is a member of SVB Financial Group and a non-bank affiliate of Silicon Valley Bank. Products and services offered by SVB Analytics are not FDIC insured and are not deposits or other obligations of Silicon Valley Bank. SVB Analytics does not provide tax or legal advice. Please consult your tax or legal advisors for such guidance. Rev
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