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Cradlepoint secures $89M in funding for software and new product initiatives

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Cradlepoint Secures $89 Million in Series C Funding Led by TCV to Deliver Next Generation Network Solutions for Enterprises Embracing Digital Transformation

Growth-stage Investment to Fuel Cradlepoint’s Continued Growth and Expand Product Initiatives in SDN, 5G Wireless Broadband, and Enterprise IoT

BOISE, Idaho – March 9, 2017 – Cradlepoint, the global leader in cloud-based network solutions for connecting people, places, and things over wired and wireless broadband, today announced it has closed $89 million in Series C funding. The round was led by TCV, a leading provider of capital to growth-stage private and public companies in the technology industry. Cradlepoint will use these funds to drive continued growth and further capitalize on the disruption in the enterprise wide area networking market as the result of Digital Transformation (the digitization of every business process and interaction). This includes expanding product initiatives in Software-Defined Networking (SDN), advanced 4G and 5G wireless connectivity, and enterprise Internet of Things (IoT).

In connection with the financing, Ted Coons, General Partner at TCV, and Doug Gilstrap, Venture Partner at TCV, have joined Cradlepoint’s board of directors.

The Cradlepoint investment continues TCV’s legacy of investing in sector-leading companies, such as Netflix, GoDaddy, ExactTarget, Redback Networks, and Splunk. With over 15,000 customers and 1.5 million units deployed to date worldwide, and having achieved an over 40 percent compound aggregate growth rate (CAGR) for the last three years, Cradlepoint is the leading provider of 4G LTE network solutions for enterprises, governments, and mobile operators. The company’s diverse customer base includes 50 percent of Fortune 100, 75 percent of the world’s top retailers, and 25 of the largest US cities.

“Cradlepoint has established a strong foundation as the leader in cloud-managed 4G LTE network solutions,” said George Mulhern, CEO of Cradlepoint. “The investment by TCV, and their experience in guiding disruptive companies, will allow us to build on this foundation to capitalize on the opportunity in front of us as digital transformation drives WAN transformation. SDN, 4G/5G wireless broadband, mobile networking and IoT technologies will all play a pivotal role in the new connected enterprise, and we are well-positioned to lead the way.”

Digital transformation is accelerating cloud, mobile and IoT adoption — giving rise to the Connected Enterprise, putting greater emphasis on the wide area network (WAN). According to a report by IDC, the burgeoning market for SDN in the WAN (SD-WAN) is projected to reach $12.5 billion by 2020, spurred on by the need for more agile, automated and available networks and a direct result of digital transformation.

“With roots in enterprise-grade 4G LTE, hardware solutions that span branch, vehicle and IoT use cases, integrated with powerful software that enables remote management and network control, Cradlepoint has the technology and momentum to be a major player in the next generation of enterprise WANs,” stated Ted Coons, General Partner at TCV. “A clear technological advantage combined with market leadership and the ability to innovate are key attributes of companies that we choose to partner with, and we are delighted to support the Cradlepoint team as they continue on their growth path.”

“By 2020, the number of people, vehicles, and things connected to the enterprise network will start to dwarf fixed branch sites,” stated Eric Hanselman, chief analyst at 451 Research. “This dramatic shift in the volume and variety of connections will force the enterprise WAN to become more cloud-orchestrated, software-defined, and wirelessly connected and has already started to usher in an entirely new network security model. With this investment by TCV, Cradlepoint now has the potential to become a major player in wide-area networking for the connected enterprise.”

Source: Cradlepoint

Wireless Networking Expands Possibilities for Smart Cities & Smart Communities

Smart Cities Buildings Management

Sensors & the IoT Spark Cost-Efficiency Opportunities for Public Sector Organizations

Local government is a 24/7 enterprise. Constantly changing dynamics and daily emergencies have always put pressure on city governments to be both nimble and cost-efficient. In the digital age, citizens expect cities to respond to their needs and mandates even quicker than before, and they want to be able to access city services conveniently — whenever and wherever. Of course, citizens also still expect cities to make the most of their tax dollars.

Cradlepoint Smart Cities expert, Ken Hosac, VP of Business Development, to:

  • Highlight some of the most impactful Smart City applications,
  • Discuss where the Smart City movement is headed,
  • And offer insight into how wireless and software-defined networking (SDN) help cities address their communities’ changing needs.

What exactly is a Smart City?

“It’s the idea that technology and innovation and collaboration can improve the quality of life of citizens and the well-being of its businesses; cities that are smart take advantage of that,” says Hosac. Smart Cities are utilizing the cloud and the Internet of Things. In fact, Gartner reports that more than a billion Internet of Things devices are installed in Smart Cities worldwide, and that number is projected to more than double by 2017.

“Most cities are becoming incrementally smarter all the time. You might not notice it on a day-to-day basis, but over time you see a big difference,” notes Hosac.

Popular Smart City Technologies

Public Transit: Currently, the most widely enjoyed Smart City technologies often revolve around in-vehicle connectivity. For example, many cities are using 4G LTE connectivity to provide WiFi on public transit, in order to attract greater ridership, says Hosac.

Public Safety: Many law enforcement agencies also have come to rely on wireless in-vehicle connectivity. Increased police scrutiny and a growing demand for transparency is motivating law enforcement agencies to implement body-worn and dash cameras to give the public greater oversight of their activities. “We’re seeing that not just here in the United States, but in Europe and Africa as well,” notes Hosac.

With wireless in-vehicle Internet, officers can upload footage to the cloud, stream in real time, and file reports — all without having to make an extra trip to headquarters. Less time performing administrative tasks back at the station means more time for community policing.

Emerging Applications

Pop-Up Networks: A few cities are utilizing wireless Internet to provide temporary connectivity during elections. The Board of Elections can quickly set up a wireless “pop-up” network just for Election Day, and voters use computers (which can also produce a paper ballot to guard against potential tampering) to cast their votes.

Voters enjoy the convenience and faster reporting of results, while the city benefits from a more efficient elections process.

Data Analytics: Emerging Smart City applications will allow cities to better gather and leverage real-time data. “It’s not mainstream yet,” says Hosac, but in the near future, many cities will, for example, “have sensors in trash Dumpsters that can tell how full the Dumpster is, and combine that information with temperature measurements to help cities determine which Dumpsters to empty each day.” Applications like this will allow cities to save money by limiting energy/fuel expenditures and personnel hours needed to deliver vital city services.

Smart Parking: Smart parking is another application with a promising future. Cities seeking to limit the traffic and pollution impact of drivers endlessly searching for parking use Internet-connected sensors and meters to update parking maps in real time. Drivers access data through a cloud application that allows them to quickly locate open parking spaces.

In either of the previous two scenarios, Internet of Things devices are organized on a wireless mesh network, with an Internet-connected gateway device stationed on approximately every block.

The Growing Role of Wireless & Software-Defined Networks (SDN)

Today, leading cities are using wireless and SDN to provide connectivity for their Smart City applications.

“Wireless connectivity opens up a whole new range of applications that couldn’t be addressed with wired networks,” says Hosac. “Mobile applications are especially dependent on it, but it’s also making a big impact on temporary locations and pop-up networking. The instant scalability and ease-of-management make it possible for cities to tailor the network to their exact and ever-evolving needs. These technologies provide the flexibility needed to make adjustments quickly as the city’s needs change.”

The ever-increasing prevalence of the Internet of Things in community operations is taking many Smart City ideas from dream to reality. According to projects, $39.5 billion will be spent on Smart City technologies in 2016 (SOURCE: Onvia).

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Source: Cradlepoint