Company raises capital for global expansion of AI-driven wireless, including new resources to support customers and partners in Australia and New Zealand
Sydney, Australia — Mist Systems, the pioneer in self-learning wireless networks powered by Artificial Intelligence (AI), announced the close of an over-subscribed $46 million Series C financing, taking the total investment in the company to approximately $88 million. The round was led by Kleiner Perkins, with additional funding from Lightspeed Venture Partners, Norwest Venture Partners, GV (formerly Google Ventures), NTT DOCOMO Ventures, and Dimension Data. In addition, Mamoon Hamid (General Partner at Kleiner Perkins) and Rob Lopez (Group Executive – Networking at Dimension Data) join Mist as board observers.
With the latest round of financing, Mist will grow sales and marketing resources globally and continue to invest in engineering, especially in the area of AI. In addition, the company will continue to develop a robust channel of Managed Service Providers (MSPs) and collaborate with leading ecosystem partners. As part of this growth, the company is also building out its local presence in Australia and New Zealand (ANZ).
“Mist Systems recognises the growth opportunities in ANZ and is looking to expand its reach and coverage throughout the region with a focus on key industries, including hospitality, gaming and retail, government, and telecommunications,” said Zohar Cohen, Mist’s sales representative in ANZ. “Mist Systems will sell directly and through the channel in the local market to maximise opportunities in the region and help quickly expand its presence.”
Adrian Vermeulen, CEO, St George Motor Boat Club, said, “St George Motor Boat Club chose Mist Systems because it offers AI-driven wireless capabilities that simplifiy operations and provide exceptional value. This includes unique visibility into the Wi-Fi user experience, rapid resolution of wireless problems, and personalised indoor location services for interfacing with members and guests. Mist’s programmable cloud also lets us easily integrate our extensive wireless analytics with external reporting systems.”
The New Wireless Network
Mist first began shipping the Mist Learning WLAN in 2016. The subsequent year the company saw approximately 1000% sales growth, with over 250 customers as of the end of 2017. The company has over 150 reseller partners worldwide, including distributors in North America, EMEA, and Japan with ANZ coming soon. Mist has been honored with many industry accolades in the past two years, including distinction as a visionary in two recent Gartner Magic Quadrants (Wired and Wireless LAN Infrastructures and Indoor location).
“Mist is leading the AI-driven IT space with the world’s first self-learning Wireless LAN, which automates wireless operations, minimises costs, and provides unprecedented insight into mobile user experiences,” said Sujai Hajela, CEO and co-founder of Mist. “We are humbled by the amazing array of customers who have trusted their wireless infrastructure to Mist, and grateful to the investment community for their unwavering supporting of Mist as we fulfill our mission of being the leader in AI-driven IT.”
● Mist website: www.mist.com
● Mist platform: www.mist.com/platform
● Mist products: www.mist.com/products/
● Mist services: www.mist.com/services
Mist built the first AI-driven wireless platform, designed specifically for the Smart Device Era. The Mist Learning Wireless LAN makes Wi-Fi predictable, reliable and measurable by providing unprecedented visibility into the user experience and by replacing time consuming manual IT tasks with proactive automation. In addition, Mist is the first vendor to bring enterprise-grade Wi-Fi, BLE and IoT together to deliver personalized, location-based wireless services without requiring battery-powered beacons. All operations are managed via Mist’s modern cloud architecture for maximum scalability, agility and performance.
The Mist team consists of leading experts in wireless, machine learning and cloud, who are responsible for building the largest and most advanced networks in the world. Founded in 2014, the company is based in Cupertino, CA and funded by top investors, including Lightspeed Venture Partners, Norwest Venture Partners, GV (formerly Google Ventures) and Cisco Investments. For more information, visit www.mist.com.
About Kleiner Perkins
Kleiner Perkins partners with the brightest entrepreneurs to turn disruptive ideas into world-changing businesses. With $10 billion raised through 20 venture funds and four growth funds, the firm has invested in over 850 companies including pioneers such as Google, App Dynamics, Amazon, Flexus Biosciences, Nest, Waze, Twitter, JD.com and Square. Kleiner Perkins offers entrepreneurs years of operating experience, puts them at the center of an influential network, and accelerates their companies from success to significance. For more information, visit http://www.kpcb.com and follow us @kpcb.