IT networking technology provider Juniper Networks agreed on Monday to acquire Mist Systems, a US-based developer of artificial intelligence (AI)-equipped wireless networks, for $405m, allowing corporates Alphabet, Cisco and NTT to exit.
Founded in 2014, Mist has created a wireless platform that utilises AI to make wifi more reliable and predictable. It also features an AI assistant called Marvis that can help with troubleshooting while supplying precise data on how the network is operating and how clients are acting.
Juniper is acquiring the company in order to expand its capabilities in the cloud-managed wireless networking space.
Rami Rahim, Juniper’s CEO, said: “Juniper and Mist share a common strategic goal. We believe in the software-defined enterprise and Mist’s focus on bringing AI to IT is consistent with our core belief that we need to simplify operations and improve customer experience while lowering costs.
“With Mist, we are adding a market leading solution to complement our portfolio, drive the cloud transition within the enterprise and accelerate our enterprise growth.”
Mist had raised $88m in total, including $46m in a February 2018 series C round featuring GV and Dimension Data, subsidiaries of internet technology group Alphabet and telecommunications firm NTT, as well as venture capital firms Kleiner Perkins Caufield & Byers, Lightspeed Venture Partners and Norwest Venture Partners.
GV had already led the company’s $28m series B round in 2016, investing alongside Cisco Investments, the corporate venturing capital vehicle for networking equipment provider Cisco, and existing investors Lightspeed and Norwest.
