US-based wireless networking technology developer Mist completed a $28m series B round yesterday led by GV, a corporate venturing subsidiary of internet and technology conglomerate Alphabet.
GV, formerly known as Google Ventures, was joined by Cisco Investments, the corporate venturing arm of networking equipment producer Cisco, and venture capital firms Lightspeed Venture Partners and Norwest Venture Partners.
Founded in mid-2014, Mist has built a wireless platform for smart devices that collects data from every mobile device on its network in real time, allowing users to keep track of performance and address problems from a single point.
Mist will put the funding towards strengthening its sales and marketing, with a substantial portion to go to engineering and product development. It aims to also build up a network of partners in the form of managed service providers and original equipment manufacturers.
GV general partner Karim Faris, who joined Mist’s board of directors in conjunction with the round, said: “Mist is addressing two of the biggest issues in mobility today: reliable wifi that is easy to operate at web scale, and accurate Bluetooth location services that are seamless to deploy in any environment.
“Mist’s cloud-based platform uses advanced machine learning to deliver unprecedented automation and insight. This means that organisations like corporations, hotels, stores, hospitals and universities can interact with their mobile users in exciting new ways.”
The oversubscribed series B round was closed just over four months after Lightspeed and Norwest provided $14.4m in series A funding for Mist, which was co-founded by Sujai Hajela and Bob Friday, both veterans of Cisco’s Wireless Business Unit division.