Mist Systems’ $46 Million Series C Round Funding


Cooley advised Mist Systems on its over-subscribed $46 million Series C financing round led by Kleiner Perkins.

Mist closed 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 and Data Centre 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 Artificial Intelligence. In addition, the company will continue to develop a robust channel of Managed Service Providers (MSPs) and collaborate with leading ecosystem and Original Equipment Manufacturer (OEM) partners.

Mist first began shipping the Mist Learning WLAN in 2016. The subsequent year the company saw approximately 1000 percent sales growth, with over 250 customers at the end of 2017. The company has over 150 reseller partners worldwide, including distributors in North America, EMEA, and Japan. Mist has been honored with many industry accolades in the past two years, including distinction as a visionary in two recent Gartner Magic Quadrants.

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.

Cooley advised Mist with a team including Mark Medearis (Picture), Josh Seidenfeld and Matt Fleming.

Involved fees earner: Mark Medearis – Cooley LLP; Josh Seidenfeld – Cooley LLP; Matt Fleming – Cooley LLP;

Law Firms: Cooley LLP;

Clients: Mist Systems, Inc.;

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Author: Ambrogio Visconti