"What’s Hot? The M&A and Funding Landscape for Computer Vision Companies," a Presentation from Woodside Capital Partners
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For the full video of this presentation, please visit: https://www.embedded-vision.com/platinum-members/embedded-vision-alliance/embedded-vision-training/videos/pages/may-2017-embedded-vision-summit-burger For more information about embedded vision, please visit: http://www.embedded-vision.com Rudy Burger, Managing Partner at Woodside Capital Partners, presents the "What’s Hot? The M&A and Funding Landscape for Computer Vision Companies" tutorial at the May 2017 Embedded Vision Summit. The six primary markets driving computer vision are automotive, sports and entertainment, consumer and mobile, robotics and machine vision, medical, and security and surveillance. This presentation examines the flow of venture money and the volume of M&A activity in each of these sectors and highlights notable transactions and trends. So far, computer vision has not created any unicorns (private companies worth over a billion dollars). Why not? Which existing computer vision companies may become unicorns over the next couple of years? Burger particularly focuses on several hot sectors driving the vision market – automotive and consumer. Where are the growth opportunities for innovative private companies in these sectors? He highlights a few leading private computer vision companies within these two markets, and the disruptive vision technologies they are developing. He also considers which public companies are likely to be the winners (and losers) within these sectors.
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"What’s Hot? The M&A and Funding Landscape for Computer Vision Companies," a Presentation from Woodside Capital Partners
- 1. Copyright © 2017 Woodside Capital Partners 1 What’s Hot? The M&A and Funding Landscape for Computer Vision Companies Dr. Rudolph Burger May 2017
- 2. Copyright © 2017 Woodside Capital Partners 2 The Information and opinions in this report have been prepared by Woodside Capital Partners International, LLC, and its affiliate, Woodside Capital Securities, LLC (collectively, “Woodside”). All information supplied or obtained from this report is for informational purposes only and should not be considered investment advice or guidance, an offer of or a solicitation of an offer to buy or sell a security, or a recommendation or an endorsement by Woodside Capital Securities, LLC, Woodside Capital Partners International, LLC and Woodside Capital Partners UK, LLP of any security. Further information on any of the securities mentioned in this report may be obtained from our offices. Other than disclosures relating to Woodside Capital Securities, LLC the information herein is based on sources we believe to be reliable but is not guaranteed by us and does not purport to be a complete statement or summary of the available data. Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice. Periodic updates may be provided on companies/industries based on company specific developments or announcements, market conditions or any other publicly available information. Important Disclosures: Woodside Capital Securities, LLC is not a market maker in any securities mentioned in this report. Woodside Capital Securities, LLC and their officers and employees may from time to time acquire, hold, or sell a position in the securities mentioned in this report. Woodside Capital Securities, LLC compensates individuals for activities and services intended to benefit the firm's investor clients. Compensation determinations for individuals, including the author(s) of this report, are based on a variety of factors, and may include the overall profitability of the firm and the revenues derived from all sources, including revenues from investment banking. Woodside Capital Securities, LLC is a registered broker-dealer and member of FINRA (www.finra.org) and SIPC (www.sipc.org). Woodside Capital Securities, LLC is an affiliate of Woodside Capital Partners International, LLC and Woodside Capital Partners UK, LLP. One or more private companies in this report have confidentially retained Woodside Capital Securities, LLC, Woodside Capital Partners International, LLC or Woodside Capital Partners UK, LLP as an advisor. In addition, in the future Woodside may seek to offer investment banking services to, and collect fees from, any of the companies featured in this report. Third Party Disclosures: Any analyst opinions, ratings, and public company reports included in this report are provided by third-parties unaffiliated with Woodside Capital Securities, LLC, Woodside Capital Partners International, LLC and Woodside Capital Partners UK, LLP. Woodside Capital Securities, LLC, Woodside Capital Partners International, LLC and Woodside Capital Partners UK, LLP makes no guarantees that information supplied is accurate, complete, updated or timely, and does not provide any warranties regarding results obtained from its use. Important Disclosure
- 3. Copyright © 2017 Woodside Capital Partners 3 • Many of Silicon Valley’s most successful companies over the last two decades are no longer perceived as technology companies • Facebook – Social • Amazon – Retail • UBER – Transportation • Google – Advertising • When technology gets sufficiently advanced it disappears • The most successful embedded vision companies will not be perceived as embedded vision companies • Mobileye – Automotive Safety Executive Summary
- 4. Copyright © 2017 Woodside Capital Partners 4 Computer Vision Market Map Gesture Recognition Automotive Sensors Processors Consumer & Mobile Medical Robotics & Machine Vision ENABLINGTECHNOLOGIESAPPLICATION/MARKETS 3D Cameras Security & Surveillance Sports & Entertainment Embedded Software Cloud/Web Services
- 5. Copyright © 2017 Woodside Capital Partners 5 Application Markets for Computer Vision MEDICAL Computer vision systems are used to extract 3D images SPORTS & ENTERTAINMENT Computer vision based technologies used in sports, movies, and TV content ROBOTICS & MACHINE VISION Applications targeted at industrial automation AUTOMOTIVE Applications related to cars (ADAS, Autonomous Vehicles, etc.) CONSUMER & MOBILE Applications based on consumer and mobile devices (Phones, Tablets, Digital cameras, etc.) SECURITY & SURVEILLANCE Applications based on the live camera feed (security or analytics) Volume
- 6. Copyright © 2017 Woodside Capital Partners 6 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 2015 2016 2017 2018 2019 2020 2021 2022 ($Millions) Agriculture Retail Security & Surveillance Medical Robotics and Machine Vision Consumer Sport & Entertainment Automotive Market Forecast Computer Vision Total Revenue, World Markets 2015-2022 Source: Tractica, “Computer Vision to reach 48.6 billion by 2022”
- 7. Copyright © 2017 Woodside Capital Partners 7 Market Drivers & Barriers AI and deep learning is HOT Low barriers to market entry and CV is now being applied to numerous industry verticals Increasing interest in consumer applications (AR/VR, drones, mobile devices…) Sector Growth: In 2016, venture capital funding in computer vision reached $522 million across 69 deals globally, compared with $186 million across 47 deals in 2015 Strategic M&A multiples being paid by corporate acquirers Drivers Barriers Lots of competitors, but few market leaders Technical team recruitment – development team requires a high level of technical expertise (PhDs and computer vision scientists) Likely requires knowledge of another industry in which technology is to be applied
- 8. Copyright © 2017 Woodside Capital Partners 8 Investment Into US-Based CV Companies Source: Crunchbase, “Computer Vision Sees Continued Interest…” 0 15 30 45 60 $0 $75 $150 $225 $300 2011 2012 2013 2014 2015 2016 NumberofDeals TotalCapitalInvested($M) Total $ Invested Number of Deals
- 9. Copyright © 2017 Woodside Capital Partners 9 Advertising 7% Aerospace and Defense 2% Agriculture 4% Automotive 7% Consumer 28% Enterprise 15% Medical 2% Retail 10% Robotics and Machine Vision 14% Security and Surveillance 6% Sports and Entertainment 5% Advertising Aerospace and Defense Agriculture Automotive Consumer Enterprise Medical Retail Robotics and Machine Vision Security and Surveillance Sports and Entertainment Venture Investment by Sector 2013-2017 Source: CapitalIQ, Crunchbase By Deal Volume (88 Transactions) By Dollars Spent ($1.6 B) Advertising 4% Aerospace and Defense 3% Agriculture 1% Automotive 1% Consumer 71% Enterprise 6% Medical 1% Retail 1% Robotics and Machine Vision 6% Security and Surveillance 2% Sports and Entertainment 4% Advertising Aerospace and Defense Agriculture Automotive Consumer Enterprise Medical Retail
- 10. Copyright © 2017 Woodside Capital Partners 10 Most Active Venture Investors Venture Firm Investments 1.) Cognitive Operational Systems 2.) CTY Inc. 3.) Faception 4.) Exipple Studio S.L. 5.) Lagoa 1.) 8i 2.) Boom.tv 3.) Realities 4.) Vizor 1.) Leap Motion 2.) Magic Leap 3.) Within Unlimited 1.) Evertoon 2.) GoMeta 3.) Matterport 1.) Clarifai 2.) Narrative Venture Firm Investments 1.) Clarifai 2.) Sols 3.) Survios 1.) Fyusion 2.) GumGum 3.) Mighty AI 1.) Fringefy 2.) GeoCV 3.) Matterport 4.) Sols 1.) Clarifai 2.) SimScale 1.) GumGum 2.) Udisense 3.) VREAL Source: CapitalIQ, Crunchbase
- 11. Copyright © 2017 Woodside Capital Partners 11 Most Active Corporate Investors Strategic Investor Company 1.) Chronocam SAS 4.) OrCam 2.) CGTrader 5.) Thalmic Labs 3.) Cognitive Operational Systems 1.) Body Labs 2.) Clarifai 3.) Envelop VR 1.) Donya Labs AB 1.) Beijing 7Invensun Technology 4.) iOnRoad 2.) Blippar 5.) Magic Leap 3.) Clarifai Source: CapitalIQ, Crunchbase 1.) AdasWorks 2.) Chronocam SAS 3.) Modcam 4.) Unispectral 5.) Movidius 6.) Pyreos 7.) TetraVue 1.) FOVE 2.) Mantis Vision 3.) Quanergy Systems 4.) TetraVue 5.) Unispectral
- 12. Copyright © 2017 Woodside Capital Partners 12 Private CV Companies to Watch Pioneer in 3D computer generated imagery and mixed reality computing Capital Raised: $1.4 B Last Round: Feb. 2016 Investors: Alibaba, Andreessen Horowitz, Fidelity, Google Facial recognition technology applicable to payment and picture analysis Capital Raised: $120 M Last Round: Dec. 14 2016 Investors: CDH Investments, IDG Capital, StarVC, Wanda Group AR/AI Image recognition platform for Mobile Capital Raised: $99 M Last Round: Mar. 2016 Investors: Khazanah Nasional, Qualcomm Ventures A media technology company that builds 3D solutions for various industries Capital Raised: $61 M Last Round: Aug. 2016 Investors: Felicis Ventures, Greylock, Qualcomm Ventures, Y Combinator A Web-based service for digitizing paper documents Capital Raised: $51.9 M Last Round: Jan. 19 2016 Investors: Accomplice, Atlas Venture, Knight Foundation, Social Capital Visual search and in-image advertising analysis technology. Capital Raised: $39.4M Last Round: Mar. 10 2014 Investors: Horizons Ventures, Lanta Capital, Mail.Ru Group
- 13. Copyright © 2017 Woodside Capital Partners 13 Private CV Companies to Watch In-image advertising and visual intelligence solutions Capital Raised: $36.8 M Last Round: May 28 2015 Investors: Crosscut Ventures, First Round, NEA, Upfront Ventures In-video advertising technology platform Capital Raised: $34.5 M Last Round: Mar. 21 2016 Investors: IP Group Plc, London Seed Capital, Oxford Capital, Seraphim Capital Emotion recognition technology, bringing emotional AI to the digital world Capital Raised: $33.7 M Last Round: May 25 2016 Investors: Fenox Venture Capital, Horizons Ventures, KPCB, Myrian Capital 3D Human Computer Interaction for AR/VR Capital Raised: $20 M Last Round: Feb. 2016 Investors: Greatest Investments, Great Capital Ltd, IDG Technology, O-Film
- 14. Copyright © 2017 Woodside Capital Partners 14 Private CV Companies to Watch A System on Chip for 3D image and computer vision algorithms processing Capital Raised: $63 M Last Round: NA Investors: Deutche Telekom Ventures, 7- Main, Microdent, Midastouch Ventures Computer vision and robotic technology for smart agriculture applications Capital Raised: $30.3 M Last Round: Dec. 16 2015 Investors: Data Collective, Khosla, Monsanto Growth, Stanford Angels Computational imaging experts building cameras for collaborative environments Capital Raised: $20 M Last Round: Apr. 2017 Investors: Tandberg Key Management, other institutional investors Blue River Technology
- 15. Copyright © 2017 Woodside Capital Partners 15 Advertising 0% Aerospace and Defense 2% Automotive 75% Consumer 2% Enterprise 12% Medical 1% Retail 0% Robotics and Machine Vision Security and Surveillance 4% Sports and Entertainment 2% Advertising 2% Aerospace and Defense 4% Automotive 7% Consumer 40% Enterprise 11% Medical 7% Retail 4% Robotics and Machine Vision 7% Security and Surveillance 13% Sports and Entertainment 5% Advertising Aerospace and Defense Automotive Consumer Enterprise Medical Retail Robotics and Machine Vision Security and Surveillance Sports and Entertainment M&A Activity by Sector 2013-2017 Source: CapitalIQ, Crunchbase By Deal Volume (55 Transactions) By Dollars Spent ($20B)
- 16. Copyright © 2017 Woodside Capital Partners 16 Notable Recent Acquisitions Selected Computer Vision Transactions March - 2017 $15.3 BSanta Clara, CA Jerusalem August - 2016 $150 MSan Francisco, CA London, England May - 2015 $32 MCupertino, CA Munich, Germany May - 2016 Santa Clara, CA Russia September - 2016 $355 MSanta Clara, CA San Mateo, CA June - 2016 $47 MVenice, CA San Francisco, CA
- 17. Copyright © 2017 Woodside Capital Partners 17 Top Public Company Acquirors Venture Firm Company Transaction Metrics 1.) Viztu Technologies NA 1.) Emotient 2.) Faceshift 3.) Flyby Media 4.) Metaio 5.) RealFace NA NA NA $32.0 M NA 1.) 13th Lab 2.) Faciometrics 3.) Nimble VR 4.) Oculus 5.) Pebbles 6.) Surreal Vision NA NA NA $2.2 B NA NA 1.) Eyefluence 2.) Jetpac 3.) Moodstocks 4.) Skybox Imaging NA NA NA $479 M Source: CapitalIQ, Crunchbase Venture Firm Company Transaction Metrics 1.) Itseez 2.) Mobileye 4.) Movidius 5.) Nervana Systems 6.) Omek Interactive NA $15.4 B $355 M $400 M $40 M 1.) Euvision Technologies NA 1.) Seene $47 M 1.) Madbits 2.) Magic Pony NA $150 M
- 18. Copyright © 2017 Woodside Capital Partners 18 What’s Hot
- 19. Copyright © 2017 Woodside Capital Partners 19 Computer Vision Market Map AutomotiveConsumer & Mobile Medical Robotics & Machine Vision APPLICATION/MARKETS Security & Surveillance Sports & Entertainment
- 20. Copyright © 2017 Woodside Capital Partners 20 Automotive Computer Vision Market Map Market Disruption OEMs Tier 1s Processors Sensors Mmwave and LiDARVision Sensors Artificial Intelligence
- 21. Copyright © 2017 Woodside Capital Partners 21 Mobile Computer Vision – Market Map Sensor & Illumination Processor Platforms/ Devices Applications/ Solutions
- 22. Copyright © 2017 Woodside Capital Partners 22 • CV applications that can disrupt/enhance large existing markets • Novel image sensor designs, edge processing • Apps that can take advantage of the coming wave of 3D sensing smartphones • AI for sensor fusion ADAS • Alternatives to Mobileye/Intel • Simulation environments for training automotive deep learning systems (creators and owners of training data) • Long range, low cost LIDAR for automotive Where Are The Best CV Opportunities?
- 23. Copyright © 2017 Woodside Capital Partners 23 Thank you ! Rudy@woodsidecap.com