Mist Systems closed an over-subscribed $46 million Series C funding round taking the total investment in the company to about $88 million.
Mist’s technology uses artificial intelligence (AI) to power the wireless local area network (WLAN). Its Mist Learning WLAN product provides visibility into the user experience. And it can provide new end-user services such as location-specific offers for retail customers, as one example.
The Series C 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.
With the latest infusion of cash, Mist will grow sales and marketing resources globally and continue to invest in engineering, especially in the area of AI.
Mist first began shipping its Mist Learning WLAN in 2016, and it counted over 250 customers by the end of 2017. The company has over 150 reseller partners worldwide, including distributors in North America, EMEA, and Japan.
Earlier this month, Verizon Enterprise Solutions said it was using Mist’s technology for a new software-defined wireless local area network (SD-WLAN) managed service within its Virtual Network Services (VNS) portfolio.
Verizon’s new SD-WLAN service manages both the corporate WiFi network as well as Bluetooth-enabled devices connected to the network. Viraj Parekh, director of product management and development at Verizon, said Verizon wants to go deeper into the LAN to offer richer wireless services.
“WiFi has never been more critical,” said Parekh. “We needed more intelligence to understand what the actual user’s experience is. We came across Mist, which had a very unique value proposition that was very complementary to our VNS program.”