Artificial Intelligence Investment Banking + M&A Advisory

Artificial Intelligence M&A and VC Funding Update

Q2 and YTD 2017

August 1, 2017 Table of Contents

• M&A Market Brief – Page 3 • Global M&A Deal Value & Artificial Intelligence Investment Activity– Page 4 • Artificial Intelligence M&A Activity – Page 5-7 • Artificial Intelligence M&A Market Trends - Global Comparison – Page 8-9 • 2017 Artificial Intelligence Trends – Page 10-13 • Notable AI VC Fundings, 2017 – Page 14-15 • Notable AI M&A Transactions, 2017 – Page 16-18 • M&A Spotlight: Ford/ ArgoAI– Page 19 • M&A Spotlight: Intel/ Mobileye– Page 19 • M&A Spotlight: / Maluuba– Page 20 • VC Spotlight: Element AI – Page 21 • VC Spotlight: NIO – Page 21

DISCLAIMER The information contained herein is of a general nature and is not intended to address the circumstances of any particular company, individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. We perform our own research and also use third party research. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. This is not an offer or recommendation to buy or sell securities nor is it a recommendation to merge, acquire, sell or exit a specific company or entity. We do not hold any equity or debt position in any of the securities listed herein as of the date of this report.

Sources for our research and data include: PitchBook, MergerMarket, Wall Street Journal, Company Websites, SEC Filings, Bloomberg, TechCrunch, MergerMarket, MIT Review, and CB Insights

M&A Market Brief

Global, U.S. and Artifical Intelligence M&A Activity Q2 2017

Artificial United States Worldwide Intelligence

•Global M&A activity in Q2 2017 • Sluggish international growth and •The total capital invested in was USD $793.9 billion - deal global uncertainty has made the Artificial Intelligence companies value increased by 6.36% United States a favored has already reached an all-time compared to Q1 2017. destination for M&A activity. high of $22.9 Billion this year at a Western Europe is the next deal count of 914. preferred destination for M&A •The first six months of 2017 deals. proved the middle market’s most •Q1’17 maintains the most active AI productive first half in 10 years, M&A quarter status in terms of inking 5,620 deals, according to • Large amount of available capital, deal volume as Q2’17 registers Thompson Reuters. increased corporate acquisition lesser number of deals. Overall activity and buying power, deal activity is up both YoY as improved financing markets and well as quarterly when compared •Global M&A activity has been expected policy reforms from the to previous years. motivated by limited organic new administration position 2017 growth options and the need to to be a strong year for M&A •As Venture Funding continues to address the business model activity. transformation that is occurring increase, 2017 saw an exponential across industries. Example, growth in AI M&A activity as well Amazon's acquisition of Whole • The total value of U.S. deals fell as PE funding in terms of the total Foods Market. sharply due to uncertainty about capital investment. An increase in President Donald Trump's tax the early stage and late stage VC reform and deregulation agenda. funding as compared to previous •Technological disruption is an years suggests a positive M&A important deal motivator. market in the future. Companies involved in M&A are • U.S. M&A dropped 36 percent to most interested in acquiring $281 billion in Q2 2017. relevant technologies and •Investments in Artificial responding to transformation in Intelligence from the Middle East their industry as well as a desire to increased steeply in 2017 as the expand on their products. year also witnessed a dip in Established businesses are capital from the States. modernizing through technology focused deals, making traditional •Israel- the reason behind the industry boundaries blurry and spike in Middle East investments – unconventional. represents 26.33% of the capital invested in AI. United States • High liquidity, access to cheap continues to hold a strong 49.43% financing, healthy balance sheets of the total share. and a need to demonstrate growth to shareholders via M&A all provide a positive outlook for the remainder of 2017.

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Global M&A Deal Value — Quarterly Comparison

Source: MergerMarket and Wall Street Journal IB scorecard

Global Artificial Intelligence Investment Activity

The total capital invested in Artificial Intelligence companies has already reached an all-time high of $22.9 Billion this year at a deal count of 914.

Source: Solganick & Co. Analysis, Pitchbook

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Artificial Intelligence M&A Activity

Q1’17 maintains the most active quarter status in terms of deal volume as Q2’17 registers lesser number of deals. Overall deal activity is up both YoY as well as quarterly when compared to previous years.

M&A Deals

Over 250 private companies using AI algorithms across different verticals have been acquired since 2012, with 37 acquisitions taking place in Q1’17 alone and 23 in Q2’17.

Source: CB Insights, The Race for AI

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Capital Invested by Universe

As Venture Funding continues to increase, 2017 saw an exponential growth in Artificial Intelligence M&A activity as well as Private Equity funding in terms of the total capital investment.

Source: Solganick & Co. Analysis, Pitchbook

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Deal Count by Deal Type

The growing M&A volume in Artificial Intelligence accounts for a 6.04% of the total deal count as different stages of VC funding holds majority share. There is also an increase in the early stage and late stage VC funding as compared to previous years suggesting a positive M&A market in the future.

Source: Solganick & Co. Analysis, Pitchbook

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Artificial Intelligence M&A Market Trends – Global Comparision

Capital Invested by Global Regions

Investments in Artificial Intelligence from the Middle East increased steeply in 2017 as the year also witnessed a dip in capital from the States. Asia has also picked up its share of AI investments when compared to last year.

Source: Solganick & Co. Analysis, Pitchbook

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Capital Invested by Countries

Israel- the reason behind the spike in Middle East investments – represents 26.33% of the capital invested. United States continues to hold a strong 49.43% of the total share.

Source: Solganick & Co. Analysis, Pitchbook

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2017 Artificial Intelligence Trends

As more startups emerge in the Artificial Intelligence space, the 100 startups below are leading transformation in different industries through artificial intelligence. They have raised a total of $3.8 billion in funding across 263 deals since 2012.

Source: CB Insights

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VC Capital Investments Deal size continues to mature in the Artificial Intelligence Venture funding, also ensuring higher valuations for the growth startups

Source: Solganick & Co. Analysis, Pitchbook

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Major Players and Top Acquirers

Google is the most active acquirer in the AI space along with Apple, Facebook, Intel, Microsoft and Twitter as the top active companies.

Source: CB Insights

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Outlook for the future Expect to see better language understanding and an AI boom in China, among other things.

• Positive Reinforcement takes inspiration from the ways that animals learn how certain behaviors tend to result in a positive or negative outcome. Using this approach, a computer can, say, figure out how to navigate a maze by trial and error and then associate the positive outcome—exiting the maze—with the actions that led up to it. This lets a machine learn without instruction or even explicit examples. In 2017, we are likely to see attempts to apply reinforcement learning to problems such as automated driving and industrial robotics. Google has already boasted of using deep reinforcement learning to make its data centers more efficient.

• Dueling neural networks The approach is exciting because it offers a powerful way for computers to learn from unlabeled data—something many believe may hold the key to making computers a lot more intelligent in years to come.

• China’s AI boom The country’s tech industry is shifting away from copying Western companies, and it has identified AI and machine learning as the next big areas of innovation. Chinese investors are now pouring money into AI-focused startups, and the Chinese government has signaled a desire to see the country’s AI industry blossom, China’s leading search company, Baidu, has had an AI-focused lab for some time, and it is reaping the rewards in terms of improvements in technologies such as voice recognition and natural language processing, as well as a better-optimized advertising business while simultaneously actively acquiring in the space.

• Language learning This is a long-standing goal in artificial intelligence, and the prospect of computers communicating and interacting with us using language is a fascinating one. Better language understanding would make machines a whole lot more useful. But the challenge is a formidable one, given the complexity, subtlety, and power of language. Some impressive inroads are being made, and you can expect further advances in this area in 2017.

• Backlash to the hype While many have faith in the underlying value of technologies being developed today, it’s hard to escape the feeling that the publicity surrounding AI is getting a little out of hand. One real problem is that hype inevitably leads to a sense of disappointment when big breakthroughs don’t happen, causing overvalued startups to fail and investment to dry up. Perhaps 2017 will feature some sort of backlash against the AI hype machine—and maybe that wouldn’t be such a bad thing.

Source: MIT Technology Review

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Notable Artificial Intelligence VC Funding, Q1 and Q2 2017

Deal Date Company Investors Description of the company Amount Raised Developer of a self-driving technology designed to offer artificial intelligence software for autonomous vehicles. The company's self-driving technology New Enterprise Associates, uses learning algorithms for full stack, including Jun 27, 2017 Drive.ai GGV Capital and Northern $50 million computer vision, path planning, user interface and Light Venture Capital communication outside the vehicle, enabling vehicle drivers to safely navigate any driving environment. Provider of AI as a Service (AIaaS) platform Business Development Bank designed to give deep domain expertise and of Canada, Data Collective, access to cutting-edge technology. The Fidelity Investments, Hanwha company's through their AI as a Service (AIaaS) Investment, Intel Capital, platform launches and incubates advanced Jun 14, 2017 Element AI $102 million Microsoft Ventures, National Artificial Intelligence products in partnership with Bank of Canada, NVIDIA GPU large corporations and research institutions. It Ventures, Real Ventures, offers a platform that helps organizations embrace Tencent an AI-First strategy. It identifies projects and founded spin-off companies and joint ventures. Provider and developer of artificial intelligence technology intended to improve the current healthcare quality by applying AI technologies. The Hillhouse Capital Group, company is engaged in the research of computer Yunfeng Capital, Sequoia vision, image and video intelligent understanding, May 15, 2017 Yitu $55.17 million Capital, Banyan Capital and distributed system and big data application, it Zhen Fund offers traffic management software, medical diagnostic technology and intelligent hardware, enabling computers to detect and recognize faces and cars Developer of a cloud-based cybersecurity platform designed to prevent, detect, and respond to attacks in real-time. The company's Falcon Accel, CapitalG, March Capital platform utilizes signatureless artificial May 11, 2017 CrowdStrike Partners, Telstra, Warburg $100 million intelligence/machine learning and Indicator of Pincus Attack (IOA) based threat prevention, enabling companies to prevent both malware and malware- free attacks in real-time. Developer of a face recognition technology designed to help in object recognition and image processing. The company's face recognition Apr 20, 2017 SenseTime Sailing Capital technology improves bank card verification $60 million services and security systems, enabling computer vision scientists to use the technology for payment and picture analysis. Developer of next-generation human-machine interaction technologies designed to offer speech recognition systems. The company's human- Apr 06, 2017 Mobvoi Volkswagen Group China machine interaction technologies use artificial $180 million intelligence to offer an Android-based smartwatch operating system, enabling customers to access personalized digital interaction.

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Developer of a machine learning automation platform designed to deploy accurate predictive models. The company's machine learning New Enterprise Associates, automation platform uses open source machine Mar 23, 2017 DataRobot Open Field Capital and other learning algorithms to automate, train and evaluate $54 million undisclosed investors predictive models in parallel, delivering more accurate predictions at scale, enabling data scientists to export scoring code and operationalize models in any environment. Developer of next-generation electric cars designed to shape the future of mobility in the hopes of establishing a sustainable future. The company engages in the research, development and production of smart, high-performance, Baidu Capital, China premium electric vehicles that offer an artificially Mar 17, 2017 Nio Everbright, IDG Capital, $600 million intelligent engine coupled with an intuitive human Tencent, Warburg Pincus interface that provides verbal and visual connections both within the vehicle and with the outside world, enabling passengers to experience an augmented vision while being driven autonomously. Developer of an artificial intelligence-based software designed to harness robotics. The Andreessen Horowitz, C4 company's artificial intelligence-based software Ventures, Index Ventures Mar 10, 2017 Anki programs physical objects to be intelligent and $77.50 million (UK), J.P. Morgan, Two Sigma adaptable in the physical world, enabling Ventures consumers to blend robotics, toys and video games into a new level of physical play. Developer of cloud connected smart machines and robotics designed to make helpful and affordable humanoid robots for the average household by SB China Venture Capital, 2025. The company's cloud-intelligence-based Feb 24, 2017 CloudMinds Launcher Capital and Bojiang applications and robots are built based on its AI $100 million Capital cloud platform, connected and controlled wirelessly through cloud computing, block chain and other innovative technologies that enables intelligent robots. Provider of an intelligent automation platform designed to digitize enterprise operations. The Georgina Partners, Mohr company's intelligent automation platform offers Davidow Ventures, iNovia, Jan 24, 2017 Workfusion artificial intelligence based tools needed to $35 million Nokia Growth Partners, automate business processes, enabling Greycroft and RTP Ventures enterprises to digitize their operation, increase productivity and improve service delivery.

Source: Solganick & Co. Analysis, Pitchbook

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Notable Artificial Intelligence M&A Transactions, Q1 and Q2 2017

Deal Size Deal EV/ EV/ Seller Buyer Description of Seller (million, Date Revenue EBITDA USD) Developer of a data management platform created to Jun 21, DeepIntent Kitara Media offer data-driven approach to programmatic $8 million 2017 Technologies advertising. Provider of an online background check platform designed to authenticate user identities. The company's online background check platform uses Jun 16, Trooly AirBnb machine learning technology to provide rich insights in Undisclosed 2017 order to understand users' personality and behavior traits, enabling businesses to verify, screen and predict trustworthy relationships. Provider of machine learning marketplace intended to allow researchers to securely distribute trained McCoy machine learning algorithm. The company's Jun 01, Medical TeraRecon marketplace reduces the barriers associated with Undisclosed 2017 Technologies distribution, starting with rapid deployment via a scalable, cloud-based infrastructure making codes and training data publicly available. Developer of a security automation and orchestration platform designed to address the deficiencies within the IR tools and processes that significantly hamper an organization's ability to effectively investigate and May 24, respond to breaches. The company's security Hexadite Microsoft $100 million 2017 automation and orchestration platform connects to existing security detection systems to investigate every threat, leveraging artificial intelligence to apply targeted mitigation to stop security breaches in their tracks. Provider of music search and recommendation May 17, Niland Spotify engines designed to solve search and Undisclosed 2017 recommendation problems for music companies. Developer of a cloud-based unique AI platform designed to build intelligent and human-like May 11, conversational interfaces for any application or device. Mindmeld Cisco $125 million 2017 The company's cloud-based unique AI platform uses machine learning to interact with voice and chat assistants in a more natural way Developer of big data analytics applications designed Apr 28, Guavus Thales Group to offer real-time analytics and enable businesses to $215 million 2017 become more efficient, profitable and competitive. Apr 20, Developer of a machine learning based software PV Cube Element Data Undisclosed 2017 created to validate sales prospects. Developer of an endpoint security software intended to kill enterprise IT threats without impacting business Mar 22, performance. The company's endpoint security Invincea Sophos $120 million 12.24x 2017 software combines machine learning and behavioral monitoring to eliminate endpoint security blind spots without sacrificing usability.

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Developer of collision avoidance system designed to reduce vehicle injuries and fatalities. The company's Mar 13, collision avoidance system engages offers computer Mobileye Intel $15.3 billion 36.44x 106.2x 2017 vision and machine learning, data analysis, localization and mapping for advanced driver assistance systems and autonomous driving. Mar 08, Provider of a predictive modelling platform designed Kaggle Alphabet Undisclosed 2017 for statistical and analytical outsourcing. Developer of block-chain analytics and intelligence platform designed to manage, visualize and analyse blockchain data from disparate sources. The Feb 27, Skry Bloq company's Skry platform uses latest Artificial Undisclosed 2017 Intelligence technologies allowing people to extract insights at a speed and scale that no human can on their own. Developer of a facial recognition software. The company's facial recognition software specializes in Feb 20, Realface Apple creating friction-less face recognition enabling $2 million 2017 consumers to verify on mobile and personal computer effortlessly and securely. Developer of artificial intelligence software designed to offer self-driving technology. The company's Feb 10, artificial intelligence technology helps to tackle Argo AI Ford $1 billion 2017 robotics and artificial intelligence for self-driving vehicles, enabling its users to avail effective self- driving technology. Provider of data collection software designed to Feb 02, Meltwater Wrapidity automate the extraction of data from unstructured Undisclosed 2017 Group Web-based content. Developer of a scanning technology for mobile devices designed to identify and authenticate people. The company's ActiveIRIS system is based on iris Feb 01, Fingerprint Delta ID recognition software which uses advanced computer $120 million 2017 Cards pattern recognition techniques to create mathematical representations to do quick and reliable iris recognition in a typical mobile use scenario. Provider of an artificial intelligence search engine designed to find scientific research papers. The Chan company's artificial intelligence search engine Jan 23, Meta AI Zuckerberg organizes information about scientific papers, as well Undisclosed 2017 Initiative as offers big data analysis of scientific and technical literature, enabling researchers to sort new publications according to subject matter. Developer of natural language technology using deep Jan 13, learning models. The company's technology allows Maluuba Microsoft Undisclosed 2017 machines to think, reason and communicate with human-like intelligence. Provider of products and services for protection Jan 09, against cyber attacks. harvest.ai has successfully Harvest.ai Amazon $19 million 2017 applied AI-based algorithms to learn the business value of critical documents across an organization,

Source: Solganick & Co. Analysis, Pitchbook

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Notable Artificial Intelligence IPOs, Q1 and Q2 2017

Deal Date Company Description of the acquired company Amount raised Stock Exchange

Provider of finance services for domestic Internet operators designed to provide investment, financing, payment settlement and other financial transactions. The company's finance services uses ICT convergence and artificial Wangjin Hong Kong Feb 08, 2017 intelligence technology to provide financial services for $500 million Holdings Stock Exchange businesses as well as integrates industry information through big data analysis and the value of mining, enabling banks and issuers to reduce financial transaction costs and improve the efficiency of financial services.

Developer of a cloud-based cognitive media platform designed to revolutionize media discovery and analysis. The company's cloud-based cognitive media platform uses artificial intelligence to combine powerful applications with May 12, 2017 Veritone orchestrated cognitive computing to transform unstructured $37.50 million NASDAQ data, extracting actionable intelligence from public and private content globally, enabling businesses and content owners to collaborate and monetize the insights gained by programmatic cognitive analysis of audio and video streams.

Source: Solganick & Co. Analysis, Pitchbook

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M&A Spotlight

Ford Invests in Argo AI, a New Artificial Intelligence Company, in Drive for Autonomous Vehicle Leadership

Feb 10, 2017

Ford is investing $1 billion during the next five years in Argo AI, combining Ford’s autonomous vehicle development expertise with Argo AI’s robotics experience and startup speed on artificial intelligence software – all to further advance autonomous vehicles.

Founded by former Google and Uber leaders, Argo AI will include roboticists and engineers from inside and outside of Ford working to develop a new software platform for Ford’s fully autonomous vehicle coming in 2021; through their equity participation, Argo AI employees will share in the startup’s growth. Investment in Argo AI strengthens Ford’s leadership in bringing self-driving vehicles to market in the near term and creates technology that could be licensed to others in the future.

Source: Ford Media Center

Intel Buys Mobileye in $15.3 Billion Bid to Lead Self-Driving Car Market

March 13, 2017

Under the terms of the agreement, a subsidiary of Intel will commence a tender offer to acquire all of the issued and outstanding ordinary shares of Mobileye for $63.54 per share in cash, representing a fully-diluted equity value of approximately $15.3 billion and an enterprise value of $14.7 billion.

The acquisition will couple the best-in-class technologies from both companies, including Intel’s high-performance computing and connectivity expertise and Mobileye’s leading computer vision expertise to create automated driving solutions from the cloud through the network to the car. The combination is expected to accelerate innovation for the automotive industry and position Intel as a leading technology provider in the fast-growing market for highly and fully autonomous vehicles.

Source: Intel Announcement

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M&A Spotlight

Microsoft acquires deep learning startup Maluuba; AI pioneer to have advisory role

January 13, 2017

Microsoft has agreed to acquire Maluuba, a Montreal-based company with one of the world’s most impressive deep learning research labs for natural language understanding. Maluuba’s expertise in deep learning and reinforcement learning for question-answering and decision-making systems will help Microsoft advance its strategy to democratize AI and to make it accessible and valuable to everyone — consumers, businesses and developers.

Sam Pasupalak and his Maluuba co-founder, Kaheer Suleman, have created a very strong engineering and research team that will become part of Microsoft’s Artificial Intelligence and Research organization. Additionally, Yoshua Bengio, one of the world’s foremost experts in deep learning, head of the Montreal Institute for Learning Algorithms and an advisor to Maluuba, will also be advising Microsoft.

Source: Microsoft Blog – official deal announcement

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VC Spotlight

Element AI, a platform for companies to build AI solutions, raises $102M

June 14, 2017

Element AI — a Montreal-based platform and incubator that wants to be the go-to place for any and all companies (big or small) that are building or want to include AI solutions in their businesses, but lack the talent and other resources to get started — is announcing a mammoth Series A round of $102 million. It plans to use the funding for hiring talent, for business development, and also, to put some money where its mouth is, by selectively investing in some of the solutions that will be built within its doors.

This large Series A has been swift: it comes only six months after Element AI announced a seed round from Microsoft Ventures (of an undisclosed amount), and only eight months after the company launched.

Source: Tech Crunch

Tencent, Baidu Lead $600M Round In Chinese Electric Vehicle Maker NIO

March 17, 2017

Chinese tech giant Baidu has confirmed having led a financing round in the electric vehicle startup NIO, formerly known as NextEV. The news comes just after the company unveiled its ‘EVE’ concept, an all-electric and autonomous vehicle. The round of investment is reportedly worth $600 million, which makes NIO one of the most, if not the most, well financed electric vehicle startups today.

Earlier this month, Baidu established an intelligent driving group headed by its president and chief operating officer, Lu Qi. The unit will enhance efficiency and coordinated development in the artificial intelligence-powered autonomous driving industry, as well as promote upgrades in the traditional automotive industry through the use of AI.

Source: China Money Network and Electrek

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About Solganick & Co.

Solganick & Co., Inc. is an independent investment banking and M&A advisory firm focused exclusively on the global technology and digital media industry sectors, including an active practice within artificial intelligence. We advise buyers and sellers of companies and efficiently execute M&A transactions that help increase shareholder value. Our professionals have advised on $20+ billion in M&A transactions to date and have current clients and relationships globally with entrepreneurs, companies and leading private equity firms within the sectors we cover.

Please contact us for information regarding this report or to inquire about an M&A transaction.

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