# Entity Plan: TS Field

The physical-world layer for the TS portfolio and external Vietnamese customers. One entity, three product lines: **Aerial** (drone fleet operations + drone-data platform), **Ground** (IoT sensors + edge nodes + IoT platform), **Applied Robotics** (integration and deployment of best-in-class robots into customer environments — explicitly *not* robotics R&D). Y4 launch via M&A wedge — acquire an existing certified Vietnamese drone operator, then build IoT platform and applied-robotics integration capability on top.

The strongest cross-portfolio entity in the plan: feeds physical-world data into TS Intel and TS Data Services, sells services to Hogcare, Blue Dot, TS Land, Unit Desk, WarehouseOS, TS Health, Mira, and external Vietnamese manufacturing / agriculture / real-estate / government customers.

---

## Identity

| Field | Value |
|---|---|
| Entity name | TS Field Pte Ltd (Singapore) + TS Field Vietnam JSC |
| Group | TS Ventures (sub-cluster: Deep Tech & Specialized) |
| Target launch | Year 4, Q2 |
| Mechanism | M&A primary (drone-operator acquisition) + greenfield expansion (IoT platform + robotics integration) |
| Tier (D17) | **Tier 1** — Vietnamese majority required (drone-operations + sensitive imagery + dual-use exposure) |
| Legal structure | Singapore HoldCo (TS Public Sector Holdings Pte Ltd) → Vietnamese JSC under TS Public Sector Holdings Vietnam JSC. Vietnamese-majority ownership at OpCo level |
| Vietnamese majority required | Yes — operational drones above small-recreational scale require ≥51% Vietnamese ownership; sensitive imagery + dual-use applications push the same requirement |

---

## Mission and Wedge

**Mission:** Operate the physical-world data and automation layer for Vietnamese commercial enterprises and government — captured by drones above, sensed by IoT below, actuated by applied robotics where it solves customer bottlenecks — and make it consumable as software-grade services through an integrated platform.

**Three product lines (single entity, integrated data layer):**

1. **Aerial** — Drone fleet operations (agricultural spraying & scouting, surveying & mapping, environmental monitoring, asset inspection, real-estate aerial). Mission-planning software, fleet management, drone-data platform with AI analytics on captured imagery. Vietnamese-licensed pilots, CAAV-certified operations.

2. **Ground** — IoT sensor networks, edge computing nodes, IoT data platform. For smart agriculture (Hogcare farms), smart manufacturing (Samsung Vietnam supplier ecosystem, Vinfast factory, Hoa Phat steel, Vinamilk supply chain), smart buildings (Unit Desk customers), smart cities and government (MoNRE environmental, MIC smart-city programs). Integrates upward into TS Data Services for storage and TS Intel for analytics.

3. **Applied Robotics** — **Integration and deployment only**. No proprietary hardware R&D. Off-the-shelf robots from best-in-class vendors (FANUC, Locus Robotics, OTSAW, KUKA, Geek+, Geek+ AMRs, drone-base-station automation systems) deployed into customer environments with the TS Field data and operations layer wrapping around them. Examples: AMRs in warehouses powered by WarehouseOS, lab automation in TS Health customer hospitals, drone-base-station automation, ground robots paired with agricultural drones.

**Why ONE entity not three:** Customer purchase pattern in Vietnamese mid-market is "I have a physical-world problem, solve it" — the buyer doesn't care if the answer is drone, sensor, or robot. Single integrated entity means single sales motion, single data platform, single customer relationship. Three separate entities would fragment the value and triple the operating overhead.

**Why "applied robotics, not R&D":** Robotics hardware R&D has brutal economics — multi-year cycles, capex-intensive, dominated by international incumbents (FANUC, ABB, Yaskawa, KUKA, Universal Robots). Robotics *integration* has SaaS-adjacent economics — recurring services revenue with capex amortization, value capture in the operational software layer, no manufacturing risk. TS Field captures the integration value without taking the R&D risk.

**Why now:**
- Drone fleet costs dropped 60%+ since 2022 (DJI Agras, XAG)
- Vietnamese drone regulations stabilized; CAAV operator certification process clear; commercial scaling viable
- IoT sensor commoditization makes platform-layer value capture meaningful
- Vietnamese manufacturing wave (Samsung suppliers, Vinfast, Apple supplier moves) creates IoT demand
- Agricultural mechanization push by MARD creates institutional buyer (drone spraying subsidies, precision-ag programs)
- LLM/vision-AI maturity makes drone-image analytics genuinely valuable (Hogcare crop intelligence, Blue Dot environmental, TS Land real-estate analytics)
- MoD/CAAV regulatory landscape favors established certified operators (acquisition target advantages)

**Why us:**
- TS Intel provides AI analytics layer (computer vision on drone imagery, time-series on IoT) — significant moat vs. pure-services drone operators
- TS Data Services Gov-Cloud (Y4 sibling) provides data infrastructure
- TS Public Sector Holdings provides government-customer credibility
- Internal cross-flow: 8+ TS portfolio entities are natural customers from day one
- M&A entry consolidates fragmented Vietnamese drone-operator market under TS umbrella

---

## Market and Competition

**Total addressable market (Vietnam):**
- Commercial drone services market: ~$80–150M (2025), growing 35%+ per year
- IoT platform + sensor deployments: ~$1.5–2.5B Vietnam IoT market (2025), platform-services subset ~$300–500M
- Applied industrial robotics integration: ~$200–400M services market in Vietnam
- Combined TAM: ~$580M–$1B, ~25–30% growth weighted average

**Serviceable obtainable market (5-year):** $25–50M ARR realistic

**Named competitors:**

| Competitor | Stage | Strength | Weakness | Differentiation |
|---|---|---|---|---|
| **MiSmart** | Established Vietnamese agricultural drone services | Certified pilots, MARD relationships | Single product (agri drone), no IoT, no platform | **Primary M&A target** — consolidate then expand |
| **Real-Time Robotics, Lai Vu Drone** | Smaller Vietnamese drone operators | Specialized expertise (surveying, mapping) | Sub-scale, fragmented | Acquisition or roll-up candidates |
| **Viettel drone unit** | Military-owned, dual-use | Best technical depth in Vietnam, MoD access | Internal-only focus; not pursuing commercial scale | **Primary strategic co-investor candidate** — partnership preferable to competition |
| **FPT IoT (FPT Software IoT division)** | Vietnamese tech giant IoT arm | Scale, customer access, brand | Project-services DNA, weak platform play | Platform-first vs project-shop |
| **Schneider Electric, Siemens, Bosch Vietnam** | International IoT incumbents | Sophisticated platforms, global brand | Premium pricing, slow Vietnamese customization | Vietnamese price point + local sector depth |
| **DJI Agriculture / XAG** | Chinese drone OEMs | Hardware leadership | Hardware vendors, not service operators | TS Field is operations + platform — different value chain layer |
| **Vingroup IoT (former VinSmart)** | Defunct hardware play | n/a | n/a | n/a (lesson: don't do R&D) |

**Macro trends supporting:**
- Drone fleet hardware costs collapsing (DJI Agras T50 ~$30K vs $80K for equivalent 2022)
- Vietnamese drone-spraying subsidies via MARD provincial programs
- Smart-factory mandates in Vinfast / Samsung Vietnam supplier ecosystems
- Decree 53 (data localization) favors Vietnamese-domiciled IoT platforms over foreign cloud-only solutions
- AI computer-vision capability for drone imagery genuinely useful (crop health detection, building inspection)
- Insurance industry adopting drone-based loss assessment (Bao Viet, PVI, AIA Vietnam)

---

## Customer Strategy

**Ideal Customer Profile (ICP):**
- **Internal:** every TS portfolio entity with physical-world operations
- **Agricultural operations:** ≥100 hectares cultivated land; cash crops; institutional or large-scale farms
- **Manufacturers:** 200–2,000 employees; multi-line factory operations; export-grade quality requirements; Vietnam suppliers to Samsung, Apple, LG, Foxconn, Bosch
- **Real estate / resort operators:** multi-property portfolios needing aerial + IoT-driven operations
- **Government:** MARD precision agriculture programs, MoNRE environmental monitoring, MIC smart-city pilots
- **Insurance:** loss-assessment drone services for property claims

**First 10 customer targets (Y4 Q2–Y5 Q2):**

Internal anchor customers (built into Y4 launch) + Hogcare-adjacent agricultural buyers + manufacturing pilots:

1. **Hogcare** (internal, anchor) — agricultural drone spraying + livestock IoT + ground robot pilots
2. **Blue Dot** (internal, anchor) — environmental drone surveys + IoT environmental sensor networks
3. **TS Land** (internal) — aerial real-estate imagery, construction-progress drones for developer customers, smart-building IoT
4. **Vinfast smart factory** — IoT for production-line operations
5. **Hoa Phat steel mill** — manufacturing IoT + drone asset inspection
6. **Vinamilk dairy supply chain** — IoT for cold chain + livestock + farm operations
7. **MARD precision-agriculture pilot programs** — drone spraying contracts in Mekong + Northern provinces
8. **Sun Group resort operations** — aerial + IoT for resort estates
9. **PVI Insurance** — drone loss-assessment partnership pilot
10. **Pharmacity** — IoT for cold-chain pharmacy inventory + outlet operations (cross-sell with Mira)

**Customer acquisition motion:**
- **Y4 Q2–Q3 (post-M&A close):** absorb acquired drone operator's existing customer book; immediate internal portfolio customer onboarding; founder + operator-CEO direct outreach for 5 named external pilots
- **Y4 Q4–Y5:** Viettel co-sell motion live; MARD program participation; first manufacturing reference customers
- **Y5+:** dedicated AE team; sector-vertical sales (agri-drone, manufacturing-IoT, government-channel)

**Pricing model:**
- **Drone services**: $/hectare for agricultural spraying ($15–30/hectare typical), $/mission for surveying ($500–5,000), $/flight-hour for inspection ($300–800)
- **Drone-data platform**: $500–5,000/month subscription on top of services, tier by data volume
- **IoT platform + sensors**: $5–50/sensor/month + deployment fee ($2K–25K depending on scale)
- **Applied robotics integration**: project fee ($30K–500K depending on scope) + ongoing managed services (10–20% of project annually)
- **Internal portfolio billing:** cost-plus 5% (favorable rate vs. 8% Shared Services rate — encourages internal adoption)

**Customer wedge gate (D18):** acquired drone operator's existing book ($2M+ ARR confirmed pre-close) + 3 IoT pilots signed + 1 applied robotics deployment committed.

---

## Capital and Cap Table

**Capital deployment (Y4):**
- M&A: $3–6M to acquire established Vietnamese drone operator (likely target: MiSmart or comparable)
- IoT platform build: $2–4M (engineering team + platform development + initial sensor inventory)
- Founder direct injection: $500K–1M (smaller share — majority funded via TS Holdings M&A budget per D19/D21)
- **Total Y4 launch capital: $5–11M**

**Capital deployment (Y5–Y6):**
- IoT platform scale: $3–5M (sales team, customer success, geographic expansion)
- Applied robotics integration capability buildout: $2–4M
- Series A from strategic co-investor: $10–20M target Y6 Q1 (Viettel anchor)

**Cap table at launch (post M&A close + Series Seed/A motion):**

| Stakeholder | Allocation | Notes |
|---|---|---|
| TS Public Sector Holdings VN JSC | 45–50% | Direct parent (Vietnamese majority requirement satisfied at sub-holding level + per-entity) |
| Viettel (strategic co-investor) | 15–20% | Primary candidate; provides dual-use credibility + IoT/telecom partnership |
| Operator-CEO + CTO + founding team | 18–22% | Founder-shareholder cap table; operator-CEO 12–14%, CTO 4–6%, key team 4% |
| ESOP pool | 15% | Per D3 |
| Acquired drone operator's existing leadership | Variable | Retention equity in earnout structure (per D19 integration playbook) |

**Performance milestones tied to capital:**
- **6 months post-launch (Y4 Q4)**: acquired drone operations stabilized; first IoT pilot live; first applied robotics deployment scoped; $200K MRR from drone services
- **12 months (Y5 Q2)**: $500K MRR; 3+ internal portfolio customers active; 8+ external customers; IoT platform GA
- **24 months (Y6 Q2)**: $1.5M MRR; applied robotics deployed at 3+ customers; Series A motion
- **36 months (Y7 Q2)**: $3M+ MRR; Indonesia/Thailand expansion via TS Indonesia / TS Thailand sub-holdings

**Capital gate (D18):**
- [ ] M&A target identified, LOI signed; valuation $3–6M agreed
- [ ] Viettel (or alternative) strategic LOI for co-investment at incorporation or Series A
- [ ] Founder direct injection committed
- [ ] TS Holdings M&A budget allocation approved by board

---

## Operator-CEO Profile

**The hardest single CEO hire in the Y4 cohort.** Profile must combine hardware-operations DNA with software-platform thinking — these are rarely combined in Vietnamese talent pool.

**Required experience:**
- 10+ years operating physical-world tech businesses (drone services, IoT deployments, factory automation)
- One of: certified drone-operations leadership OR IoT platform leadership at scale (10K+ sensors)
- Has managed Vietnamese regulatory engagement (CAAV, MoD, MARD, MIC)
- Vietnamese national, security-clearance-amenable (criminal record clean per state-secret handling requirements)
- Comfortable with M&A integration (will inherit acquired team)
- English fluency (for international vendor relationships)

**Likely sourcing channels:**
- **Viettel drone unit alumni** (highest-probability source — combines military aviation + telecom-grade engineering + likely transition motivation)
- **MiSmart founder/leadership** (if M&A target is MiSmart, the founder is the natural CEO post-acquisition with retention package)
- **Ex-Vingroup tech-arm leadership** (VinFast did drone work; VinSmart failure created diaspora)
- **DJI Agriculture / DJI Enterprise Vietnam regional leadership** (likely returnee pattern)
- **FPT IoT division senior PMs / Directors** (deep Vietnamese IoT customer base)
- **Returnees from Skydio, Zipline, Locus Robotics, Bosch IoT** with Vietnamese background

**CTO / Co-founder profile (the complement):**
- If CEO is drone-primary: CTO is IoT-platform-primary (likely ex-FPT IoT, Bosch, or returnee from MindSphere/Predix/Watson IoT)
- If CEO is IoT-primary: CTO is drone-operations-primary (ex-Viettel drone, ex-MiSmart CTO, returnee from DJI Enterprise)

**Compensation model:** Founder-shareholder variant essential. Operator-CEO 12–14% equity, CTO 4–6%. Cash: CEO $100–140K base + bonus; CTO $80–110K base + bonus.

**Reports to:** Founder (no Group MD for TS Ventures Deep Tech sub-cluster planned through Y5).

**CEO gate (D18):**
- [ ] Named candidate identified by Y3 Q3
- [ ] CIR engagement Y3 Q4 (paid retainer while M&A target diligence + IoT platform technical scoping + co-investor relationship building)
- [ ] Offer signed Y4 Q1
- [ ] CTO/co-founder signed by Y4 Q2 close

---

## Founding Team

**First 12 hires (Y4 Q2–Y5 Q1):**

| Role | When | Comp (USD) | Notes |
|---|---|---|---|
| Operator-CEO | Y4 Q1 close | $100–140K + 12–14% | Hired pre-acquisition close |
| CTO / Co-founder | Y4 Q1–Q2 | $80–110K + 4–6% | Complementary domain to CEO |
| **Inherited via M&A:** acquired drone-operator's CEO/founder (transitions to Aerial division head with retention package) | Y4 Q2 close | M&A retention package | Critical — keeps certified operations team intact |
| **Inherited via M&A:** 15–30 certified pilots, drone-fleet ops staff, surveying engineers | Y4 Q2 close | Existing comp + retention bonuses | Cannot lose this team — regulatory and operational continuity |
| Head of IoT Platform | Y4 Q2 | $60–90K + ESOP | Ground product line leader |
| Senior Platform Engineer × 3 | Y4 Q2–Q3 | $40–65K each + ESOP | IoT platform build + dashboard integration |
| Head of Applied Robotics Integration | Y4 Q4 | $55–85K + ESOP | Integration partnerships + deployment leadership |
| Field Engineers / Integration Engineers × 4 | Y5 Q1 | $30–55K each + ESOP | Customer deployments |
| Sales Lead | Y4 Q4 | $50–80K + commission + ESOP | External customer pipeline |
| Customer Success × 2 | Y5 Q1 | $30–50K each + ESOP | Internal portfolio + external retention |
| Compliance Officer (D17/D18) | Y4 Q2 | $40–60K | Tier-1 mandatory; manages state-secret protocol, gov-affairs coordination |

**Headcount trajectory (including inherited M&A team):**
- Y4 end: 45–60 (20–35 inherited + 25 hired)
- Y5: 80–110
- Y6: 130–180
- Y8: 250–350

---

## Product / Tech Strategy

**MVP scope (6 months post-launch):**

- **Aerial (live from Day 1 via M&A):** acquired drone-operations service continues with no disruption; integrate into TS Field branding over 6 months; add TS Field mission-planning software on top
- **Ground IoT (Y4 Q3 pilot, Y5 Q1 GA):** IoT platform v1 with sensor onboarding, edge processing, dashboard, alerting; initial sensor catalog (10–15 sensor types from Bosch, Honeywell, Chinese OEMs)
- **Applied Robotics (Y4 Q4 first deployment):** first integration partnership signed with robotics vendor (likely Locus Robotics for warehouse, or Geek+ for AMR); first deployment at WarehouseOS customer warehouse

**Core IP we build:**
- Integrated mission planning + IoT data platform + robotics integration dashboard (the unifying software layer)
- Vietnamese-context AI analytics on drone imagery (crop disease detection, livestock counting, structure inspection — built with TS Intel)
- Drone-IoT data fusion (drone imagery + ground sensors = richer analytics than either alone)
- Edge-to-cloud architecture optimized for Vietnamese network conditions (intermittent rural connectivity, urban congestion)

**Build vs partner vs buy:**

| Component | Approach | Notes |
|---|---|---|
| Drone hardware | **Partner/buy** (DJI Agras, XAG, Skydio) | No own-hardware R&D |
| Drone-mission software | **Build** | Differentiation layer |
| IoT sensors | **Partner/buy** (Bosch, Honeywell, Chinese OEMs, Vietnamese assembly) | No sensor R&D |
| IoT platform | **Build** (on TS Data Services infrastructure) | Differentiation layer |
| Robotics hardware | **Partner only** (FANUC, Locus, Geek+, Universal Robots, KUKA) | Integration-only positioning |
| Robotics integration software | **Build** | Differentiation layer |
| AI/ML | **TS Intel partnership** | Internal capability |
| Cloud infrastructure | **TS Data Services** | Internal (gov-cloud for sensitive imagery, commercial for rest) |

**Technical risks:**
- **Vietnamese rural connectivity** for drone telemetry + IoT data — must design for intermittent/edge-buffered modes
- **Drone-imagery AI quality** must be demonstrably better than DJI's stock analytics or no buyer
- **Robotics integration reliability** — uptime SLAs on warehouse AMRs etc. require strong operations discipline

---

## Go-to-Market

**Sales motion:**
- Y4 Q2–Q3 (post-acquisition): inherited customer book stays; internal portfolio customers onboarded immediately; founder + operator-CEO close 5 named external pilots
- Y4 Q4 (Viettel co-sell active): partnership sales motion live; first manufacturing customers
- Y5: dedicated AE team; sector-specialized sales (agri, manufacturing, gov)
- Y6+: international expansion via TS Indonesia / TS Thailand sub-holdings; Viettel regional channel where applicable

**Channel strategy:**
- **Viettel co-sell partnership** (strategic co-investor benefit): Viettel field force introduces TS Field to Viettel's manufacturing + agriculture + government customer base
- **MARD provincial subsidy programs**: TS Field as approved drone-services vendor for precision agriculture subsidies
- **MoNRE environmental partnerships**: TS Field on framework agreements for monitoring contracts
- **Insurance partnerships**: PVI, Bao Viet, AIA Vietnam for loss-assessment drone services
- **Robotics vendor partnerships**: Locus, Geek+, FANUC as channel partners (they refer integration projects, we resell hardware + integrate)

**Anchor customer strategy:**
- TS portfolio entities as anchor reference book (Hogcare + Blue Dot + TS Land + Unit Desk + WarehouseOS + TS Health all become customers within Y4)
- One named manufacturer (Vinfast or Hoa Phat) as external social-proof anchor

**Marketing approach:**
- TS Media collaboration: drone imagery for portfolio storytelling
- MARD precision-agriculture conferences
- Vietnam IoT Summit, Industry 4.0 events
- Case studies: outcome-driven (yield improvement, defect reduction, asset uptime)

**Cross-sell within TS portfolio (the strategic case):**
- Every portfolio entity is a customer (internal cost-plus 5% pricing encourages adoption)
- Internal data flow: IoT + drone data → TS Data Services → TS Intel → analytics back to portfolio entities
- Customer cross-flow: TS Field external customers often need Mira (F&B chains), TS People (HR), TS Block (payments), TS Tech Consulting (broader digitalization) — referral revenue

---

## Milestones

| Horizon | Target |
|---|---|
| Pre-launch (Y3 Q3–Y4 Q1) | CEO + CTO hired; M&A target LOI signed; Viettel co-investor LOI; first 3 IoT pilot customers identified; first applied-robotics deployment scoped |
| 90 days post-launch (Y4 Q3) | M&A integration 100-day review positive; acquired drone operations continue at >95% of pre-acquisition revenue; first IoT pilot live; first robotics deployment in implementation |
| 6 months (Y4 Q4) | $200K MRR; Viettel co-sell motion launched; IoT platform v1 GA; 3 internal portfolio customers live |
| 12 months (Y5 Q2) | $500K MRR; 8+ external customers; applied robotics live at 2+ customers; Series A motion begins |
| 24 months (Y6 Q2) | $1.5M MRR; Series A closed ($10–20M); operations expanding into TS Indonesia (Y5) / TS Thailand (Y7) via sub-holdings |
| 36 months (Y7 Q2) | $3M+ MRR; international revenue >20%; Vietnamese mid-market mass adoption phase |
| 60 months (Y9, post-plan) | $8–15M MRR; potential carve-out IPO or strategic sale candidate |

---

## Risks (Top 5)

1. **M&A integration failure on drone operator acquisition** — losing the acquired team or destroying its operational rhythm during integration = losing the CAAV operator certification (which doesn't transfer cleanly) and starting from zero. This is the single largest Y4 risk.
   - **Mitigation:** Retain acquired founder/leadership as Aerial division head with substantial earnout + retention equity; minimal change in first 90 days; integration on D19 100-day playbook with explicit go/no-go at day 100; backup acquisition target identified pre-LOI.

2. **Vietnamese drone regulation changes** — CAAV / MoD could restrict commercial drone operations (e.g., banning certain altitudes, sensitive zones, foreign-investor entities). Regulatory landscape is settled but not stable.
   - **Mitigation:** Viettel as strategic co-investor (best-positioned to anticipate and influence regulatory moves); Vietnamese-majority structure preempts foreign-ownership restrictions; active GR engagement via Shared Services; redundancy across product lines (if drone is restricted, IoT + robotics continue).

3. **Operator-CEO hire delay or wrong-hire** — this is the hardest CEO hire in the portfolio.
   - **Mitigation:** CIR engagement from Y3 Q1 (paid retainer for 9+ months); pipeline of 5+ named candidates; founder personal involvement in shortlist; willingness to slip launch by 1–2 quarters rather than launch with wrong CEO.

4. **Hardware supply chain disruption** — drone fleet (DJI / XAG) and sensors (Chinese OEMs primarily) are exposed to China-Vietnam trade tension, US export restrictions on Chinese drone tech, supply-chain shocks.
   - **Mitigation:** Multi-vendor sourcing; build relationships with Vietnamese assemblers (Long Hau industrial park electronics suppliers); some sensor sourcing from Bosch / Honeywell as redundancy; spare-fleet inventory.

5. **Tier-1 compliance overhead drag on innovation speed** — government-customer-compliance.md disciplines apply across the entity; state-secret exposure on drone imagery; this slows product iteration vs. pure-commercial drone competitors.
   - **Mitigation:** Compliance Officer hired Y4 Q2 (early); state-secret handling cleanly siloed to sensitive-imagery operations; commercial customer operations move at SaaS speed.

---

## Cross-portfolio synergies (the strategic core)

This is the entity with the strongest cross-portfolio role in the entire structure.

**Internal customers (TS Field SELLS to):**

| Internal customer | Service consumed | Y4–Y8 expected revenue contribution |
|---|---|---|
| **Hogcare** | Agricultural drones, livestock + soil IoT, ground robots | $300K–1M ARR (primary anchor) |
| **Blue Dot** | Environmental drones, IoT sensor networks | $200K–500K ARR |
| **TS Land** | Real-estate aerial, smart-building IoT (TS Land then resells to its customers) | $200K–500K ARR direct + revenue share |
| **Unit Desk** | Building IoT (HVAC, occupancy, energy) | $150K–400K ARR |
| **WarehouseOS** | Warehouse IoT + AMR integration | $200K–600K ARR + project fees |
| **TS Health** | Hospital IoT, lab automation integration | $150K–500K ARR |
| **Mira** | F&B outlet IoT (cold chain, foot traffic, kitchen sensors) | $100K–400K ARR |
| **TS Data Services Gov-Cloud** | Co-sell to gov customers (TS Field operates, TS Data Services hosts) | revenue share |
| **TS Foundation (Y6+)** | Drone-deployed humanitarian relief, philanthropic surveying | small but reputationally valuable |

**Internal services TS Field CONSUMES:**

| Provider | Service |
|---|---|
| TS Shared Services | Cost-plus 8% finance/legal/HR/compliance |
| TS Brand & IP Holdings | Trademark license (TS Field marks; 1% royalty) |
| TS Intel | Commercial AI computer-vision models for non-sensitive workloads (crop disease, defect detection, asset inspection of commercial assets) — IP licensing per D5; possible 2–4% royalty |
| TS National AI (Y3 Q4) | **AI for state-secret-amenable workloads** — sensitive-imagery analytics, gov-customer fine-tunes, sovereign-AI infrastructure for protected drone data (per D23 — sensitive AI must route through TS National AI not TS Intel) |
| TS Data Services | Cloud infrastructure — Gov-Cloud arm for sensitive imagery, Commercial arm for everything else |
| TS Public Sector Holdings VN JSC | Sub-holding structure + Vietnamese strategic co-investor coordination + Tier-1 compliance |
| TS Technology Consulting | Customer-facing transformation projects that need TS Field components |
| TS People | HRIS for TS Field's 250–350 employees by Y8 |

**The flywheel:**
- Physical-world data captured by TS Field → enriches TS Intel's models → improves analytics back to portfolio entities → more value for portfolio customers → more customer relationships referring TS Field opportunities
- Customer relationships: a single Vietnamese manufacturer might consume TS Field (IoT) + TS Tech Consulting (digital transformation project) + TS People (HRIS) + TS Block (payments) + Mira (if they're in retail/F&B). TS Field's customer relationships are often the "in" to broader portfolio wallet capture.

---

## Tier-1 specific requirements

Per [government-customer-compliance.md](../government-customer-compliance.md):

- [ ] Vietnamese-citizen Người đại diện theo pháp luật (operator-CEO)
- [ ] D&O insurance from Vietnamese carrier (PVI, Bảo Việt, AIG Vietnam) — primary
- [ ] Independent Compliance Officer at entity (Y4 Q2 hire)
- [ ] No intercompany loans (cost-plus services only)
- [ ] Office space — independent of other TS entities (drone operations facility + IoT engineering office, separate locations possible)
- [ ] Banking at Vietcombank or BIDV (Tier 1 allocation)
- [ ] 10-year document retention in Vietnam (drone flight logs, IoT data, customer contracts, gov communications)
- [ ] Gift and entertainment register from launch
- [ ] No nominee shareholders — Viettel as real Vietnamese strategic co-investor with real economic interest
- [ ] Annual anti-corruption training (external counsel-delivered)
- [ ] Whistleblower channel routing to TS Shared Services Legal
- [ ] No founder personal guarantees
- [ ] **State-secret handling protocol** — drone imagery of sensitive sites (border zones, military, government facilities, certain economic infrastructure) meets state-secret definition; licensed secure facility for processing such imagery; background-checked personnel for state-secret-handling roles; encrypted offline storage for protected imagery (NOT on TS Data Services cloud)
- [ ] Source-code review provisions in any government contracts (per government-customer-compliance.md)
- [ ] Vietnamese strategic co-investor (Viettel primary) — minority 15–20% with shareholder agreement

---

## Strategic co-investor: Viettel

Viettel Group is the obvious primary candidate. Reasoning:

- **Military-owned conglomerate** with deep MoD relationships — eases drone operations clearance
- **Existing drone operations** (cyber + dual-use; commercial scaling not their primary focus, so partnership preferable to competition)
- **Viettel IoT division** — natural co-development partnership; their IoT and ours are complementary not competitive when scoped correctly
- **Massive manufacturing + agricultural customer relationships** through Viettel's commercial arm
- **Political cover for Tier-1 sensitive work** — Viettel co-ownership signals state alignment
- **International expansion alignment** — Viettel has operations in Cambodia, Laos, Myanmar, Mozambique, Tanzania, Peru — could open doors for TS Field regional expansion later

Target stake: 15–20% minority. Negotiation begins Y3 Q1 (12+ months before incorporation, per D17 strategic co-investor timeline).

**Alternative candidates if Viettel doesn't materialize:**
- **FPT Corporation** (less defense-aligned but stronger commercial customer base)
- **VNPT** (telecom-IoT-aligned)
- **SCIC** (sovereign investor; no operational partnership value but provides political cover)

Decline path: if no acceptable Vietnamese strategic co-investor can be secured, defer the entity by 1 year and reassess. Don't proceed with Tier-1 entity without strategic co-investor (D17 explicit requirement).

---

## M&A target: pre-acquisition diligence

Primary candidate: **MiSmart** (or comparable Vietnamese agricultural-drone operator).

Diligence checklist per D19:

- [ ] CAAV operator certification status (current, in good standing, transferable to new ownership structure)
- [ ] MoD clearances and standing agreements
- [ ] Customer concentration (no single customer >40% of revenue)
- [ ] Pilot retention agreements (the team is critical asset)
- [ ] Fleet condition and age (drone hardware depreciation profile)
- [ ] Service contracts and minimum-volume commitments
- [ ] Insurance (aviation liability, hull, third-party)
- [ ] Litigation history
- [ ] Related-party transactions (Vietnamese SME common; require cleanup)
- [ ] Transfer pricing for any cross-border element
- [ ] Undisclosed labor liabilities (pilots are skilled labor with specific compensation expectations)
- [ ] Real estate / hangar / facility lease commitments
- [ ] Cap table cleanliness
- [ ] No nominee shareholders

**Valuation framework (per D19 services business):** 1–3× revenue for drone operations baseline; 5–8× EBITDA if profitable; premium 1.2–1.5× for transferable CAAV certification + retained team; total expected $3–6M for a profitable mid-tier Vietnamese drone operator.

**Earnout structure:** 60% cash at close, 30% over 24-month earnout tied to revenue retention, 10% retention equity vesting over 36 months for acquired CEO/leadership.

---

## Exit / outcome scenarios

| Scenario | Probability | Outcome | Timeline |
|---|---|---|---|
| **Carve-out as part of TS Public Sector cluster Vietnamese IPO** | 5–10% | $200–500M valuation | Y8+ |
| **Strategic sale to international robotics/IoT player** (Honeywell, Bosch, Schneider, Siemens regional acquisition) | 15–20% | $150–400M at $5M+ MRR | Y6–Y8 |
| **Strategic sale to Vietnamese conglomerate** (FPT, Viettel buy-out, Vingroup tech-arm) | 15–25% | $80–250M | Y5–Y7 |
| **Sustained portfolio entity** (cash-generative, dividends) | 30–40% | $3–8M MRR; high margin from platform layer | Y4+ |
| **Stall at sub-scale** | 15–25% | $1–2M MRR plateau; consolidation candidate | Y5–Y7 |
| **Fail** (post-M&A integration failure or regulatory shutdown) | 5–10% | Wind-down or strategic-sale of remnant assets | Y4–Y5 |

**5-year valuation target (75th percentile):** $80–200M

**8-year valuation target (75th percentile):** $250–500M

---

## Dependencies and gating

**External dependencies before incorporation:**
- M&A target LOI signed (MiSmart or comparable)
- Viettel (or alternative) strategic co-investor LOI
- CAAV operator-certification transfer pre-approval
- Operator-CEO + CTO offers signed
- 3+ IoT pilot customers committed
- 1 applied-robotics customer scoped

**Internal dependencies:**
- TS Public Sector Holdings VN JSC operational (live since Y2)
- TS Data Services Gov-Cloud arm live (Y4 sibling)
- Shared Services capacity for Tier-1 entity onboarding
- M&A function fully operational (post-D19 buildout)
- Hogcare + Blue Dot + TS Land operating and ready as internal customers

**D18 four-gate checklist:**
- [ ] CEO gate: operator-CEO + CTO signed
- [ ] Customer gate: M&A book + 3 IoT pilots + 1 robotics deployment
- [ ] Capital gate: M&A budget approved; Viettel LOI; founder direct injection committed
- [ ] Capacity gate: Shared Services + TS Public Sector + Tier-1 compliance infrastructure confirmed

---

## Related documents

- [../aggressive-8-year-growth-plan.md](../aggressive-8-year-growth-plan.md) — Y4 launch position
- [../operator-ceo-recruiting.md](../operator-ceo-recruiting.md) — founder-shareholder variant essential; CIR engagement Y3 Q1
- [../government-customer-compliance.md](../government-customer-compliance.md) — Tier-1 entity disciplines (state-secret handling especially relevant for drone imagery)
- [ts-public-sector-holdings.md](ts-public-sector-holdings.md) — parent sub-holding
- [../../notes/decisions.md](../../notes/decisions.md) — D1, D3, D5, D17, D18, D19, D22 (bundled drone + IoT + applied robotics rationale)
- [ts-shared-services.md](ts-shared-services.md) — back-office services