I’m proud to announce that Verana Networks has secured $28 million in a Series B funding round to commercialize our ground-breaking 5G RAN technology for millimeter wave spectrum. This latest round brings the total capital we’ve raised since our founding in 2020 to $43 million. The funding we’ve secured in the last two years demonstrates our investors’ confidence in our technology and our vision for tomorrow’s 5G networks and use cases that will need mmWave spectrum.
As 5G continues to evolve, service providers and enterprises will need more than the high speeds and low latencies promised by 5G. They will need new network technology that can deliver an unprecedented amount of capacity to applications, ranging from home broadband to the metaverse, at a fraction of today’s cost. Verana makes this possible by dramatically reducing the cost of building dense small cell networks in mmWave spectrum.
Our Series A investor DC Investment Partners (DCIP) led this latest funding round. In fact, all our Series A investors participated, including Spark Capital, BOLD Capital Partners, and Aspiro Capital. New investors include Taiwania Capital and TDK Ventures. In addition, last year, we secured $4.5 million in convertible debt financing from other strategic investors, including Lockheed Martin Ventures.
Along with today’s funding announcement, I’m also thrilled to announce that DCIP Managing Director Mark Bulkeley will join Verana’s board of directors. I look forward to Mark’s insight and guidance as we work together to continue to develop and bring our 5G RAN solutions to market.
Of course, none of what Verana has accomplished would be possible without the talent and dedication of our employees worldwide. Thank you for all you do.
CEO and Co-Founder of Verana Networks