- Verana Networks recently announced it raised $28 million in Series B funding.
Verana Networks – a developer of innovative 5G radio-access networks (RAN) solutions – announced it has secured $28 million in a Series B venture capital funding round, bringing the total capital raised since its founding in 2020 to $43 million. Funding from this latest round of investment will be used to commercialize Verana’s ground-breaking 5G RAN technology for millimeter-wave spectrum.
The funding round was led by Series A investor DC Investment Partners (DCIP). And DCIP Managing Director Mark Bulkeley will also join Verana’s board of directors. All of Verana’s Series A investors participated in this most recent round, including Spark Capital, BOLD Capital Partners, and Aspiro Capital. The new investors include Taiwania Capital and TDK Ventures. Along with this round, Verana secured $4.5 million in convertible debt financing last year from strategic investors including Lockheed Martin Ventures.
5G New Radio (5G NR) emerged as the global communications standard for a wide range of applications that require reliable, high-capacity and low-latency wireless connectivity. And 5G is being adopted not only by service providers but also by enterprises and for defense applications. Plus Verana is building a new 5G technology platform from the ground up, with purpose-built, software-defined hardware that delivers superior economics for dense outdoor small cell deployments.
Since being founded in April 2020, Verana has grown rapidly to over 70 employees in the United States and India. And with its new funding, Verana plans to grow by more than 50% in the next 12 months, and expand its R&D, marketing, sales, and technical services teams.
“From gigabit fixed wireless access to the metaverse, 5G applications that will generate billions of dollars in incremental revenue will require a massive increase in network capacity. Verana Networks enables service providers to cost-efficiently harness abundant and inexpensive mmWave spectrum to deliver high-bandwidth 5G applications. This latest round of funding – as well as the funding we secured in earlier rounds – demonstrates our investors’ confidence in Verana’s vision for next-generation 5G networks.”
— Vedat Eyuboglu, CEO and Co-Founder of Verana Networks
“With 5G in mmWave spectrum, we finally have a global standard for wireless home broadband access, a $90 billion market in the United States alone. At DCIP, we expect Verana to revolutionize this market by enabling gigabit 5G access to homes at less than 1/3 the cost of fiber. We have seen how Verana has built a world-class R&D organization in less than two years and proven its technology platform. We are excited to lead Verana’s Series B financing.”
— Mark Bulkeley, Managing Director of DC Investment Partners (DCIP)
“Verana is building a new 5G technology platform for high-capacity 5G networks, starting with mmWave, the spectrum band with the most challenging economics. At Taiwania Capital, we are excited to enable the creation of a new 5G RAN supplier for mobile operators and enterprises, in the US and around the world.”
— Cheng Wu, General Partner of Taiwania Capital
“Verana has an experienced team, with a clear vision to accelerate digital transformation through the incoming megatrend that is 5G mmWave technology. Their innovative approach is accepted by experts as a game-changing way to reduce cost, and they’ve already established solid traction with important service providers. TDK Ventures is excited to partner and further enable Verana’s development.”
— TDK Investment Associate Henry Huang