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. The 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). 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. New investors include Taiwania Capital and TDK Ventures. In addition to this round, last year, Verana secured $4.5 million in convertible debt financing from strategic investors including Lockheed Martin Ventures.
“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,” said Vedat Eyuboglu, CEO and Co-Founder of Verana Networks. “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.”
“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,” said Mark Bulkeley, Managing Director of DC Investment Partners (DCIP). “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.”
“Verana is building a new 5G technology platform for high-capacity 5G networks, starting with mmWave, the spectrum band with the most challenging economics,” said Cheng Wu, General Partner of Taiwania Capital. “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.”
“Verana has an experienced team, with a clear vision to accelerate digital transformation through the incoming megatrend that is 5G mmWave technology,” said TDK Investment Associate Henry Huang. “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.”
5G New Radio (5G NR) has emerged as the global communications standard for a wide range of applications that require reliable, high-capacity and low-latency wireless connectivity. 5G is being adopted not only by service providers but also by enterprises and for defense applications. 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 its founding in April 2020, Verana has grown rapidly to over 70 employees in the United States and India. 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.