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.
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.
Vedat Eyuboglu, CEO and Co-Founder of Verana Networks
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.
Mark Bulkeley, Managing Director of DC Investment Partners (DCIP)
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.
