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Verizon, Cisco, Orange Behind IoT Startup Veniam's $22 Million Series B Funding

Clock 14 February 2016
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Verizon, Cisco, Orange Behind IoT Startup Veniam's $22 Million Series B Funding Image Credit: Verizon

Internet-of-Things(IoT) startup Veniam announced a $22 million Series B round led by Verizon Ventures with new investors Cisco Investments, Orange Digital Ventures, and Yamaha Motor Ventures. 

Veniam provides mesh network for automobiles to address the growing challenges of rapid urbanization by deploying a new kind of wireless Internet infrastructure that alleviates the digital divide, generates valuable data and improves city life. 

The funding will enable Veniam to expand its full-stack platform and deliver managed services over networks of connected vehicles to be deployed in urban fleets, ports, airports, factories and other transportation ecosystems across cities around the world including New York, Singapore, Barcelona, and London. 

Ed Ruth, Manager at Verizon Ventures
Citywide mesh networks of connected vehicles and other moving things are a radically new concept andwe are excited to support Veniam in enabling the smart cities of the future. 

João Barros, Founder and CEO of Veniam
The convergence of urban mobility systems, IoT wireless technologies, geo-referenced data, and soon theautonomous vehicle, is completely disrupting the way we transport people and goods. Veniam is proud to lead this convergence by expanding wireless coverage and data services for people, vehicles and moving things, thereby generating new applications, revenue streams and business models for telecom operators and the Industry 4.0.

Ray is The Fast Mode's editor and content director. Ray has covered the wireless industry as a writer for more than 10 years, focusing on technology and business aspects of the telecoms sector. Ray can be reached at ray.sharma(at)thefastmode.com. Follow Ray at linkedin.com/in/raysharma10

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