WALTHAM, Mass.--(BUSINESS WIRE)--Verana Networks today announced that it has closed $11 million in a Series A financing. Led by Spark Capital, the round of funding includes Aspiro Capital, DC Investment Partners and Bold Capital. Santo Politi from Spark Capital has joined the company’s board of directors.
Verana Networks is designing a 5G radio access network (RAN) solution that can reduce the cost of building 5G in millimeter wave (mmWave) spectrum by up to 10X, enabling mobile operators to bring the promise of 5G – gigabit speeds with low latency – everywhere.
“Over 100 million mobile subscribers in the United States will have mmWave 5G capable smartphones like the iPhone 12 in a few years,” said Santo Politi, General Partner at Spark Capital. “These subscribers will expect mmWave 5G to work wherever they live and work. Verana Networks has the team and the technology to enable mobile network operators to deploy mmWave 5G everywhere.”
Verana Networks has taken a customer-centric approach to designing its radio access network solution, carefully examining and addressing every element of cost in a mmWave 5G network, from silicon and antennas, to backhaul and site permitting. Its solution is based on a patent-pending network design, supports 3GPP 5G New Radio (5G-NR) specifications and Open RAN Alliance (O-RAN) interfaces. Mobile operators can use its products to offer gigabit 5G to smartphones and 5G-based fixed wireless access.
“We believe that our vision to dramatically improve the economics of mmWave deployments, and our decades of experience building innovative radio access network products for major mobile network operators gives us an edge in the fast-growing multi-billion-dollar market for 5G network infrastructure,” said Vedat Eyuboglu, CEO and Co-Founder of Verana Networks. “We are excited to have the support and backing of a sophisticated and experienced set of investors.”
Verana Networks was founded by Vedat Eyuboglu and Amit Jain, start-up executives with a track record of bringing innovative RAN products to market, from the world’s first all-IP 3G EV-DO base stations at Airvana to pioneering 3G and 4G small cell solutions at Airvana and SpiderCloud Wireless. These products were deployed by some of the largest mobile network operators around the world. Verana Networks is using its Series A funding to build a world-class team with deep expertise in the design and development of sophisticated radio access network products.
To learn more about Verana Networks, please visit www.verananetworks.com or follow the company on LinkedIn and Twitter @Verana_Networks.