Verana Networks stated it had secured sufficient funding to press ahead with the launch of a mmWave 5G RAN product after a Series-B process which brought its total financing to $43 million.
The US-based company raised $28 million in the latest funding round, which it stated was led by Series-A investor DC Investment Partners (DCIP), along with other first-round backers including Spark Capital, Bold Capital Partners and Aspiro Capital.
Those investors contributed $11 million in funding in Verana Networks’ initial round in 2020, with the company securing $4.5 million in convertible debt financing from strategic investors including Lockheed Martin Ventures in 2021.
Fresh investors participating in the Series-B round included Taiwania Capital and TDK Ventures.
Verana Networks is building a 5G RAN platform which includes software-defined hardware for dense outdoor small cell deployments over mmWave.
Mark Bulkeley, MD of DCIP, is joining Verana Networks board as part of the funding round.
He stated the investment company believes Verana Networks will “revolutionise” the consumer broadband sector by providing “gigabit 5G access to homes at less than a third of the cost of fibre”.
Verana Networks plans to pitch its technology to service providers and enterprises.
Among US mobile operators, Verizon has been aggressive in terms of deploying 5G-based mmWave, with CEO Hans Vestberg using its Q1 earnings call to note it had around 35,000 sites deployed by end-March.