Veniam raises $22M to bring Wi-Fi to buses and cabs, will expand to Singapore next | VentureBeat | Business | by Ken Yeung
Veniam, which provides mesh network for automobiles, has raised a $22 million Series B round to bring Wi-Fi hotspots to more vehicles. The latest investment includes funding from Verizon Ventures, Cisco Investments, Orange Digital Ventures*, Yamaha Motor Ventures, True Ventures, Union Square Ventures, and Cane Investments. The company plans on using the funds to bring its platform and managed services to more of the world, moving beyond its initial market in Portugal.
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The company believes that its mesh network is rapidly becoming the platform of choice for connected vehicles in fleets because businesses want to offer great Wi-Fi service, but don't want to manage the logistics. Veniam combines DSRC-connected vehicle technology, 4G, Wi-Fi, and mesh networking to power the network infrastructure in any vehicle. The company will use anonymous data pulled from consumers to better understand microclimates, road infrastructure, population count, and more about the surrounding community.
Veniam's Series B comes 18 months after it raised $4.9 million in 2014. To date, it has amassed a war chest of $27 million. The company declined to disclose its valuation.
* Disclaimer: Before joining VentureBeat, I worked at Orange Silicon Valley, which is associated with Orange Digital Ventures.
More information:Veniam
Veniam's technology is currently under deployment in the world's largest mesh-connected fleet. Five years in development, we offer robust and cost-effective ways of providing in-vehicle internet access and seamless connectivity to yo...read more >>
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