As technology advances, the need for faster internet broadband increases. The 5G industry, which launched in the U.S. in 2019, set the standard for the most up-to-date internet speeds. The industry itself is set to be worth $1.2 trillion by 2026 and Boston’s own Verana Networks is the latest startup making moves in the sector.
Verana Networks, a 5G Radio Access Network (RAN) provider for solutions enterprises, announced on Tuesday it raised $28 million in a Series B round led by DC Investment Partners (DCIP). The startup’s recent raise comes two years after its $11 million Series A raise and brings the startup’s total funding to date to $43 million.
“At DCIP, we expect Verana to revolutionize this market by enabling gigabit 5G access to homes at less than one third the cost of fiber,” Mark Bulkeley, managing director at DCIP, said in a statement. “We have seen how Verana has built a world-class research and development organization in less than two years and proven its technology platform. We are excited to lead Verana’s Series B financing.”
With its fresh funding, the startup plans to scale its RAN technology. It also plans to hire for its marketing, sales, technical services and research and development teams. By the end of the year, the company expects to increase its 70-person team by 50 percent, or 35 people.
“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,” Vedat Eyuboglu, CEO and co-founder of Verana Networks, said in a statement. “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 demonstrates our investors’ confidence in Verana’s vision for next-generation 5G networks.”
