Veniam’s new round of funding

Our portfolio company Veniam announced today that they had closed a significant new round of funding led by Verizon Ventures. The funding will allow Veniam to deliver on the promise of “smart cities” by connecting thousands of vehicles in public and private fleets to create city-scale mesh networks. These networks will allow local transportation systems to offer internet access to commuters at higher speeds and lower cost than existing cellular networks. They also allow cities to affordably collect sensor data to improve security, and streamline the management of transportation infrastructure. Veniam has the hardware, software, networking, and real world operations experience to offer complete solutions, not just technology. That means they can deploy today. This funding will be used to grow their teams in U.S., Europe, and Asia to support deployments in cities around the world including,  New York, Singapore, Barcelona, and London. We are excited to see these networks go live. We are confident that public and private fleets will benefit from this unprecedented level of connectivity. We are even more excited to see the creative, unanticipated uses of this connectivity that we know will emerge over the next few years.