(Alliance News) - Allied Minds PLC on Tuesday said its portfolio company Federated Wireless has raised USD13.7 million in an additional Series C funding round.
Federated Wireless is a wireless communications company that commercialises CBRS spectrum for 4G and 5G wireless systems. Citizens Broadband Radio Service or CBRS is a band of radio-frequency spectrum from 3.5 gigahertz to 3.7 gigahertz.
In Series C rounds, investors inject capital into businesses, in an effort to receive more than double of that amount back.
The intellectual property commercialisation business said it invested just under USD6.9 million of the amount, alongside existing investor Pennant Investors who committed the same amount. Following the investment, the company holds a 43% stake in Federated Wireless.
Allied Minds said the funds will accelerate the expansion of Federated's partnerships with Amazon Web Services and Microsoft Azure to offer connectivity-as-a-service. Additionally, the funding will aid Federated's expansion into the 6 gigahertz band for 5G services, providing a path to 1,000 megahertz of spectrum for private wireless networks.
"This additional funding will enable Federated to support the rapid deployment of its new connectivity-as-a-service offering. It allows US enterprises to order their business connectivity services over private 4G and 5G networks with a single click from AWS or Azure," said Allied Minds Chief Executive Joe Pignato.
Allied Minds shares were trading 6.9% higher at 26.40 pence each on Tuesday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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