Great RNS4 Sep 2019 11:05
Companies such as AM's Federated Wireless don't get funded from such investors if they are not rock solid. We will see commercialisation from two or three of their portfolio companies soon and ALM's share price will sky rocket. I totally agree that the opportunity to buy sub 60 will not be around long. I'm just surprised it is still where it is. GLA
Federated Wireless raises $51 million in Series C financing
Allied Minds plc (LSE: ALM), the IP commercialisation company focused on early stage company development within the technology sector, announces that its portfolio company Federated Wireless, a pioneer in Citizen Band Radio Service (CBRS), today secured $51 million in Series C financing.
Participants in the round include new investors SBA Communications (NASDAQ: SBAC) and Pennant Investors, alongside existing investors GIC, Singapore's sovereign wealth fund, American Tower (NYSE: AMT) and Allied Minds.
The funds raised will enable Federated Wireless to accelerate the availability and adoption of shared spectrum CBRS services by wireless carriers, cable companies, utilities and enterprises seeking to augment existing and next-generation 5G wireless services and private LTE.
Federated Wireless has a customer base of more than 25 companies spanning the telecommunications, energy, hospitality, education, retail, office space, municipal and residential verticals, with a wide range of use cases ranging from network densification and mobile offload to private LTE and industrial IoT. Its partner ecosystem includes more than 40 device manufacturers and edge partners, all of which are dedicated to collaboration to advance development and proliferation of CBRS services.
Joe Pignato and Mike Turner, Co-CEOs of Allied Minds, said:
"This latest round of fundraising by Federated Wireless underpins the potential of the Allied Minds portfolio and our strategy of developing early stage IP to achieve commercialisation.
"Participation in this round by new investors, both strategic and financial, demonstrates widespread recognition of Federated Wireless' potential to deliver growth and value as a leader in the development of CBRS."
Iyad Tarazi, President and CEO of Federated Wireless, said:
"Federated Wireless has passed all of the major hurdles on the road to CBRS deployment in the first half of 2019 and we are fully ready to engage the growing number and types of customers clamoring for access to shared spectrum services."
"This funding will propel us, and by extension the CBRS industry as a whole, to new heights, helping us to ensure that we are able to not only meet but exceed the needs of the customers and partners who have collaborated so closely with us to make this vision a reality."
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