Veea Inc. and Plum Acquisition Corp. I Announce Closing of Business Combination
Veea Inc. and Plum Acquisition Corp. I have successfully completed their business combination, approved on June 4, 2024. The combined company, named Veea Inc., will begin trading on the Nasdaq Capital Market under the ticker symbols 'VEEA' for common stock and 'VEEAW' for warrants on September 17, 2024.
Veea offers the Veea Edge Platform™, providing full-stack hybrid edge-cloud computing solutions. The transaction implies a total enterprise value of approximately $335 million, including $36 million raised in a private placement and an additional $15 million subscribed concurrent with the closing.
The company aims to accelerate digital transformation across various industries with its edge infrastructure solutions, combining connectivity, security, AI, and computation into a single platform.
Veea Inc. e Plum Acquisition Corp. I hanno completato con successo la loro combinazione aziendale, approvata il 4 giugno 2024. La società combinata, chiamata Veea Inc., inizierà a essere quotata sul Nasdaq Capital Market sotto i simboli ticker 'VEEA' per le azioni ordinarie e 'VEEAW' per i warrant il 17 settembre 2024.
Veea offre la Veea Edge Platform™, che fornisce soluzioni di computing ibrido edge-cloud full-stack. La transazione implica un valore d'impresa totale di circa $335 milioni, compresi $36 milioni raccolti in un collocamento privato e ulteriori $15 milioni sottoscritti in concomitanza con la chiusura.
La società punta ad accelerare la trasformazione digitale in vari settori con le sue soluzioni di infrastruttura edge, combinando connettività, sicurezza, AI e calcolo in un'unica piattaforma.
Veea Inc. y Plum Acquisition Corp. I han completado con éxito su combinación empresarial, aprobada el 4 de junio de 2024. La empresa combinada, llamada Veea Inc., comenzará a cotizar en el Nasdaq Capital Market bajo los símbolos de ticker 'VEEA' para acciones ordinarias y 'VEEAW' para warrants el 17 de septiembre de 2024.
Veea ofrece la Veea Edge Platform™, que proporciona soluciones de computación híbrida edge-cloud de pila completa. La transacción implica un valor total de empresa de aproximadamente $335 millones, que incluye $36 millones recaudados en una colocación privada y un adicional de $15 millones suscritos simultáneamente con el cierre.
La empresa tiene como objetivo acelerar la transformación digital en diversas industrias con sus soluciones de infraestructura edge, combinando conectividad, seguridad, IA y cómputo en una única plataforma.
Veea Inc.와 Plum Acquisition Corp. I는 2024년 6월 4일 승인된 비즈니스 조합을 성공적으로 완료하였습니다. 결합된 회사인 Veea Inc.는 2024년 9월 17일에 Nasdaq Capital Market에서 'VEEA'라는 티커 심볼로 일반 주식과 'VEEAW'라는 티커 심볼로 워런트를 거래 시작합니다.
Veea는 Veea Edge Platform™을 제공하여 전체 스택 하이브리드 엣지-클라우드 컴퓨팅 솔루션을 제공합니다. 이 거래는 약 $335백만의 총 기업 가치를 의미하며, 이에는 $36백만의 사모 배정금과 함께 종료 시 동시 납입된 $15백만이 포함됩니다.
회사는 연결성, 보안, AI 및 컴퓨테이션을 단일 플랫폼으로 결합하여 다양한 산업에서 디지털 혁신을 가속화하는 것을 목표로 하고 있습니다.
Veea Inc. et Plum Acquisition Corp. I ont réussi à finaliser leur combinaison d'affaires, approuvée le 4 juin 2024. La société combinée, nommée Veea Inc., commencera à être cotée sur le Nasdaq Capital Market sous les symboles boursiers 'VEEA' pour les actions ordinaires et 'VEEAW' pour les warrants à partir du 17 septembre 2024.
Veea propose la Veea Edge Platform™, qui offre des solutions complètes de cloud computing hybride edge. La transaction implique une valeur totale d'entreprise d'environ $335 millions, incluant $36 millions levés dans le cadre d'un placement privé et un montant additionnel de $15 millions souscrit en même temps que la clôture.
L'entreprise vise à accélérer la transformation numérique dans divers secteurs avec ses solutions d'infrastructure edge, combinant connectivité, sécurité, intelligence artificielle et calcul en une seule plateforme.
Veea Inc. und Plum Acquisition Corp. I haben erfolgreich ihre Unternehmenszusammenführung abgeschlossen, die am 4. Juni 2024 genehmigt wurde. Das kombinierte Unternehmen, genannt Veea Inc., wird am 17. September 2024 an der Nasdaq Capital Market unter den Tickersymbolen 'VEEA' für Stammaktien und 'VEEAW' für Warrants gehandelt.
Veea bietet die Veea Edge Platform™, die vollständige hybride Edge-Cloud-Computing-Lösungen bereitstellt. Die Transaktion impliziert einen Gesamtunternehmenswert von etwa $335 Millionen, einschließlich $36 Millionen, die in einer Privatplatzierung aufgenommen wurden, und zusätzlich $15 Millionen, die zeitgleich mit dem Abschluss subskribiert wurden.
Das Unternehmen hat das Ziel, die digitale Transformation in verschiedenen Branchen mit seinen Edge-Infrastruktur-Lösungen zu beschleunigen, indem es Konnektivität, Sicherheit, KI und Berechnung in einer einzigen Plattform kombiniert.
- Successful completion of business combination with Plum Acquisition Corp. I
- Listing on Nasdaq Capital Market under ticker symbols 'VEEA' and 'VEEAW'
- Total enterprise value of approximately $335 million
- Raised $36 million in private placement and additional $15 million subscribed at closing
- Offering innovative Veea Edge Platform™ for hybrid edge-cloud computing solutions
- Positioned to capitalize on growing demand for edge computing and network connectivity solutions
- None.
Insights
The completion of Veea's business combination with Plum Acquisition Corp. I marks a significant milestone for the edge computing company. With an implied enterprise value of
Veea's Edge Platform represents a compelling innovation in the edge computing space. By integrating multiple functions like network connectivity, computing, storage and cybersecurity into a single platform, Veea addresses the growing need for efficient and secure edge infrastructure. The company's focus on "Cloud-in-a-Box" solutions and AI processing at the edge aligns well with industry trends. However, the technical challenges of maintaining performance and security across diverse edge environments shouldn't be underestimated. Veea's success will hinge on its ability to deliver on its promises of simplified installation, operation and maintenance while ensuring robust performance across various use cases and industries.
The edge computing market is projected to experience substantial growth, with Gartner highlighting its importance in digital business innovation. Veea's positioning as a "first-to-market pioneer" in hyperconverged multiaccess networks and AI-driven edge computing could give it a competitive advantage. The company's focus on vertical industries requiring edge infrastructure solutions suggests a targeted market approach. However, investors should be aware that the edge computing landscape is rapidly evolving, with potential for market fragmentation and shifting technological standards. Veea's ability to adapt to changing market demands and maintain its technological edge will be important for long-term success in this dynamic sector.
The combined company will begin trading on the Nasdaq Capital Market under the ticker symbols “VEEA” for its common stock and “VEEAW” for its publicly traded warrants
NEW YORK and SAN FRANCISCO, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Veea Inc. (“Veea” or the “Company”), a first-to-market pioneer in hyperconverged multiaccess networks and AI-driven edge computing, and Plum Acquisition Corp. I (“Plum”), a Cayman Islands exempted company formed as a special purpose acquisition company, today announced the successful completion of their previously announced business combination (the "Business Combination"). The Business Combination was approved at an extraordinary general meeting of the Plum shareholders held on June 4, 2024. The combined company is named Veea Inc. and its common stock and publicly traded warrants are expected to commence trading on the Nasdaq Capital Market under the ticker symbols “VEEA” and “VEEAW”, respectively, on September 17, 2024.
Veea offers turnkey full-stack hybrid edge-cloud computing with its Veea Edge PlatformTM that integrates multiaccess network connectivity, computing, storage, containerized cybersecurity with secure connectivity and Edge AI where people, places, machines and things connect to the Internet. Veea’s smart computing VeeaHub® products replace or complement a host of point products, such as servers, Wi-Fi access points, IoT gateways, routers, basic firewalls and network attached storage in one platform that is easy to install, monitor, operate and maintain. Veea’s Edge Platform, with VeeaHub® products and VeeaWare software, enables private network “Cloud-in-a-Box” solutions at the edge of the network, that not only accelerates the move of AI processing to the edge, but champions digital transformation across many vertical industries that require edge infrastructure solutions. The transaction implies a total enterprise value for the combined company of approximately
“We are excited to continue our journey as a publicly traded company and look forward to working with the Plum team in expanding our business,” said Allen Salmasi, Chairman and Chief Executive Officer of Veea. “Demand for hyperconverged edge computing and network connectivity solutions for enterprises and consumer markets with cybersecurity and secure connectivity continues to grow rapidly, and Veea’s transformative new product category is well positioned to deliver containerized applications supported by edge AI, groundbreaking cellular-like managed Wi-Fi and IoT devices, and a slew of other product capabilities at the edge.”
“We are very excited to be partnering with Allen and the rest of the management team at Veea due to their decades of experience in the digital transformation of the cellular industry. We are confident in their ability to successfully bring this revolutionary edge computing platform to market. Veea is accelerating digital transformation of existing and new spaces by combining connectivity, security, AI and computation into a single platform — a critically important need across multiple vertical industries, use cases, and geographic markets,” said Kanishka Roy, President and co-CEO of Plum.
According to Gartner, “The computing edge is closest to customers and customers of customers. Over the next five years, edge AI will become the battlefront for innovation and mind share relating to smart, connected, digital business investment.”
Advisors
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, is serving as the exclusive financial advisor and lead capital markets advisor to Plum. Hogan Lovells US LLP is serving as legal advisor to Plum. Ellenoff Grossman & Schole LLP is serving as legal advisor to Veea.
About Veea Inc.
Veea® makes living and working at the edge simpler and more secure. Veea has unified multi-tenant computing, multiaccess multiprotocol communications, edge storage and cybersecurity solutions through fully integrated cloud- and edge-managed products. Veea’s pioneering Multiaccess Edge Computing (MEC) product developed from the ground up in a compact form factor brings together the functionality typically provided for through any combination of servers, Network Attached Storage (NAS) devices, routers, firewalls, Wi-Fi Access Points (APs), IoT gateways, 4G or 5G wireless access, and Cloud Computing (CC) by means of multiple hardware, software and systems integrated and maintained by IT/OT professionals. Compared to such solutions, Veea Edge Platform offers application responsiveness, bolsters cybersecurity, data privacy and context awareness, and lowers data transport costs as well as total cost of ownership, while providing for easy installation, operations, monitoring and maintenance of edge networks. At the heart of VeeaHub products resides a Linux server with a full-stack virtualized software environment for cloud-native applications that run in Secured DockerTM containers, with a high degree of user data and application isolation, Software Defined Networking (SDN), Network Function Virtualization (NFV) and cybersecurity, delivering hyperconverged networking over a connectivity and computing mesh network. The fully integrated turkey solution offers end-to-end cloud management of devices, applications and value-added services with Zero Trust Network Access (ZTNA) and, optionally, a highly simplified plug and play 5G-based Secure Access Service Edge (SASE) offering. Veea Edge Platform enables direct connections from the wide area optical fiber, cellular and satellite networks to the local area networks created by a VeeaHub mesh cluster over cellular-like network-managed Wi-Fi and IoT devices - a unique patented capability called network slicing. Veea Developer Portal and development tools provide for rapid development of edge applications, optionally, with Edge AI. Veea has implemented a range of cost-effective solutions for B2B and B2B2C offerings through service providers, channel partners, system integrators, enterprise partners, and government agencies for smart retail, smart construction, smart logistics and warehouses, smart farms and greenhouses, smart buildings, smart schools, smart hospitals, smart museums to smart cities. The use cases include broadband connectivity with cybersecurity and value-added services, IoT/IIoT/AIoT with data management, blockchain, and Edge AI technologies, including for unserved communities with no Internet connectivity, that represent nearly 2.9 billion people according to the joint studies by ITU and the World Bank. For these communities, Veea and its ecosystem partners have developed many unique technologies and applications to deliver Internet connectivity with tele-education, telemedicine services, tele-training, regenerative agriculture, and others. Today, school kids in remote villages of Indonesia are capable of accessing ChatGPT in their local language utilizing a locally developed app over Veea Edge Platform. Veea was formed in 2014 and is headquartered in New York City with a rich history of major innovations in the development of advanced networking, wireless and computing technologies, along with over 103 granted and 33 pending patents in key aspects of hyperconverged edge computing technologies. For more information, visit veea.com and follow us on X and LinkedIn.
About Plum Acquisition Corp. I
Plum Acquisition Corp. I is a special purpose acquisition company founded by Ursula Burns, Kanishka Roy, and Mike Dinsdale. Plum was formed with the mission of creating a platform, built by operators for operators, to enable great private companies to become outstanding public companies and listed stocks.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions.
Examples of forward-looking statements in this press release include, but are not limited to, statements regarding the Company’s business, operations, cash flows and financial position. The risks and uncertainties include, but are not limited to: (i) the failure to maintain adequate operational and financial resources or raise additional capital or generate sufficient cash flows; (ii) risks related to Veea’s current growth strategy and Veea’s ability to generate revenue and become profitable; (iii) market acceptance of Veea’s platform and products; (iv) the length and unpredictable nature of Veea’s sales cycles; (v) Veea’s reliance on distribution and partnering arrangements and third-party manufacturers; (vi) cybersecurity incidents, security vulnerabilities, and real or perceived errors, failures, defects, or bugs in Veea’s platforms or products; (vii) the ability of Veea to protect and develop its intellectual property rights; (viii) substantial regulations, which are evolving, and unfavorable changes or failure by Veea to comply with these regulations; (ix) the ability to maintain the listing of Veea’s common stock and warrants on Nasdaq,; (x) the potential liquidity and trading of Veea’s public securities’; (xi) the ability to recognize the anticipated benefits of the proposed Business Combination, which may be affected by, among other things, competition, Veea’s ability to grow and manage growth profitably and retain its key employees; (xii) Veea’s success in retaining or recruiting, or changes required in, its officers, key employees or directors following the completion of the Business Combination, and ability to attract and retain key personnel; and (xiii) other risks and uncertainties identified in the prospectus dated May 13, 2024 filed with the Securities and Exchange Commission (the “SEC”) on May 15, 2024, relating to the Business Combination, including those set forth under the heading “Risk Factors” therein, and in other filings with the SEC made by Veea and Plum. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Veea’s and Plum’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied upon by any investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. If any of these risks materialize or the parties’ assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release. There may be additional risks that neither Veea or Plum presently know or that Veea and Plum currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Veea and Plum assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Veea nor Plum gives any assurance that either Veea or Plum will achieve its expectations.
Media Contact:
James Christopherson
Sterling Communications for Veea
veea@sterlingpr.com
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