Mavenir, a company that specializes in open radio access networks and related services for 5G networks, announced that it managed to attract investment funds for $100 million.
The company intends to spend the received financing on expanding its technology and increasing its customer base. The firm plans to introduce more tools based on artificial intelligence.
As for the expansion of the customer base, the company has not outlined specific goals in this direction. Currently, the firm has more than 250 service providers and corporate clients in 120 countries. Mavenir services cover more than half of mobile subscribers in the world. The firm intends not only to expand what it already has but also to create new services for sale to current customers.
Mavenir described the financing as being secured by Siris, a private company that has supported the firm for many years. There is no information about other investors who took part in the process of capital injection. The previous round of financing took place in October last year. Then the company managed to attract investment funds for 155 million dollars. The current value of the firm is unknown, in 2020 this figure was about $ 2.5 billion.
Mavenir has gone through several different ownership structures, at one point was the majority owner of Siris and was used as a link to unite telecommunications software providers Mitel and Xura to benefit from the new capabilities of 5G networks. After the sale of the Koch stake for $500 million in 2021, Siris remained a partial shareholder, and given the $255 million raised over the past seven months, it seems that this firm has returned to the investment mode of working with the company.
Mavenir is part of a wave of companies that also includes DriveNets, Arrcus, and AWS. The firm aims to benefit from the trend of digital transformation in the telecommunications industry. Telecom operators are interested in reducing their capital and operating costs. They also want to provide more flexible services.
The kit from companies such as Cisco, Juniper, and Arista represents an outdated approach to the provision and operation of the network. Currently, the software that is delivered via cloud services is a new and better solution.
Pardeep Kohli, CEO and President of Mavenir said that the new funding will allow the company to expand opportunities in the field of automation, sustainable development, and the use of artificial intelligence. He also noted that the firm provides customers with the opportunity to effectively deploy and operate complex cloud networks based on Open RAN.
Separately, Pardip Kohli stressed that the company’s unique strategy includes the best practices of the hyper-scalable, cloud, and IT industries to change the way the world connects and build the future of networks.
Hubert de Pesquidou, the executive partner of Siris, says that the new investment will allow Mavenir to continue to scale the business and maintain leadership in the field of open access and 5G transformation. He also expressed confidence in the successful future of automated networks based on cloud systems, green technologies, and artificial intelligence.
As we have reported earlier, HumanForest Raises $15 Million to Grow UK eBike Business.