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 $335 million and includes approximately $36 million raised in a private placement that closed in the second quarter of 2024 and an additional $15 million subscribed for in a private placement concurrent with the closing of the Business Combination.
"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 ...
