ARLINGTON, Va., May 02, 2022 (GLOBE NEWSWIRE) — Federated Wireless, the leader in shared spectrum and CBRS technology, today announced that it has closed on an additional $14 million in Series D funding bringing the total raised in the round to $72 million. With the additional funding, the company added affiliates of Fortress Investment Group, Giantleap Capital, and LightShed Ventures to its list of investors. Existing investor GIC, Singapore’s sovereign wealth fund, also participated.
“Private wireless is one of the most transformative enterprise technologies to emerge since the cloud,” stated Federated Wireless CFO Loren Buck. “We continue to invest aggressively to support explosive demand, maintain our industry leadership, and deliver on the promise of 5G private wireless for our clients.”
The additional investments bring total raised to date to approximately $213 million and reflect the market momentum of 5G private wireless and related edge solutions. The company is concentrating its latest rounds of funding on programs to speed time to market for new product capabilities and ecosystem development.
The transformative power of shared spectrum in private wireless
Private wireless is a disruptive technology that is changing the way that businesses build enterprise networks. It harnesses a ubiquitous resource called shared spectrum, also known as CBRS – an innovative technology that delivers the best attributes of traditional wireless and Wi-Fi, with lower fixed cost, higher quality, and greater efficiency and scale.
As the first to market with a Spectrum Access System (“SAS”), Federated Wireless is the nationwide leader in enabling, commercializing, and driving adoption of shared spectrum. The company has played a pivotal role in building the ecosystem and infrastructure to support mainstream adoption of shared spectrum and private wireless solutions. It has made it possible for businesses to deliver innovations that defy imagination in the categories of IoT, virtual and augmented reality, digital twinning, telemedicine, drones, robotic agriculture, artificial intelligence and more.
Federated Wireless was advised on the transaction by Wilmer Cutler Pickering Hale and Dorr LLP. J.P. Morgan Securities LLC acted as placement agent on the transaction.
About Federated Wireless
Founded in 2012, Federated Wireless has long led the industry in development of shared spectrum CBRS capabilities. As the first to market with a Spectrum Access System (“SAS”), Federated Wireless is the nationwide leader in enabling, commercializing, and driving adoption of shared spectrum and private wireless technologies. With more than 350 customers and over 85,000 connected devices across the United States and territories, the company serves a customer base spanning defense, government, manufacturing, telecommunications, utilities, real estate, and education, with a wide range of use cases ranging from network densification and mobile offload to private wireless and industrial IoT. The company’s 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.
About Fortress Investment Group LLC
Fortress Investment Group LLC is a leading, highly diversified global investment manager with approximately $53.3 billion of assets under management as of December 31, 2021. Founded in 1998, Fortress Investment Group manages assets on behalf of approximately 1,900 institutional clients and private investors worldwide across a range of credit and real estate, private equity, and permanent capital investment strategies.
Giantleap Capital is a fundamental research-driven investment firm focused on investing in technologies that are transforming critical industries at the convergence of physical and digital infrastructure. The firm takes a long-term thematic approach to invest in idiosyncratic investment opportunities across private, public and special situations. Alongside its executive partners, Giantleap brings flexible capital and operating experience to help management teams transform and grow their companies. Giantleap, based in New York, is led by Himanshu Sekhar and Samir Parikh, who together have a long history partnering with successful management teams to drive long-term value.
About LightShed Ventures
LightShed Ventures is an early-stage fund focused on identifying and helping build category defining startups that can be enhanced through technology, media and telecom.