Veniam, a Mountain View, CA-based provider of Internet of Moving Things platform, raised $22m in Series B funding.
The round was led by Verizon Ventures with new investors Cisco Investments, Orange Digital Ventures, and Yamaha Motor Ventures and existing investors True Ventures, Union Square Ventures, and Cane Investments.
The company, which has raised $27m to date, intends to use the funds to expand its platform, deliver its managed services and grow its teams in Silicon Valley, Porto (Portugal) and Singapore.
Founded by João Barros, Professor at University of Porto, Portugal, Susana Sargento, Associate Professor at University of Aveiro, Portugal, Robin Chase, founder and former CEO of Zipcar, and Roy Russell, Zipcar founding CTO, Veniam has developed a technology platform that provides in-vehicle internet access and connectivity to car or fleet. The company’s networking platforms are designed to overcome urban dead zones, switch automatically to wifi, and expand the vehicle’s communication range. Use cases include mobile Wi-Fi hotspots with advertising, onboard diagnostics and video, smart city applications and real-time monitoring and control of mobile assets in industrial spaces.