Capital injection to accelerate the company’s rapid commercial growth
Tarana Wireless, Inc. today announced closing a growth-stage $50 million preferred stock financing led by Prime Movers Lab. The proceeds will be used for company growth and working capital to meet initial strong demand for its innovative Gigabit 1 (G1) broadband access family of products.
Tarana’s G1 broadband infrastructure allows both incumbent and new service providers to deploy fiber-competitive internet access from existing cell towers. G1’s unique signal processing literally sees around corners and rejects interference, making it easy to reach subscribers at scale even when using free unlicensed spectrum. G1 is suited for serving both high-density residential areas and sparse, underserved rural communities, anywhere in the world.
"We are pleased to inject scale capital into Tarana," said David Siminoff, General Partner at Prime Movers Lab and recently-appointed member of Tarana’s board of directors. "The company’s advanced technology and early market traction are beginning to validate our high degree of optimism in its ability to help shrink the world. Its product offering, with attractive economics for both developed and emerging-market customers, extends a core tenet of the mission of Prime Movers Lab: accelerating the democratization of knowledge to improve the lives of billions of people on the planet."
"Tarana’s G1 products open entirely new possibilities for broadband connectivity with unprecedented performance yet wireless ease of deployment," said Basil Alwan, Tarana’s Executive Chairman and CEO. "Previously, service providers have had to choose between the high performance but very long investment cycles of fiber and the relative ease but lower capacity of wireless options. Our G1 family removes this dilemma, offering the best of both worlds in one modern, easy-to-deploy solution."
Greg Wyler, an early investor in Tarana and founder of 03B Networks and OneWeb, added, "While there are exciting developments delivering broadband to remote or otherwise inaccessible locations with low-earth-orbit satellites, their limited aggregate capacity — even when fully deployed— restricts them from delivering service to residential and developed rural markets at scale. In contrast, Tarana’s solution is designed specifically for high-scale residential deployment with fiber-competitive service quality."
Fast, affordable internet access is more essential than ever, but delivering true broadband is challenged by high costs and long timelines. We’re on a mission to change that! Developed by a closely-knit team of 200+ seasoned engineers, our patented and fundamental breakthroughs in radio access technology bring cellular wireless deployment simplicity to fiber-class fixed broadband for both mainstream and underserved markets, using both licensed and free, globally available, unlicensed spectrum. Tarana is headquartered in Milpitas, California, with additional research and development in Pune, India. Please visit https://www.taranawireless.com to register your interest in G1, or to apply to join the team!
About Prime Movers Lab
Prime Movers Lab invests in breakthrough scientific startups founded by Prime Movers, the inventors who transform billions of lives. We invest in seed- and growth-stage companies reinventing energy, transportation, infrastructure, manufacturing, human augmentation and computing. Portfolio investments span in-space transportation, industrial solar heat, ag tech, brain upgrades, nano-structured materials, wafer slicing, prosthetics, 3D printing, mobility, longevity, and AI. For more information, please visit https://www.primemoverslab.com.
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