Mavenir has raised $155 million as it looks to accelerate investment in innovation for mobile networks. The funding bolsters the company’s balance sheet, enabling it to continue developing products with disruptive potential.
The Richardson-based company recently expanded into the hardware side of the business in an effort to become an end-to-end supplier to network operators. Mavenir is an industry leader known for supplying software to communications service providers.
“We’re uniquely positioned to drive the digital transformation of mission-critical mobile networks that is underway,” Pardeep Kohli, Mavenir president and CEO, said in a statement. “We will continue to lead the 5G transformation by investing in disruptive products to accelerate innovation in mobile networks.”
As Mavenir puts it: “The Open RAN approach will see many companies providing the components that make up a mobile network site, where previously one vendor would have delivered a closed solution.” The company fits into that by working with operators to find the best solutions to fit their needs or working with them as a primary contractor.
The new funding will help the company forward that push by helping it order hardware supplies and resources, TelecomTV notes, adding that the funding doesn’t appear to have come from Siris Capital Group or Koch Strategic Platforms—Mavenir’s two largest backers.
$250M raised since July
Adding to a $95 million loan Mavenir received in earlier this year, that as Moody’s reported was meant for research and development efforts in the radio space—furthering its entrance into the hardware space—the company has raised $250 million since July.
As the company looks to grow, it will likely need to bring on around 500 new hires to it professional services team to deal with customer requirements, TelecomTV reported, noting that the company said “some end-to-end deals” are in the pipeline. According to Fierce Wireless, Mavenir has around 6,000 employees—up from close to half of that as of March 2020.
Mavenir looks to hit $1B in revenue
After backing out of an initial public offering last year due to “market volatility” and later having Koch Industries’ Koch Strategic Platforms take a minority stake in the company for $500 million, Mavenir is looking to hit $1 billion in revenue by 2023, according to LightReading, which says the company generated $636 million last year.
“Mavenir continues to be an industry leader at the forefront of revolutionizing the mobile network,” Hubert de Pesquidoux, Mavenir executive chairman and executive partner at Siris, said in a statement. “I am confident that this investment will enhance Mavenir’s already exciting trajectory as the leader in 5G transformation.”
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