CARY – Simnovus, a startup focusing on 5G and other wireless technology and its applications, has closed on its first venture funding from a variety of investors totaling $3.2 million.
The company disclosed the cash-for-equity in an SEC filing. Seven investors participated and Simnovus said it sold all the equity it had planned to sell at that amount.
In a press release, meanwhile, Simnovus said it had raised $2 million in a Series A funding with Gray Ventures and Dragon Capital participating. Drago provided funding in an earlier seed round. “Several industry veterans” also participated in the “A” round, the startup said.
The funding comes after Simnovus, which specializes in software-based validation tools for 4G and 5G Radio Access Networks (RAN), unveiled a new simulator at the recent Mobile World Congress in Spain.
“We are building an ecosystem of software-based products that are disrupting traditional methods of validation of 3GPP [ 3rd Generation Partnership Project] standards set for 5G and future generations of cellular technology, “ said Saurav Jha, CEO of Simnovus, in the announcement. “This significant investment will fuel our drive for continuous innovation, enabling us to expedite the launch of our highly anticipated products and expand our business presence across North America and other regions. We will increase our research and development efforts, attract top talent to join our team, and establish strategic partnerships to strengthen our market position and capitalize on emerging opportunities.”
With the funding, Simnovus said it would “expand its engineering and customer success teams.”
The company operates a research and development center in Bengaluru, India.
The post 5G tech startup in Cary lands $3.2M in new capital from 7 investors first appeared on WRAL TechWire.
5G tech startup in Cary lands $3.2M in new capital from 7 investors first appeared on Web and IT News.