Our PE Investment, Veea, cooperates with Crowdkeep to launch a new era of smart management

As one of our key PE investments, Veea has recently reached a strategic partnership with leading Internet of Things (IoT) platform Crowdkeep, providing AI-supported hybrid edge cloud management solutions for construction, healthcare, logistics, and education. This announcement quickly triggered a strong market reaction, with Veea's stock price closing up 133% on Wednesday. This market response not only reflects investor confidence in Veea's future development but also showcases the successful practice of our investment philosophy—selecting companies with innovation and market potential to drive their growth and expansion.

In the wave of digital transformation, companies must continuously innovate to enhance operational efficiency and security. The collaboration between Veea and Crowdkeep aligns with this trend, integrating technologies to meet the growing market demand and providing smarter and safer solutions for enterprise management.

Founder of Veea: Industry Pioneer Allen Salmasi

When we decided to invest in Veea during its Series A round, the background and leadership abilities of founder Allen Salmasi were key factors in our decision. Salmasi's extensive industry experience in wireless communication and edge computing, along with his strong knowledge base and forward-looking R&D capabilities, gave us confidence in Veea's future development. As a leader with deep foresight and technical insight, Salmasi not only drives technological innovation but also effectively responds to market changes, laying a solid foundation for Veea's growth.

Salmasi earned a degree in Electrical Engineering from the University of California, Berkeley, which established a strong foundation for his career in technology. His educational background enables him to deeply understand complex technical concepts and translate them into practical applications.

Before founding Veea, Allen Salmasi held several key positions at Qualcomm, including Senior Engineering Manager and Product Management Lead. In these roles, Salmasi led R&D teams focused on the development and implementation of wireless communication technologies, driving the standardization of 3G and 4G network technologies. Additionally, he helped translate new technologies into marketable products and developed corresponding market strategies to ensure successful product launches. His work at Qualcomm allowed him to accumulate rich experience in wireless communication and network technology development, and his leadership skills and team collaboration spirit contributed to the success of multiple key projects, helping Qualcomm maintain its competitive edge in the industry.

With the development of edge computing and IoT technologies, Salmasi recognized the immense potential of these technologies to improve data processing efficiency and network response times. He began to focus on how to apply these technologies in real-world scenarios to meet the growing demands of enterprises. Thus, Salmasi founded Veea in 2014 with the aim of simplifying and securing living and working environments through edge computing and IoT solutions. Under his leadership, Veea has rapidly developed into a leader in the edge computing field, having already secured over 103 granted patents and 33 pending patents.

Veea: An Innovative Pioneer in Edge Computing and IoT Solutions

Veea is a leader in the edge computing field, dedicated to simplifying and securing edge computing environments for both life and work by integrating multi-tenant computing, multi-access, multi-protocol communication, edge storage, and cybersecurity technologies to provide comprehensive cloud and edge management products.

Veea's core product is its Multi-Access Edge Computing (MEC) platform, which integrates various functions such as servers, network-attached storage (NAS), routers, firewalls, Wi-Fi access points, IoT gateways, and cloud computing into a compact form. Its application scenarios include smart retail, smart buildings, smart logistics, smart agriculture, and smart schools. This platform not only enhances application responsiveness and strengthens data privacy and network security but also reduces data transmission costs and total ownership costs, providing easy installation and maintenance experiences.

Veea's solutions are widely applied in various industries, including smart retail, smart buildings, smart logistics, smart agriculture, and smart schools, helping enterprises achieve efficient and secure performance. Additionally, Veea is committed to providing last-mile internet connectivity to underserved communities, promoting remote education, telemedicine, and smart agriculture development. For instance, schoolchildren in remote villages in Indonesia can access locally developed applications on the Veea Edge Platform in their native language to use ChatGPT. Through edge computing, multi-protocol communication, and blockchain technology, Veea is shaping the future of Web 3.0 with greater privacy, security, and transparency.

Crowdkeep: Building a Safe and Efficient Working Environment with IoT Technology

Crowdkeep is a platform focused on IoT technology, with core businesses including asset management, personnel tracking, and environmental monitoring. It aims to help users make quick and accurate decisions related to personnel, assets, and working environments. Crowdkeep is dedicated to transforming inefficient and outdated practices by providing cost-effective, easy-to-deploy solutions and redefining project management through a comprehensive set of advanced analytics and reporting tools. These solutions not only reduce complexity but also enhance workplace productivity and safety through intelligent analysis and insights. Its solutions are widely applied across multiple industries, including education, healthcare, logistics, and construction.

Veea's Powerful Edge Computing Technology Empowers Crowdkeep's Intelligent Upgrade

The strategic partnership between Veea and Crowdkeep aims to integrate both companies' technologies to create a comprehensive solution. This collaboration combines AI-driven edge computing platforms with 4G/5G connectivity capabilities, enabling real-time tracking of personnel and assets. Specifically, the collaborative platform will achieve several key functions:

AI-driven Real-Time Data Processing: Veea's edge computing platform processes data in real-time close to the data source, allowing Crowdkeep to respond swiftly to on-site situations. For example, in safety and contact tracing, Crowdkeep can monitor the locations of personnel and equipment in real-time, using edge computing to analyze potential safety risks and react promptly.
Multi-Access Network Support: Veea's multi-access edge computing technology supports both 4G and 5G networks, enabling Crowdkeep to seamlessly connect and manage devices in various network environments. This flexibility is particularly suitable for dynamic work sites, such as construction sites or large events, ensuring that all devices stay connected and transmit data in real-time.
Intelligent Asset Management: By integrating Veea's edge computing, Crowdkeep can track the performance and locations of assets in real-time, using AI to analyze asset utilization efficiency. This real-time monitoring helps optimize resource allocation and reduce asset idling and losses.
Optimization of Building Automation: Veea's edge computing platform enhances Crowdkeep's building automation solutions, enabling more effective monitoring of equipment and workflow adjustments. Through real-time data analysis, Crowdkeep can automatically adjust environmental settings (such as temperature and lighting) based on changing demands, improving responsiveness in healthcare facilities.
Enhanced Data Security: Veea's cybersecurity technologies, combined with Crowdkeep's applications, ensure the security of all data during transmission and storage. This is particularly crucial for industries dealing with sensitive information, such as healthcare and education.
Comprehensive Analysis and Intelligent Insights: Leveraging Veea's AI-driven analytical capabilities, Crowdkeep can provide deeper insights and intelligent analysis, enabling enterprises to make more informed decisions. For instance, in workplace safety management, historical data and real-time monitoring information can be analyzed to predict potential safety hazards and take preventive measures.

Positive Market Reaction to the Veea and Crowdkeep Partnership

Following the announcement of the partnership between Veea and Crowdkeep, Veea's stock price surged, closing up 133% on Wednesday, with intraday gains exceeding 300%. This market response reflects not only investor confidence in Veea's future prospects but also the strong market interest in IoT and edge computing technologies.

Investors' enthusiasm for Veea's stock performance can be attributed to several key reasons:

Technological Innovation and Competitive Advantage: Veea's technological accumulation in the fields of edge computing and IoT gives it a significant competitive edge in the industry. Edge computing is a technology that moves computation and data storage closer to the data source, reducing latency and improving response speed. Veea's hyper-converged edge computing technology effectively integrates various networking and storage functionalities, reducing IT costs for enterprises while enhancing data processing efficiency.
Growing Market Demand: As digital transformation accelerates, more enterprises recognize the necessity of intelligent monitoring and management solutions. For example, post-pandemic, many companies have begun to prioritize employee safety and environmental monitoring, and the solutions offered by Veea and Crowdkeep directly meet this demand. According to market research, the IoT market is expected to grow rapidly in the coming years, providing Veea with ample development opportunities.
Potential of Strategic Cooperation: With the rapid development of IoT, edge computing, and AI technologies, the related markets are undergoing significant transformations. Market research predicts that the edge computing market will continue to grow at a compound annual growth rate of over 20% in the coming years. This strategic partnership can create synergies, allowing for a closer integration of edge computing and IoT, sharing resources, technologies, and market channels, which will create more application scenarios and accelerate product development and market promotion.

The strategic partnership between Veea and Crowdkeep not only brings new opportunities for both companies but also injects new vitality into the development of the entire industry. Through technology integration and resource sharing, Veea is poised to continue leading in the IoT and edge computing fields, driving the digital transformation of the industry.

As investors, we are confident in Veea's future development and look forward to its achievements under this new collaborative model. We encourage everyone to keep an eye on Veea's dynamics and its innovations and breakthroughs within the industry.

Reference：

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