Our PE Project, Veea, Successfully Goes Public, Marking a New Milestone

We are excited to announce that Veea Inc. has officially completed its business combination with Plum Acquisition Corp. I, and the combined company began trading on NASDAQ on September 17, 2024.

On September 16, 2024, Veea Inc., a pioneer in hyper-converged multi-access networks and AI-driven edge computing, and Plum Acquisition Corp. I, a special purpose acquisition company (SPAC) based in the Cayman Islands, announced the successful completion of their previously announced business combination. This business combination was approved at the Plum shareholder special meeting held on June 4, 2024. The combined company will operate under the name Veea Inc., with its common stock and publicly traded warrants expected to start trading on NASDAQ with the stock symbols “VEEA” and “VEEAW,” respectively.

Allen Salmasi, Chairman and CEO of Veea, stated, “We are thrilled to continue our journey as a public company and look forward to collaborating with the Plum team to expand our business. The demand for hyper-converged edge computing and network connectivity solutions with cybersecurity and secure connectivity features is rapidly growing in both enterprise and consumer markets. Veea’s transformative new product categories are well-positioned to deliver edge AI-supported containerized applications, innovative cellular-like managed Wi-Fi, IoT devices, and a range of other edge product capabilities.”

Kanishka Roy, President and Co-CEO of Plum, remarked, “We are excited to work with Allen and the rest of the Veea management team, as they have decades of experience in the digital transformation of the cellular industry. We believe they have the capability to successfully bring this revolutionary edge computing platform to market. Veea is accelerating the digital transformation of existing and new domains by integrating connectivity, security, AI, and computing into a single platform—an essential demand across multiple verticals, use cases, and geographical markets.”

About Veea Inc.

Veea® makes edge living and working simpler and safer. Veea unifies multi-tenant computing, multi-access multi-protocol communication, edge storage, and cybersecurity solutions through fully integrated cloud and edge management products. Veea’s groundbreaking Multi-Access Edge Computing (MEC) products are developed from the ground up in a compact form, integrating functionalities typically provided by a combination of servers, Network Attached Storage (NAS) devices, routers, firewalls, Wi-Fi access points (APs), IoT gateways, 4G or 5G wireless access, and cloud computing (CC), all maintained by IT/OT professionals. Compared to such solutions, the Veea Edge Platform offers application responsiveness, enhanced cybersecurity, data privacy, and situational awareness, while reducing data transfer costs and total ownership costs, all while providing easy installation, operation, monitoring, and maintenance of edge networks.

We warmly congratulate Veea Inc. on its successful public offering, marking another significant milestone in our investment portfolio. As investors, we firmly support Veea’s innovation and development in hyper-converged edge computing and cybersecurity. Our investment philosophy emphasizes the combination of technology-driven solutions and market demand, and Veea exemplifies this pursuit. We believe that as digital transformation accelerates, Veea will continue to lead industry development and drive change in both enterprise and consumer markets. We look forward to deeper collaboration with the Veea team to achieve even greater success together.

Reference: Veea Website