PE-VC Fund Investments
Wireless communication player Velmenni raises $3.3 M led by pi Ventures
Delhi-based deep-tech company Velmenni has raised INR 30 crore (USD 3.3 million) in a Series A funding round led by pi Ventures. The round also saw participation from MountTech Growth Fund - Kavachh and Apekso.Founded in 2012 by Deepak Solanki, Velmenni provides light-based wireless communication solutions for last-mile data connectivity. The company specializes in patented free space optics (FSO) and light fidelity (Li-Fi) solutions that transmit internet data using light beams or LEDs, offering an alternative to fibre optics or radio waves.The fresh funds will be used for commercialising its FSO and Li-Fi telecom solutions, developing offerings for defence and enterprise clients, and expanding into international markets.
In Nov 2016, Velmenni had attracted about USD 0.10 M from Kalaari Capital.
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