The Portuguese start-up Veniam announced a €20m Series B round led by US Verizon Ventures, with Cisco Investments, Orange Digital Ventures and Yamaha Motor Ventures joining the round. Veniam is headquartered in California, but is a result of cooperation between the University of Aveiro, the University of Porto and Portugal’s Telecommunications Institute. It also received support from the Foundation for Science and Technology and Carnegie Mellon Portugal.
Veniam produces technology that allows for data connections between vehicles, combining Wi-Fi, 3G and 4G networks to produce a mesh network of coverage. The technology is intended to enable public and private transport providers to gather large quantities of precision data from vehicles and should result in the creation of a new array of transportation applications. In the future, it will help to develop new types of on-demand services such as driverless cars.
