Mavenir Telecom has raised $155 million in its latest round of funding as the company seeks to advance its Open RAN push.
It means that the total capital raised by the company since June 2022 is $250m, and follows the $95m the company raised through public debt in August.
The company says the raise will support the company balance sheet, as it looks to invest in strategic growth products.
The investment doesn't appear to come from either of Mavenir's long-term investment partners Siris Capital Group or Koch Strategic Platforms, but instead from an unnamed existing investor that has upped their stakes, reports Mobile World Live.
Before the recent funding rounds that have so far raised $250m, Mavenir's costs have been met by private equity and strategic sponsors.
“With the support of our long-term partners, Siris and KSP, and this additional capital, we are well-positioned to execute on our vision of transforming how the world connects and building the future of networks," said Mavenir CEO and president Pardeep Kohli.
The funding will enable Mavenir to hit its revenue target of $1 billion in 2023, adds Kohli. Last year the company posted revenue of $636 million. He says that most of Mavenir's growth will come from its packet core platform and RAN products.
Mavenir has recently worked with German operator Deutsche Telekom to deploy a cloud-native 5G core to its network in Germany. The new Converged Packet Core which is provided by Mavenir supports data, voice, and messaging services, plus network slicing. Initial network slicing use cases will focus on live video broadcasting. This solution also enables converged architecture to support 4G, 5G non-standalone (NSA), and 5G SA modes.
The Open RAN vendor also unveiled a series of Open RAN radios specifically for India, ahead of the nation's upcoming 5G launch, which is designed to support 2G through to 5G. This product portfolio of radio is part of Mavenir's OpenBeam range, which the company claims to be cost-efficient.
These OpenBeam products offer support for massive MIMO and millimeter-wave spectrum and multi-band remote radio heads, while these Open RAN radio solutions are available across all frequency bands, and can be used for a wide range of use cases, such as enterprises and public settings across urban or rural environments.
