The Israeli startup Cellwize has completed a $32 million Series B funding round led by Intel Capital and Qualcomm Ventures, according to a Globes Publisher report on Monday (Nov. 9).
The Series B also includes funding from new investors Verizon Ventures and Samsung Next, as well as previous investors including Deutsche Telekom and Sonae, a Portuguese conglomerate. In a 2015 funding round, the startup raised $24.5 million.
Founded in 2013 by Sasi Geva and Daniel Dribinski, who are no longer with the company, the firm is headquartered in Israel and headed up by Ofir Zemer, chief executive officer. More than half of its 150 employees are based in Israel. It also has locations in Dallas, Texas and Singapore.
The latest funding will be used for new hires, including developers, engineers and automation specialists. In addition, money will be earmarked to expand the deployment of 5G technology.
"5G networks in the U.S .require deploying antennae every 100-150 meters instead of every few kilometers, thus making the network much more complex. In addition, telecom operators are trying to reduce costs by using telecom equipment that comes from different suppliers, and this also adds complexity. Our tools come into their own in complex situations, and so we have a great engine of growth," Dan Weil, chief operations officer of Cellwize, told Globes.
Verizon and Deutsche Telekom are among the firm’s biggest customers. The Cellwize platform reduces the time to integrate new cellular sites into an existing network by using artificial intelligence (AI) and machine learning (ML) to automate central business processes.
In a PYMNTS interview in April, Paul Scanlan, chief technology officer of Huawei, discussed the speed and efficiency potential of 5G. He said the benefits of low latency and high connectivity can help news agencies monetize their services.
Smart cities powered by 5G networks are being envisioned all over the world. In another PYMNTS interview, Ian Aaron, chief executive officer of the smart technologies company Ubicquia, said the regulatory environment has significantly changed, opening the door to reach more people.
