MILPITAS, Calif. – Tarana Wireless today announced closing a growth-stage $50 million preferred stock financing led by Prime Movers Lab. The proceeds will be used for company growth and working capital to meet initial strong demand for its innovative Gigabit 1 (G1) broadband access family of products.
Tarana's G1 broadband infrastructure allows both incumbent and new service providers to deploy fiber-competitive internet access from existing cell towers. G1's unique signal processing literally sees around corners, penetrates foliage, and rejects interference, making it easy to reach subscribers at scale even when using free unlicensed spectrum. G1 is suited for serving both high-density residential areas and sparse, underserved rural communities, anywhere in the world.
"We are pleased to inject scale capital into Tarana," said David Siminoff, General Partner at Prime Movers Lab and recently-appointed member of Tarana's board of directors. "The company's advanced technology and early market traction are beginning to validate our high degree of optimism in its ability to help shrink the world. Its product offering, with attractive economics for both developed and emerging-market customers, extends a core tenet of the mission of Prime Movers Lab: accelerating the democratization of knowledge to improve the lives of billions of people on the planet."
"Tarana's G1 products open entirely new possibilities for broadband connectivity with unprecedented performance yet wireless ease of deployment," said Basil Alwan, Tarana's Executive Chairman. "Previously, service providers have had to choose between the high performance but very long investment cycles of fiber and the relative ease but lower capacity of wireless options. Our G1 family removes this dilemma, offering the best of both worlds in one modern, easy-to-deploy solution."
Greg Wyler, an early investor in Tarana and founder of 03B and OneWeb, added, "While there are exciting developments delivering broadband to remote or otherwise inaccessible locations with low-earth-orbit satellites, these constellations' limited aggregate capacity — even when fully deployed— restricts them from delivering service to residential and developed rural markets at scale. In contrast, Tarana's solution is designed specifically for high-scale and high-speed deployment, for the first time delivering a true, durable alternative to fiber."