Tarana Wireless, a US-headquartered provider of wireless networking technology, raised $30m from investors including broadcaster Liberty Latin America and mass media group Liberty Global yesterday.
Venture capital fund Prime Movers Lab led the round, which also featured undisclosed private and existing investors. The corporates took part through investment vehicles Liberty Latin America Ventures and Liberty Global Ventures.
Founded in 2009, Tarana is the creator of a residential broadband internet system known as G1, which offers users gigabit speeds over long ranges through unlicensed parts of the spectrum. It is designed to provide fast and reliable internet to suburban customers.
The funding is likely a follow-on from the $24m Tarana secured from satellite and internet services provider EchoStar, Khosla Ventures and 1010 Holdings in February this year, as part of a round with a $60m target for its close.
The same three investors had provided $88m for the company in a round that closed in March 2019 that it said increased its overall financing to $200m.
Tarana said at the time its shareholders included telecommunications firms Deutsche Telekom and AT&T, Blum Capital and four undisclosed private investors.
The latest funding will support the final customer trials of the company’s G1 system and its commercial launch, Tarana president Kranti Kilaru said, confirming: “This new financing provides the fuel we need for full launch of the G1 system and substantial expansion of our market engagements.”
