US-based virtual radio access network technology provider Altiostar Networks officially completed a $114m series C round on Wednesday after confirming e-commerce firm Rakuten had joined the round.
Altiostar initially raised $32m from Tech Mahindra and Qualcomm Ventures, respective subsidiaries of conglomerate Mahindra and Mahindra and mobile chipmaker Qualcomm, in a January 2018 first tranche.
Rakuten’s involvement was first reported in February 2019, though it remains unclear whether the company provided the full $82m extension.
Founded in 2011 as Radio Mobile Access, Altiostar produces virtual radio access network technology that allows telecommunications firms to deploy outdoor and indoor mobile phone networks, with operators managing interference and scaling coverage through a software interface.
The money will help the company expand the 4G and 5G capabilities of its software-defined infrastructure. Rakuten has secured a licence from the Japanese government to set up a mobile network this year, and Altiostar has agreed to deploy its technology in the network and co-develop 5G products.
Altiostar has also signed a development collaboration deal with Qualcomm and a value-added-reseller and system integrator contract with Tech Mahindra.
The company had previously raised $199m in equity funding and, according to its website, its earlier backers include networking equipment producer Cisco’s corporate venturing arm, Cisco Investments, as well as financial services and investment group Fidelity Investments and investment firm Excelestar Ventures.
Image courtesy of Altiostar.
