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NEW YORK/PALO ALTO - Veea Inc. (NASDAQ:VEEA), a micro-cap technology company currently valued at approximately $60 million, and Mysten Labs announced Thursday that Veea has adopted the Walrus decentralized data storage protocol for its VeeaHub STAX edge solution. According to InvestingPro data, Veea faces significant financial challenges, with its stock down over 83% in the past year.
The integration aims to provide high-performance data transport and storage capabilities for decentralized applications and AI development. VeeaHub STAX, a computing and connectivity platform using Non-Volatile Memory Express (NVMe) architecture, will support Walrus’s decentralized storage network. This strategic move comes as the company grapples with challenging financial metrics, including negative EBITDA of $27.4 million in the last twelve months.
"Veea’s edge infrastructure paired with Walrus’s programmable, decentralized storage offers new capabilities for developers building secure and scalable applications," said Kostas Chalkias, Co-Founder & Chief Cryptographer of Mysten Labs.
The collaboration enables features including internetless transactions, where Sui nodes can send and receive transactions without an internet connection, as recently demonstrated by Chalkias.
According to the companies, the integration will allow Walrus to scale with thousands of STAX-NVMe storage nodes while maintaining security and reliability. The solution aims to offer costs and network speeds comparable to centralized cloud storage services.
Allen Salmasi, Chairman and CEO of Veea, stated, "We are thrilled to be working with Mysten Labs to deliver a pioneering solution that unlocks new capabilities, with genuine trust in a high-performance edge data platform."
The combined solution is designed to support applications including edge AI, gaming, video streaming, and Web3 development. Developers can leverage the platform to build applications running on a Decentralized Physical Infrastructure Network with Veea’s STAX nodes.
Walrus was developed by the original contributors to the Sui blockchain platform. The announcement was made in a press release issued by both companies.
In other recent news, Veea Inc. announced the acquisition of technology assets from Crowdkeep Inc., a developer of enterprise IoT platforms. This acquisition aims to integrate Crowdkeep’s technology with Veea’s Edge Platform, enhancing workplace operations management across various sectors. The deal involves an exchange of Veea’s common stock and other considerations, focusing on improving asset tracking, equipment monitoring, and worker management through edge AI technology.
Additionally, Veea has partnered with Mexico’s StarGroup to deliver digital services to underserved rural communities. This strategic alliance seeks to provide high-performance and affordable connectivity and entertainment services, supporting Mexico’s goal for universal internet access. The collaboration leverages Veea’s technology and StarGroup’s market presence to offer cloud-managed entertainment and intelligent edge networking, benefiting education, commerce, and innovation.
In another development, Veea announced a new offering of common stock and warrants on a "reasonable best efforts basis." The offering includes pre-funded warrants for certain investors, potentially increasing their ownership to more than 4.99% of outstanding common stock. These recent developments highlight Veea’s efforts to expand its technological capabilities and market reach.
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