VeeaSystems signs three-year supply agreement with Telcel for 5G platform

Veea Inc. (NASDAQ:VEEA), a microcap technology company with a market value of $47.42 million currently trading near its 52-week low, announced Thursday that its wholly owned subsidiary, VeeaSystems Inc., entered into a three-year framework supply agreement with RadioMovil Dipsa, S.A. de C.V. (Telcel), a Mexican wireless telecommunications company owned by América Móvil. The agreement became effective August 7, following the completion of certification and trials with Telcel enterprise customers using Veea’s VeeaHub STAX-5G product.

Under the agreement, VeeaSystems will provide a Platform-as-a-Service solution featuring 5G-based Fixed Wireless Access (FWA) through its VeeaHub STAX-5G device. The device includes 4G and 5G cellular connectivity, Wi-Fi 6 access point, IoT gateway, storage, and Linux server functions. It is designed to deliver managed connectivity, AI-driven cybersecurity services, monitoring tools, and the ability to host third-party applications.

The supply agreement outlines the general terms for solution implementation, marketing, and service provision. Both parties have agreed to collaborate on marketing strategy, branding, and promotion of VeeaSystems’ services to Telcel’s customers in Mexico.

The initial term of the agreement is three years, with automatic renewal for additional one-year periods unless either party provides 90 days’ notice prior to the renewal date.

This information is based on a statement in a recent SEC filing. For deeper insights into Veea’s financial health and additional analysis, including 13 more key ProTips, visit InvestingPro.

In other recent news, Veea Inc. has announced the acquisition of technology assets from Crowdkeep Inc. This strategic move aims to bolster Veea’s offerings in the Internet of Things (IoT) and edge AI sectors by integrating Crowdkeep’s platform with Veea’s existing Edge Platform. The acquisition is expected to enhance workplace operations management across various sectors, including schools and hospitals. Additionally, Veea has formed a partnership with Mexico’s StarGroup to provide digital services to underserved rural communities. This alliance focuses on delivering high-performance and affordable connectivity and entertainment services, supporting Mexico’s goal for universal internet access.

Veea has also adopted the Walrus decentralized data storage protocol for its VeeaHub STAX edge solution. This integration is intended to improve data transport and storage capabilities for decentralized applications and AI development. Furthermore, Veea announced a new offering of common stock and warrants, which is being conducted on a "reasonable best efforts basis." The offering includes pre-funded warrants for certain investors, potentially increasing their ownership to over 4.99% of the company’s outstanding common stock. These developments reflect Veea’s ongoing efforts to expand its technological capabilities and market reach.

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