Veea Inc. and Plum Acquisition Corp. Announce Closing of Business Combination

NEW YORK and SAN FRANCISCO, Sept. 16, 2024 (GLOBE NEWSWIRE) — Veea Inc. (“Veea” or the “Company”), a pioneer in hyperconverged multi-access networking and AI-powered edge computing, and Plum Acquisition Corp. I (“Plum”), an exempt Cayman Islands company formed as a special purpose acquisition company, today announced the successful completion of their previously announced business combination (the “Business Combination”). The Business Combination was approved at Plum’s special meeting of shareholders to be held on June 4, 2024. The combined company will be named Veea Inc., and its common stock and publicly traded warrants are expected to begin trading on The Nasdaq Capital Market under the ticker symbols “VEEA” and “VEEAW,” respectively, on September 17, 2024.

Veea offers comprehensive hybrid edge computing in the cloud with its Veea Edge platform^TM that integrates multi-tenant networking, compute, storage, containerized cybersecurity with secure connectivity, and Edge AI where people, places, machines, and things connect to the Internet. VeeaHub Intelligent Computing^® products replace or complement a range of point products, including servers, Wi-Fi access points, IoT gateways, routers, core firewalls, and network-attached storage on a single platform that is easy to install, monitor, operate, and maintain. Veea Edge Platform with VeeaHub^® VeeaWare products and software, enables private “Cloud-in-a-Box” networking solutions at the edge, which not only accelerates AI computing to the edge but also drives digital transformation across multiple vertical industries that require edge infrastructure solutions. The transaction represents a total enterprise value for the combined company of approximately $335 million and includes approximately $36 million raised in a private offering that closed in the second quarter of 2024 and an additional $15 million subscribed in a private offering concurrent with the closing of the business combination.

“We are excited to continue our journey as a public company and look forward to working with the Plum team to expand our business,” said Allen Salmasi, president and CEO of Veea. “Demand for hyperconverged edge computing and networking solutions for enterprise and consumer markets with cybersecurity and secure connectivity continues to grow rapidly, and Veea’s transformative new product category is well-positioned to deliver AI-enabled containerized applications at the edge, groundbreaking managed cellular-like Wi-Fi and IoT devices, and a range of other product capabilities at the edge.”

“We are very excited to partner with Allen and the rest of the Veea leadership team given their decades of experience in digital transformation across the mobile industry. We are confident in their ability to successfully bring this revolutionary edge computing platform to market. Veea is accelerating the digital transformation of existing and new spaces by unifying connectivity, security, AI and compute into a single platform – a critical need across multiple verticals, use cases and geographies,” said Kanishka Roy, president and co-CEO of Plum.

According to Gartner, “Edge computing is closest to customers and customers’ customers. Over the next five years, edge AI will become the battleground for innovation and thought leadership for intelligent, connected, digital business investments.”

Advisors
Cohen & Company Capital Markets, a division of JVB Financial Group, LLC, is serving as exclusive financial advisor and general capital markets advisor to Plum. Hogan Lovells US LLP is serving as legal advisor to Plum. Ellenoff Grossman & Schole LLP is serving as legal advisor to Veea.

About Veea Inc.
Cheers!^® makes life and work at the edge simpler and more secure. Veea has unified multi-tenant computing, multi-protocol multi-tenant communications, edge storage, and cybersecurity solutions through fully integrated cloud and edge managed products. Pioneering from the ground up, Veea Multiaccess Edge Computing (MEC) in a compact form factor combines functionality typically provided by any combination of servers, network-attached storage (NAS), routers, firewalls, Wi-Fi access points (APs), IoT gateways, 4G or 5G wireless access, and cloud computing (CC) with multiple devices, software, and systems integrated and maintained by IT/OT professionals. Compared to these solutions, Veea Edge offers application responsiveness, enhanced cybersecurity, data privacy, and context awareness, and lowers data transport costs and total cost of ownership while providing easy installation, operation, monitoring, and maintenance of edge networks. The heart of VeeaHub products is a Linux server with a fully virtualized software environment for cloud applications that run in secure Docker^TM containers, with high levels of user and application data isolation, software-defined networking (SDN), network function virtualization (NFV), and cybersecurity, delivering a hyperconverged network across a mesh of connectivity and compute. Turkey’s fully integrated solution offers comprehensive cloud management of devices, applications, and value-added services with Zero Trust Network Access (ZTNA) and, optionally, a highly simplified 5G-based plug-and-play Secure Access Service Edge (SASE) offering. The Veea Edge platform enables direct connections from wide-area fiber, cellular, and satellite networks to local networks created by a VeeaHub mesh cluster via cellular-managed Wi-Fi and IoT devices—a unique patented capability called network slicing. The Veea Developer Portal and developer tools enable rapid development of edge applications, optionally with Edge AI. Veea has deployed a range of cost-effective solutions for B2B and B2B2C offerings through service providers, channel partners, system integrators, corporate partners and government agencies for smart retail, smart building, smart logistics and warehousing, smart farms and greenhouses, smart buildings, smart schools, smart hospitals, smart museums and smart cities. Use cases include broadband connectivity with cybersecurity and value-added services, IoT/IIoT/AIoT with data management, blockchain and edge AI technologies, including unserved communities, which account for almost 2.9 billion people according to joint research by ITU and the World Bank. For these communities, Veea and its ecosystem partners have developed a number of unique technologies and applications to provide internet connectivity through tele-education, tele-medicine services, tele-training, regenerative agriculture and more. Today, school children in remote villages in Indonesia can access ChatGPT in their local language using a locally developed application through the Veea Edge platform. Founded in 2014 and headquartered in New York City, Veea has a history of significant innovations in the development of advanced networking, wireless and computing technologies, as well as more than 103 issued and 33 pending patents in key aspects of hyperconverged edge computing. For more information, visit veea.com and follow us on X AND LinkedIn.

About Plum Acquisition Corp.
Plum Acquisition Corp. I is a special purpose acquisition company founded by Ursula Burns, Kanishka Roy, and Mike Dinsdale. Plum was founded with the mission of creating a platform, built by operators for operators, to enable great private companies to become great public companies and listed stocks.

Forecast statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “shall,” “will occur,” “will continue,” “will likely result in” and similar expressions.

Examples of forward-looking statements contained in this press release include, but are not limited to, statements regarding the Company’s business, operations, cash flows and financial condition. Risks and uncertainties include, but are not limited to: (i) failure to maintain adequate operating and financial resources or obtain additional capital or generate sufficient cash flow; (ii) risks related to Veea’s current growth strategy and Veea’s ability to generate revenues and achieve profitability; (iii) market acceptance of Veea’s platform and products; (iv) the length and unpredictability of Veea’s sales cycles; (v) Veea’s dependence on distribution and partner agreements and third-party manufacturers; (vi) cybersecurity incidents, security vulnerabilities and actual or perceived errors, failures, defects or malfunctions in Veea’s platforms or products; (vii) Veea’s ability to protect and develop its intellectual property rights; (viii) material evolving regulations and adverse changes in or failure by Veea to comply with such regulations; (ix) the ability to maintain the listing of Veea’s common stock and warrants on Nasdaq; (x) the potential liquidity and trading of Veea’s public securities; (xi) the ability to recognize the anticipated benefits of the proposed Business Combination, which could be affected by, among other things, competition, Veea’s ability to profitably grow and manage growth, and retain key employees; (xii) Veea’s success in retaining or recruiting, or making any required changes to, its officers, key employees or directors following the consummation of the Business Combination, and the ability to attract and retain key personnel; and (xiii) other risks and uncertainties identified in the prospectus dated May 13, 2024 filed with the Securities and Exchange Commission (the “SEC”) on May 15, 2024 relating to the Business Combination, including those set forth in the “Risk Factors” section contained therein and in other documents filed with the SEC by Veea and Plum. These documents identify and address other important risks and uncertainties that could cause actual events or results to differ materially from those contained in the forward-looking statements.

These statements are based on various assumptions, whether or not set forth in this press release, and the current expectations of Veea and Plum management and are not predictions of actual results. These forward-looking statements are provided solely for illustrative purposes and are not intended to serve as a guarantee, assurance, forecast or definitive statement of fact or probability, and should not be relied upon as such by investors. If any of these risks materialize or the parties’ assumptions prove incorrect, actual results may differ materially from the results implied by these forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements contained in this press release. There may be additional risks that neither Veea nor Plum currently know about or that Veea and Plum currently consider immaterial that could also cause actual results to differ from those contained in the forward-looking statements. These forward-looking statements speak only as of the date hereof. Readers are cautioned not to place undue reliance on forward-looking statements, and Veea and Plum disclaim any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Neither Veea nor Plum gives any assurance that Veea or Plum will achieve its expectations.

Media contact:
James Christopherson
Sterling Communications for Veea
[email protected]