Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 101

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 101
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2021. Veea was named in Market Reports World’s its
research report published in October 2023 as one of the top 10 Edge AI solution providers alongside of IBM, Microsoft, and Amazon Web
Services (“AWS”) among others.

Veea was founded in 2014
by Allen Salmasi, our Chief Executive Officer and a pioneering wireless technology leader. Mr. Salmasi helped to drive industry transformation
through his contributions to the development of CDMA/TDMA-based OmniTRACS, the largest mobile satellite messaging and position reporting
system with integrated IoT solutions during the 1980s and in the 1990s; 2G/3G technology and products at Qualcomm in 1990s; 4G technology
and products at NextWave during the 2000s, and hyper-converged edge computing and communications during the 2010s; and beyond with Veea.
At Veea, Mr. Salmasi has assembled a talented and experienced management and engineering team that includes former senior executives
of leading technology, telecom, SaaS, and wireless companies that possess a deep understanding of wireless technologies, mesh networking
and edge computing.

Veea earns revenue primarily from the sale of its VeeaHub ®devices, licenses and subscriptions. Veea incurred net losses of approximately $33.3 million and $46.6 million for the three and nine months ended September 30, 2024, respectively; net income and losses of approximately $2.0 million and $9.4 million for the three and nine months ended September 30, 2023, respectively. Veea generated net revenue of approximately $51,000 and $108,000 for the three and nine months ended September 30, 2024, respectively, approximately $9,000 and $40,000 for the three and nine months ended September 30, 2023, respectively. Other than $9.0 million of revenue generated from the license of AdEdge™ in 2023, revenue has been immaterial for all periods presented and represented revenue earned from paid pilots for our VeeaHub ®devices.

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Recent Developments

Business Combination

On September 13, 2024, Plum
consummated its previously announced Business Combination with Private Veea, pursuant to that certain Business Combination Agreement,
dated November 27, 2023, between Private Veea, Plum, and Plum Merger Sub (a Delaware corporation and wholly owned subsidiary