Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 16

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 16
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 are demonstrating, globally, that the Platform enables our partners
and customers to champion digital transformations in multiple vertical markets.

Through our innovative Veea Edge Platform, we
have created a new product category that brings cloud capabilities close to the user, as an alternative to cloud computing, with benefits
in optimal latency, lower data transport costs, data privacy, security and ownership, Edge AI, “always-on” availability at
the edge for mission critical applications, and contextual awareness for people, devices and things connected to the Internet. The Company
was recognized in 2023 by Gartner for the innovativeness and capabilities of our Veea Edge Platfom and was named a Leading Smart Edge
Platform in 2023 and a Cool Vendor in Edge Computing in 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, Amazon Web Services (“AWS”) among
others.

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 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.

The Company has five wholly owned subsidiaries, VeeaSystems Inc., formerly known as Veea Inc. (“VeeaSystems US