Company: VEEAW
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001213900-25-046124
Chunk: 67

Company: VEEA INC.
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 8
Chunk 67
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Veea Inc. and Subsidiaries

Notes to the Condensed Consolidated Financial
Statements 

1 - DESCRIPTION OF BUSINESS

The Company is a provider of edge
computing and communications devices (i.e., “VeeaHubÒ” devices), applications,
and services hosted on its edge Platform-as-a-Service (“ePaaS”). Veea Edge Platform ePaaS is an end-to-end platform that
is both locally- and cloud-managed. VeeaHubÒ products are converged computing and communications
(i.e., hyperconverged) indoor and outdoor devices, about the size of a Wi-Fi Access Point (AP), that provide for networking and computing
solutions for AI-assisted applications and solutions at the edge where people, places, and things connect to the network.

Veea Edge PlatformÔ
provides for highly secure connectivity, computing, and IoT solutions through full stack platform for digital transformation of industries,
as well as unserved or underserved communities that lack Internet connectivity and essential applications and services. It further enables
the formation of highly secure, but easily accessible, private clouds and networks across one or multiple user(s) or enterprise location(s)
across the globe. We have redefined and simplified edge computing and connectivity with Veea Edge PlatformÔ,
easily deployable products that fully integrate hardware, system software, technologies, and edge applications. We are demonstrating,
globally, that the Veea Edge PlatformÔ 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 as a Leading Smart Edge Platform for the innovativeness and capabilities of our Veea Edge Platform
and a Cool Vendor in Edge Computing in 2021. Veea was named in Market Reports World’s research report published in October 2023
as one of the top 10 Edge AI solution providers alongside IBM, Microsoft, Amazon Web Services, and others.

On September 13, 2024, Plum Acquisition
Corp. I. (“Plum”), a special purpose acquisition company, and VeeaSystems Inc., a