Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 350

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 350
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. and Subsidiaries
Notes to the Consolidated Financial Statements 
For the Years ended December 31, 2024 and 2023

1
- DESCRIPTION OF BUSINESS 

The
Company is a provider of edge computing and communications devices (i.e., “VeeaHub®” 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. VeeaHub® 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 Platform™ 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 Platform™,
easily deployable products that fully integrate hardware, system software, technologies, and edge applications. We are demonstrating,
globally, that the Veea Edge 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 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 in its research report
published in October 2023 as one of the top 10 Edge AI solution providers alongside of IBM, Microsoft, Amazon Web Services among others.

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