Companies with Shared Values, Complementary Technologies, and Visionary Founders and Leadership, Will Change the Way the World Perceives Information
Combined capabilities of the two companies deliver a truly transformative range of integrated wearable and edge computing products that enable Web3 applications for enterprise and consumer markets alike
CARLSBAD, Calif. and NEW YORK, Feb. 26, 2023 /PRNewswire/ -- Ostendo Technologies, Inc., and Veea Inc. today announced the signing of a letter of intent to combine Ostendo's foundational quantum technologies and wearable display assets with Veea's leading smart edge connectivity business to create a first of its kind, standalone company. The combined companies will create a new paradigm for hyperconverged wireless solutions and a revolutionary solution for enabling Web3 capabilities for ambient interaction between people, places and things.
The companies expect the transaction will offer breakthrough solutions that are currently lacking due to integration, networking, latency and maintenance challenges, costs and other factors by:
Uniting complementary and diverse pioneering technologies - Ostendo's advanced split manufacturing capabilities and visual interface products with Veea's next generation edge computing and connectivity would deliver completely new ways of interacting with visual data to the consumers and enterprises alike with highly rewarding user experiences.
Offering globally in the fast-growing edge and spatial computing businesses a highly differentiated unified solution that integrates Veea's edge computing platform, that is both cloud- and locally-managed, together with a totally wireless and truly wearable visual interface initially in the form of Augmented Reality (AR) glasses that resemble our reading or sun glasses without any sensory discomfort for daily use.
Forming a new company, with highly experienced leadership and engineering teams, that will own one of the deepest spatial and edge computing patent portfolios in the world with nearly 500 worldwide patent applications filed and over 100 trade secrets.
Light Years Ahead
The combined companies will accelerate plans to commercialize Ostendo's best-in-class wearable display products powered by its proprietary Quantum Photonic Imager (QPI®) microprocessor of light - the world's first and only full-color sub-10 micron μLED display-on-chip - and the Veea Edge PlatformTM, which addresses the challenges posed by cloud computing at the edge by extending the Cloud to the edge through an "all-in-one" smart computing hub that offers a hyperconverged network solution with the full range of wired and wireless connectivity, including fixed line and/or 4G/5G broadband access, cloud-native computing and distributed network storage with a highly optimized networking and application mesh, enterprise-grade security, and a developer portal with advanced tools and APIs to continue bringing a wide range of apps, including machine learning and AI apps, and managed services to the market.
Veea will be at Mobile World Congress in Barcelona from February 27 – March 2, available for briefings and interviews in Meeting Room 7G73MR, located in Hall 7. Please contact the Veea Team to set up a meeting to learn more, and to schedule time to see the Ostendo and Veea products.
Executive Commentary
Dr. Hussein S. El-Ghoroury said:
"During my many conversations with Allen about the next great technology revolution, we always come back to the same conclusion: these technology franchises are stronger and more valuable together. We are excited about the opportunities this merger will create for our worldwide customers, our partners and our employees. Together we will solve the problem of the last 50 meters and the last 3 centimeters—changing how and what we see in our daily interactions with information, the real world and the people around us."
Allen Salmasi said:
"Veea's edge platform and its underlying ability to deliver scalable edge computing, comprehensive environment sensing and AI-driven multimedia content delivery over wired and wireless networks, together with Ostendo's breakthrough AR glasses will significantly augment and enhance Human Machine Interface with a contextual digital overlay of the world, that can be comfortably and fashionably worn throughout the day. Eventually, by enabling Web3 protocols and decentralized applications, Veea Edge Platform's distributed computing paradigm will enable the users of Ostendo's AR glasses to readily access highly unique Web3 applications such as DTube, Storj, Livepeer, Sola, DiFi, GameFi, most conveniently and securely make payments and conduct banking services, and much more."
About Ostendo
Ostendo Technologies, Inc. is a privately-held Carlsbad, California-based company that develops, manufactures, and deploys breakthrough quantum technologies for the photonic era. Distinguished by its experienced team from the wireless communications and display technology industries, Ostendo has designed a Quantum Photonic Imager (QPI®) platform purpose-built to create next generation devices for consumer, enterprise and defense applications––delivering on the promise of augmented reality glasses, the "metaverse," and light field holographic displays.
About Veea
Cloud computing is typically constrained by the lack of direct connectivity to the user and IoT devices at the edge. Also, for many edge applications, especially, Web3 applications, cloud computing does not meet the latency requirements, lacks context awareness, poses questions of data ownership and security, introduces vulnerabilities for mission critical applications, and entails a significant recurring data transport expense for data intensive applications. Veea has redefined and simplified edge computing that improves application responsiveness, reduces bandwidth costs, and eliminates central cloud dependency. Veea's first-in-class VeeaHub® smart computing hubs integrate a full range of connectivity options, application processing power, and a full security stack to form an elastic edge computing platform with a dynamic connectivity and application mesh that can easily be deployed and centrally managed from the cloud. Veea's Edge Services run across this application mesh to deliver secure remote access, IoT/IIoT/AIoT, and a wide range of smart applications. These features along with a range groundbreaking vertical-specific applications comprise the Veea Edge Platform, serving the needs of our customers across Smart Buildings, Smart Energy, Smart Cities, Smart Construction, Smart Farming, Smart Retail, and other industry verticals. Veea was formed in 2014 and is headquartered in New York, NY, with offices in the US, UK and France. Veea was named by Gartner as a 2021 Cool Vendor in Edge Computing. For more information, visit veea.com. Follow us on Twitter and LinkedIn.
SOURCE Veea Inc.
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