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PENTE NETWORKS Pente Networks Announces Strategic Investment by Mitsubishi Electric Corporation, ME Innovation Fund

Transparency directive : regulatory news

11/06/2024 15:45

Accelerating global private 5G adoption and driving joint IaaS opportunities

HACKENSACK, NJ / ACCESSWIRE / June 11, 2024 / Pente Networks, a private wireless network orchestration and management software company, announces the Mitsubishi Electric Corporation (TOKYO:6503) ME Innovation Fund, a corporate venture capital (CVC) fund operated jointly with Global Brain Corporation, has invested in Pente's latest funding round to drive Infrastructure-as-a-Service (IaaS) and private 5G network growth in a variety of industries.

Mitsubishi Electric Corporation
Mitsubishi Electric Corporation

"We are impressed with Pente's unique approach to private 5G network deployment, integration, management and scaling. Our investment, combined with technologies we both possess, provides an opportunity for us to stimulate private wireless network expansion, lead the IaaS market and create many new business opportunities together," says Satoshi Takeda, Executive Officer and CDO, Mitsubishi Electric Corporation.

Since the introduction of the HyperCore Cloud in January 2023, Pente has taken private networks from a complex telecom solution that only major enterprises and corporations could take advantage of and transformed it into an award-winning, fast, affordable and easy IT service that System Integrators, Managed Service Providers, WISPs and MNO/MVNOs are actively deploying in a multitude of industries. Today, the Pente HyperCore Cloud platform manages millions of IT-grade SIMs for customers around the globe.

"We are excited about this strategic investment and the ability to closely collaborate with Mitsubishi Electric," says Avi Cohen, CEO Pente Networks. "With their deep involvement in industrial IoT, defense, manufacturing, shipping and transportation markets, there is a tremendous synergy with our companies, and we look forward to expanding our business in Japan and beyond together."

The Pente HyperCore was designed as a no-code solution so anyone, even users without telecom expertise, can quickly set up and operate a private network. Pente's solutions are also RAN agnostic, allowing any base station to be used and enabling plug-and-play deployment. By offering private wireless network solutions such as IaaS, Pente has democratized wireless connectivity for enterprises, government, education, and manufacturing and supports social infrastructure by closing the digital divide.

Media Inquiries: Claudia Barbiero, VP Marketing & Strategic Partnerships, Pente Networks

About ME Innovation Fund

Mitsubishi Electric Corporation and Global Brain Corporation launched the ME Innovation Fund, a corporate venture capital (CVC) fund, in 2022 to invest and partner with startups around the world that have the potential for creating breakthrough innovations. In addition to financing, the fund provides wide-ranging business knowledge and management support as well as creates collaborative technology and partnership opportunities. The fund has a commitment to invest 5 billion yen in capital over the next 10 years.

About Mitsubishi Electric Corporation

With more than 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Mitsubishi Electric enriches society with technology in the spirit of its "Changes for the Better." The company recorded a revenue of 5,003.6 billion yen (U.S.$ 37.3 billion*) in the fiscal year ended March 31, 2023. For more information: www.MitsubishiElectric.com

*U.S. dollar amounts are translated from yen at the rate of 134=U.S.$1, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2023

About Global Brain Corporation

Global Brain is an independent venture capital firm that supports startups on a global scale and aims to create new industries through intensive hands-on support, global ecosystem, and open innovation between startups and large corporations. We manage Corporate Venture Capital funds with eight leading companies in each industry and our flagship funds, with assets under management exceeding 170 billion yen.

Contact Information

Claudia Barbiero
VP Marketing and Strategic Partnerships, Pente Networks
claudia@pentenetworks.com

Public Relations Division Mitsubishi Electric Corporation
www.MitsubishiElectric.com/news
prd.gnews@nk.mitsubishielectric.co.jp

Related Images

Mitsubishi Electric Corporation
Mitsubishi Electric Corporation
Pente Networks
Pente Networks

SOURCE: Pente Networks

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View the original press release on newswire.com.

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