The Richardson-based telecommunications software company Mavenir has had an amazing streak last week. On October 4th the company announced the closing of a $155 million capital raise, bringing the total raised since July 2022 to $250 million. On Friday the company was awarded TrustRadius’ Tech Cares award for its corporate social responsibility programs.
As reported by TelecomTV, earlier this year, Mavernir expanded beyond software and into hardware in an effort to offer an end-to-end supply for network operators. As the transition to 5G becomes more and more necessary for communication service providers (CSPs) network software providers like Mavenir are looking to offer ways to progress to open and interoperable networks.
On September 30 Mavenir announced a collaboration with Google Cloud which would allow CSPs to deploy its 5G products with Google Cloud’s infrastructure, container deployment, management technologies and big data analytics services. “By offloading parts of the standard telecommunication application business to cloud functions, Mavenir’s solution reduces complexity and costs for CSPs without losing insights, performance, and network control,” read the official statement.
According to the company, this would also broaden competitiveness “The open RAN approach will see many companies providing the components that make up a mobile network site, where previously one vendor would have delivered a closed solution.”
“This investment will further accelerate the company’s participation in the massive digital transformation opportunity as the leader in 5G,” said Hubert de Pesquidoux, a Siris executive partner and executive chairman of Mavenir. “I am confident that this investment will enhance Mavenir’s already exciting trajectory as the leader in 5G transformation.”
In addition to receiving big bucks, the company might need to grow its human capital as well, as TelecomTV pointed out that some end-to-end deals are already in the pipeline. According to Dallas Innovates, the company’s professional services team would need to hire 500 new employees to deal with customer requirements.
Luckily for those new hires, they’ll be entering a company awarded for its corporate, environmental and social responsibility efforts. “Mavenir continues to make strides across environmental, social and corporate governance, taking action to ensure a healthy and diverse workforce, and promoting inclusive and equitable community involvement,” declared Mavernir in an official statement.
In case you missed it, here’s Local Profile’s report on ExteNet Systems moving to Frisco.