VEEA INC. 10-K

ITEM 1. BUSINESS. Overview We were originally incorporated under the name “Plum Acquisition Corp. I.” as a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. As discussed in this Annual Report, we completed the Business Combination on September 13, 2024 and changed our name to “Veea Inc.” We are dedicated to simplifying the journey towards creating a world in which virtually everyone and everything is intelligently connected , while bringing applications and AI to the edge of the network. Most service providers, equipment suppliers, system integrators and even hyperscalers have adopted or advocated for similar solutions to various degrees either independently or in collaboration with the Company. However, to our knowledge, we are the first to market with patented technologies that a) bring virtualized data center capabilities to the far edge of the network, commonly referred to as the Device Edge, where all wired and wireless devices connect to the network (the “Edge”), b) spawns hyperconvergence of computing, multiaccess communications and storage, (“Edge Computing”) c) provides for Cloud-managed applications at the Edge (“Hybrid Edge-Cloud Computing”), d) enables machine learning with AI training, inferencing, and Agentic AI at the Edge (“Edge AI”) including AI-driven cybersecurity for heterogenous networks. Such networks have given rise through any combination of our developed devices and third-party devices, with CPUs, GPUs, TPUs, DPUs and/or NPUs, that run on the Veea Edge Platform’s software stack (“VeeaWare”). Veea has developed several generations of highly integrated all-in-one devices that incorporate a Linux server, with a virtualized software environment, supporting our patented secured docker containers, together with a Wi-Fi Access Point (AP) with a mesh router, a firewall, an IoT gateway, NVMe data storage and 4G/5G modules referred to as the “VeeaHub” product. With an extensive patent portfolio of 125 granted patents and 25 pending patent applications that cover 26 patent families, our end-to-end Hybrid Edge-Cloud Computing platform represents a new product category that has the potential for wide scale customer adoption in large segments of consumer and enterprise markets. Veea Edge Platform’s products, applications, and services with a distributed computing architecture, offered as a Platform-as-a-Service (“ ePaaS ”) capability, empowering companies to capitalize on the transformative potential of Edge AI, where most of the data from smartphones, tablets, laptops, cameras, sensors, and other devices is generated, with data privacy and sovereignty, reliability, low latency for real-time decisions, bandwidth efficiency, scalability, and reduced costs compared to alternatives. VeeaHub products, about the size of a typical Wi-Fi Access Point (AP), are offered in variety of form factors with different capabilities for indoor and outdoor coverage and are both locally- and cloud-managed. Veea Edge Platform architecture and business model, VeeaHub Ò and third-party devices on Veea Edge Platform with Hybrid Edge-Cloud Computing and AI-enabled applications and services, to a certain degree is similar to Android OS platform architecture and business model for Android devices. The VeeaEdge Platform Ô offers an alternative to cloud computing by enabling 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. The benefits include optimal latency, lower data transport costs, data privacy, security and ownership, Edge AI, as well as “always-on” availability for mission critical applications, and contextual awareness for people, devices and things connected to the Internet. Our products and services have been deployed across multiple countries and industries; however, we are focused on high-growth market segments such as fixed-line or 5G-based fixed wireless broadband access, and subscription-based managed Wi-Fi for unserved / underserved communities. In both cases, broadband or Internet connectivity services are offered with a variety of Edge applications and value-added services, including advanced AI-driven cybersecurity, through Mobile Network Operators (“MNOs”), Multiple System Operators (MSOs), Internet Service Providers (“ISPs”) and other types of Managed Service Providers (“MSPs”). The industrial applications include climate smart buildings, smart farming with precision agriculture, smart warehouses and smart retail as cloud-managed converged private networks. Gartner recognized the innovativeness and capabilities of the platform by naming Private Veea a Leading Smart Edge Platform in 2023 and Cool Vendor in Edge Computing in 2021. Market Reports World in its research report published in October 2023 named Private Veea as one of the top 10 Edge AI solution providers alongside of IBM, Microsoft, Amazon Web Services (“ AWS ”) and others. 1 Private Veea was founded in 2014 by Allen Salmasi, our Chief Executive Officer and a pioneering wireless technology leader. Mr. Salmasi helped to drive industry transformation through his contributions to the development of CDMA/TDMA-based OmniTRACS, the largest mobile satellite messaging and position reporting system with integrated IoT solutions during the 1980s and 1990s; CDMA-based 2G/3G technologies and products at Qualcomm in 1990s; OFDMA-based 4G technologies and products at NextWave during the 2000s, and hyper-converged edge computing and communications during the 2010s; and beyond with Veea. Mr. Salmasi has assembled a talented and experienced management and engineering team that includes former senior executives of leading technology, telecom, SaaS, and wireless companies that possess a deep understanding of wireless technologies, networking edge and cloud computing. The Company has five wholly owned subsidiaries, VeeaSystems Inc., formerly known as Veea Inc. a Delaware corporation, Veea Solutions Inc., a Delaware corporation, VeeaSystems Development Inc., formerly known as Veea Systems Inc., a Delaware corporation, Veea Systems Ltd., a company organized under the laws of England and Wales and VeeaSystems SAS, a French simplified joint stock company; and one majority owned subsidiary, VeeaSystems Mexico, S. de R.L. de C.V., a limited capital company organized under the laws of Mexico (“VeeaSystems MX”). VeeaSystems MX is 95% owned by VeeaSystems Inc., and due to local law requirements, the remaining 5% is held by the Company’s CEO. The Company is headquartered in New York City with offices in the United States, Mexico and Europe. Our Vision and Strategy At the founding of Veea, we imagined a world where powerful, secure, intelligent and fully networked computing simply works. We pictured a reality where transformative ideas come to life quickly and effortlessly, without barriers created by technical complexity or infrastructure constraints. We envisioned a future in which any business, no matter its size or technical expertise, can seamlessly deploy sophisticated software, real-time analytics, and cutting-edge artificial intelligence directly within their own walls, at their own locations. At the core of our mission is simplicity. We empower our customers by delivering intuitive software and unified hardware solutions that enable local computing, intelligent networking, and advanced AI applications to work together seamlessly. By making these solutions easy to deploy, orchestrate, and scale, we remove technological barriers, freeing innovators to innovate. Our tagline, “Intelligently Connected,” reflects this commitment. We’re not merely connecting devices or networks; we're connecting businesses to outcomes, ideas to reality, and complexity to simplicity. Our platform creates intelligent connectivity, transforming intricate technological landscapes into streamlined environments that anyone can leverage. We are focused on markets - Fixed-line or 5G-based Fixed Wireless Broadband Access, Unserved / Underserved Communities, Climate Smart Buildings, Converged Private Networks, and Smart Retail – that we believe offer high potential for growth and can benefit from our products and services offerings in a way that transforms their businesses and business models in a secure, cost-effective, and meaningful manner. The following are examples that highlight our impact: ● Fixed-line or 5G-based Fixed Wireless Broadband Access: this cloud-managed solution is offered with backhaul connections to public networks through our highly innovative and highly compact STAX and STAX-5G VeeaHub products, with a variety of edge applications and value-added services, including advanced AI-driven cybersecurity, CCTVs for physical security, smart locks, and a variety of IoT applications, through Mobile Network Operators (“MNOs”), Multiple System Operators (MSOs), Internet Service Providers (“ISPs”) and other types of Managed Service Providers (“MSPs”). ● Unserved/Underserved Communities: we are providing an affordable, accessible, and comprehensive solution to address the “digital divide which exists due to limited on no access to the Internet primarily through major satellite service providers. ● Climate Smart Buildings: Veea is the first company to develop containerized Niagara, a software platform that integrates building systems into a single control system, that is integrated with the Niagara Framework ® (developed by Tridium, Inc., a wholly owned subsidiary of Honeywell International, Inc.), the leading platform for connecting to and managing building systems. ● Converged Private Networks and Smart Retail: Veea’s solutions allow for the convergence of Wi-Fi and private 4G/5G networks to take advantage of Wi-Fi’s ability to handle large amounts of data traffic, at lower network expense in areas densely populated by people and machines, with 5G’s reliability and low latency over large distances. ● Edge AI: Veea’s Edge AI Platform seamlessly combines networking, computing, artificial intelligence, and orchestration into a unified, intuitive ecosystem (“Total Fabric”). Our platform simplifies the complexities of deploying, managing, and scaling intelligent edge solutions, enabling organizations of all sizes to harness powerful local AI effortlessly. It Provides real-time decision-making, scalability, and enhanced performance for complex Edge AI use cases. With distributed computing and mesh networking, the platform uniquely offers federated Learning with blockchain , which is an efficient solution for building a cross-enterprise, cross-data, and cross-domain ecosphere for Edge AI with data privacy and big data analytics. 2 Our growth strategy centers on fostering strategic partnerships, expanding distribution channels, and securing partnerships with Network Operators and Managed Service Providers to reduce churn in their clients relationships. We view ourselves not just as a vendor, but as a comprehensive provider of services and solutions that address a wide range of our customers’ IT needs. Our Target Markets Fixed-line or 5G-based Fixed Wireless Broadband Access STAX-5G is currently the only 5G CPE in the market that supports Multiaccess Edge Computing (MEC) functionality with Wi-Fi 6 mesh router, IoT gateway, and networking/application mesh along with optional modules supporting Non-Volatile Memory Express (NVMe) storage and Power-over-Ethernet (POE) with10 GbE interface. With a high level of integration through a single PCBA implementation, it substantially reduces the production time and costs. Novel stackable mechanical design offers the opportunity for a wide range of accessories (e.g., smart speakers). An Ericsson forecast provides that the total global Fixed Wireless Access (FWA) subscriptions will grow at 19 percent year-on-year during the 2022 to 2028 period to reach more than 300 million devices by 2028. Currently, Veea has mostly completed the homologation process with one of the largest global MNOs and is engaged in POCs with several other major MNOs and fixed-line telcos, with major roll-outs anticipated starting in Q2/Q3 2025. Unserved/Underserved Communities As noted in the GSMA Mobile Economy 2023 report, one-third of the world’s population lacks Internet access due to limited or no availability to cost-effective network infrastructure and services. The Wi-Fi Alliance estimated in their 2021 Global Economic Value of Wi-Fi report, that bridging this “digital divide” would result in global economic value growth on the order of $4.9 trillion by 2025. We are actively involved in planning and executing deployments in Southeast Asia, West Africa and the Americas, using our technologies that uniquely address this global opportunity. 3 Our vTBA Ô (Virtual Trusted Broadband Access) provides an affordable, accessible, and comprehensive solution to address for this “digital divide.” vTBA enables the virtualization of Wi-Fi network capabilities across access points, consumers of Wi-Fi services, and connected devices. These network capabilities are “sliced,” meaning that traffic throughput, latency, and priority of service can be tailored to the requirements of the applications for, or the Service Level Agreements (“ SLAs ”) with the enterprise and consumer markets. This is achieved by using cloud-based policy definition and locally based policy enforcement, which minimizes the effort required to onboard customers and automate network management functions. Unlike mobile network solutions requiring cellular devices, vTBA is a Wi-Fi first solution that connects the widest range of consumer and IoT endpoints because Wi-Fi is the most prevalent wireless interface and vTBA serves past and current standards of Wi-Fi devices. vTBA controller provides for a Wi-Fi control channel that permits offering of vTBA-based services on a pre-paid or post-paid basis with roaming within the coverage of a private network of VeeaHub units located anywhere in the world. As another use case, by establishing a canopy of connectivity globally across remote communities while leveraging the Veea Edge Platform edge computing and its integration with sensors, we facilitate climate-smart agriculture solutions for smallholder farmers and gather data from remote ecosystems. This information is used to increase productivity in farms, reduce resource utilization, and increase transparency for carbon capture business models. We drive increased economic activity for local economies. Climate Smart Spaces Buildings contribute to approximately 37% of global carbon emissions and 34% of global energy consumption. Improvements to building utility management systems are critical to reducing global emissions and energy consumption. Studies furnished by the US Department of Energy have shown that as much as 30% of building energy consumption can be eliminated through more accurate sensing and more effective use of controls. Smart climate management requires a computational platform that meshes wired and wireless Internet connections from sensors to a central processing platform. Veea is the first company to develop containerized Niagara that is integrated with the Niagara Framework ® (developed by Tridium, Inc., a wholly owned subsidiary of Honeywell International, Inc.), the leading platform for connecting to and managing building systems. Veea Edge can deliver actionable insight to building managers and homeowners regarding data generated by HVAC, lighting, access control, fire safety, plumbing and surveillance systems. Building managers and homeowners can use this data to reduce electricity usage and carbon emissions through continuous monitoring and optimization, building management automation, and analysis of usage patterns and environmental conditions. Veea enhances the traditional Niagara Framework by capturing and pre-processing operational data locally, before augmenting it with cloud processing, along with interconnecting wired and wireless sensors. Given the dynamic nature of building configurations, designs, and materials, flexibility in deploying wireless sensors, connection to the Internet, and local data processing is required. Converged Private Wireless Networks and Edge AI Wi-Fi and private 4G/5G networks are converging to provide wider coverage, faster speeds, and connectivity across a broad range of devices and sensors. By integrating the two technologies, devices can connect seamlessly to the best available network coverage from Veea Edge Platform and private 4G/5G network. A converged network takes advantage of Wi-Fi’s ability to handle large amounts of data traffic, at lower network expense in areas densely populated by people and machines, with 5G’s reliability and low latency over large distances. Veea’s hyper-converged edge platform uniquely complements this new technology through its vTBA 5G interworking functionality allowing 5G and non-5G endpoints to be managed from a converged controller. This is unique to the industry and overcomes the need to replace many fully functioning Wi-Fi or IoT endpoints, especially for industrial and enterprise use cases, and allows legacy wired and wireless endpoints to remain connected via the Veea Edge Platform. Federated learning allows large scale datasets to be used for training models while keeping the data private in each VeeaHub node, within a cluster of VeeaHub products at the edge or on a wide area private network with VeeaHub units in vTBA-based Trust Domains. For many use cases of Edge AI delivered through Veea Edge Platform, such as Smart Retail, Smart Building and Energy Management, Smart Farming, and others, current models of VeeaHub product supporting up to 8 GB of RAM and up to 2 TB of memory, with or without GPUs or DPUs included in the mesh network, provide sufficient resources for training of submodels. Moreover, Veea Nexus is the central agentic AI orchestration engine that transforms real-time analytics and insights into automated actions. By providing a unified, centralized automation engine, Nexus eliminates the need for each individual app to build its own automation logic. Instead, any app can integrate seamlessly with Nexus (i.e., becoming "Nexus-enabled"), allowing rapid deployment of sophisticated agentic workflows. 4 Smart Retail Veea’s AdEdge Ô solution enabled by vTBA is capitalizing on the incorporation of private 5G networking infrastructure in retail environments . This Veea-authored application contains prominent features of a modern advertising management platform including integration into real-time advertising for smart shipping carts as well as selling the ad content against an inventory of Digital out of Home (“ DOOH ”) displays in retail locations, transportation centers, smart city deployments, stadiums, restaurants, etc. This solution leverages the hyper-converged features of the VeeaHub by deploying an advertising media player and dynamic campaign manager that triggers custom ads based on sensory or visual inputs in a location. Business Strategy Our business strategy is focused on leveraging three key paths to market: ● Technology Partnerships - Complementary technologies that are amplified with Veea technology capabilities. ● Distribution Channels - Aligned with our core edge-focused technology franchise, large-scale system integrators working to digitally transform industries, distributors and resellers of Niagara framework. ● Network Operators and Managed Service Providers - Providing for dedicated private networks end-to-end or monetization of their network assets, with the introduction of edge computing, Edge AI and their own customized applications, developed through the Veea developer portal to offer highly differentiated services that locks in the current customer base and reduces churn. Our customer-centric approach yields mutual benefit. Our customer activities generally are the result of three phases: ● Core buildout - Deploying the core product platform with success-based capital with network operators or government entities that can deliver highly differentiated customer value, improvements in productivity, and economic outlook with new digital services facilitated by high quality, cost-competitive managed broadband services with value-added services. ● Geographic expansion - Expand the geographic footprint of the core buildout location to more of the unserved and underserved communities in the same geographic areas resulting in scale economics for core network components and materials that yield margin expansion for both Veea and Veea’s channel partners. ● Subscriber density - End-customers of the base connectivity services fuel the introduction of a diverse set of adjacent digital services with broadband connections, such as Edge AI, tele-health, energy management, public safety solutions, precision agriculture, and content distribution to reinforce the customer value proposition for the base connectivity services, which are often provided in a low to no competitive landscape. With the network micro-slicing feature of vTBA, there are major opportunities to bring such services to multi-family residential housing or multi-dwelling units, commercial buildings, campuses, rental or rural communities, and high density user communities with the type of service directly delivered to a plethora of endpoints, such as user devices, cameras, smart locks, sensors, and various electromechanical systems, monitored and controlled by Niagara framework, individually and offered on a subscription basis. Given the significant increases in the data transport costs to the cloud as well as data ownership and privacy concerns around cloud-based applications, we believe that there is pent-up demand for low-latency and cost-effective private and public network solutions and applications at the edge that increase productivity and generate value for enterprises, people, places, and things connecting to the Internet, which will in turn will help network operators offering broadband services capture a greater enterprise value for connecting their customers to the internet. 5 Our business model is partially based on global demands from the Americas, EMEA and APAC regions for a product platform and software services for the generation of new revenue streams, with lower recurring costs, compared to traditional network infrastructure that lacks automation of service delivery and entails substantial ongoing operational support and network maintenance costs. We believe we are uniquely positioned in the marketplace, leveraging our strengths with our business model, including the following: ● Comprehensive, full suite of hardware and software services with a strategic focus on high-growth segments in emerging markets and underserved areas in mature markets for broadband services and edge applications including climate smart energy and sustainability solutions. ● Aligned customers with value propositions where Veea and our customers benefit in the creation of new revenue streams. ● Innovation-driven, a technology-centric platform that redefines capabilities of connecting people, places, and things to the internet with greater efficiency with edge applications. ● Highly automated capabilities for network service providers and enterprises to harness the power of software for improved customer experiences and reduced manual labor. ● Climate-smart platform technology advancements that bring greater productivity to emerging and mature markets, with measured improvements to the environment. Our Technology The Veea Edge Platform Ô is comprised of several elements needed to deploy cloud-to-edge solutions driving digital transformation for communities and industries worldwide. This comprehensive platform is comprised of three main components: ● VeeaHub Ò devices - a highly integrated convergent secure computing hardware platform, with a Linux server supporting virtualized software environment and patented “Secured Docker” containers, storage and connectivity for Wi-Fi, IoT, and 4G/5G devices. ● VeeaWare Ô - an edge operating system and companion tools, that manage the convergence of computing and connectivity across a mesh of VeeaHub products. ● VeeaCloud Ô - A cloud native system that underpins the easy deployment of hardware and software at the edge that manages the VeeaHub devices and their capabilities and edge applications remotely. The Veea technology franchise also includes Veea-authored applications that run on the VeeaHub products. These applications can be deployed by our channel partners and customers to compose complete solutions. Some of these applications are open frameworks that integrate into broader ecosystems such as Honeywell Tridium’s Niagara, Microsoft’s Azure IoT, or AWS IoT Greengrass. Other Veea applications simplify the deployment of enabling technologies to the edge. As an example, our edge AI framework enables the movement of AI model execution from the cloud to the edge, bringing the benefits of AI closer to the source of the real-time data so actionable insight can be provided to control applications running at the edge and thereby reducing inference time and amount of data traversing from the edge to the cloud. This innovative platform provides for seamless integration with AI capabilities by way of the secure, software container environment and tool kits for software developers. VeeaHub Smart Connectivity and Computing Hub The basic building block of the Veea Edge Platform is the VeeaHub, a unique combination of computing, connectivity, storage and security technologies. Every VeeaHub has a multi-core Linux server running a patented secure form of industry-standard docker containers to enable applications to be deployed at the user edge. The VeeaHub also has Bluetooth Classic and Low Energy, Zigbee/Thread, LoRaWAN (“ LoRa ”) gateway and multiband Wi-Fi APs. 6 The device has an advanced mesh networking capability, which we refer to as “ vMesh ,” that allows devices at the edge to act together as a micro-cloud and provides scalable coverage and communications capacity. The mesh provides flexible deployment scaling options enabling expansion of the edge solution to expand coverage and capacity, add additional sensors or users or add computing and storage as needed. vMesh is self-organizing and self-healing mesh that automatically discovers and connects to newly authorized devices and redirects traffic if a node fails for resiliency. There is no dedicated controller for the vMesh, as the control function is incorporated into the middleware. VeeaHubs Ò can use a variety of wired and wireless connections to connect to the Internet, including LTE 4G and 5G. Some VeeaHub models support wired connections to edge devices using standard RS-232/485 connections, which are useful for smart spaces. Other models include a standard long range, low power wireless technology, LoRaWAN, which is ideal for outdoor and industrial use cases. VeeaHub is available in three different models - (i) VeeaHub STAX (ii) VeeaHub Pro, which is designed for more demanding enterprise applications, and (iii) VeeaHub Pro Outdoor, which is environmentally hardened and designed for outdoor and industrial applications. VeeaWare Ô Edge Operating System VeeaWare is a portable edge operating system that runs on the VeeaHub. VeeaWare features Veea’s secure container environment that extends industry standard docker containers, to assure applications running at the edge cannot interfere with or hack the system software running on the hardware platform or other applications running at the edge. VeeaWare Operating System (“ vOS ”) enables Veea and third-party partners to deploy multiple applications to the edge. VeeaWare incorporates an abstraction layer that allows applications running on VeeaHub products to connect both IP and non-IP devices to a mesh of VeeaHub nodes. VeeaWare also incorporates all of the necessary mechanisms to move and store data across the mesh and provide data connections to the Wide Area Network (“ WAN ”). VeeaWare includes a set of tools referred to as the VeeaHub Toolkit, which empowers developers to design, test, and publish applications to the VeeaHub products deployed in the field. These tools allow any developer to use a wide variety of industry-standard software and practices to deploy containers into the VeeaHub products in a highly secure and predictable manner. A web-based portal dedicated to the developer community provides necessary documentation to get started and to quickly become proficient in developing and deploying custom applications on the VeeaHub that serve customers’ specific use cases. The process of developing applications with the VeeaHub Toolkit is similar to the process of developing and publishing Android or Apple iOS applications. Once a container has been created and tested locally, the developer submits it to a VeeaCloud repository for publication, and after the required verification is performed, the application becomes available within the VeeaCloud. Applications can be developed by Veea, its channel partners or the end-users for particular use cases. VeeaWare has proven portability in that the Veea product portfolio incorporates hardware designs with different core computing platforms, connectivity options and other peripheral interfaces. In the future, we intend to license the VeeaWare edge operating systems to OEM and ODM partners to diversify and expand the supply chain and open up opportunities in adjacent marketplaces that may require specialized hardware. As an example, certain industries require explosion-proof designs at the edge. VeeaCloud Ô VeeaCloud is the cloud-based platform that powers the deployment and management of VeeaHub products at the edge, provides management for the networking across the IT and OT domains, and offers full orchestration of application deployment and observability of the applications running on VeeaHub products. It incorporates a web-based control center for managing devices and applications at the edge, as well as a companion smartphone app, for both iOS and Android OS devices, called VeeaHub Manager (“ VHM ”) for installers, field technicians, and end users to install and manage VeeaHub products locally. 7 VeeaCloud has a rich set of Applications Programming Interfaces (“ APIs ”) to integrate into external Business Support Systems/Operations Support Systems (“ BSS/OSS ”) or the Manager of services providers and our distribution partners that operate convergent Network Operations Systems and support user management. The system utilizes a single sign-on system that integrates into leading user authentication systems. The product features a multi-tiered authentication and permission system to support multi-tenant, multi-level distribution schemes and can scale elastically to a large number of deployed nodes, users and devices. It is a cloud native platform deployed using modern continuous integration/continuous delivery approaches and is agnostic to public cloud providers. VeeaCloud is the foundation for publishing applications developed with the VeeaHub Toolkit. Veea Edge Applications Veea has developed software templates that speed the development of complete containers and other building blocks, a number of which are standalone containers that can be licensed and resold by third parties. Other than the containerized Niagara Framework application, these include the following: ● Software Defined Wide Area Networking (“ SDWAN ”) Application . Provides flexible options for connecting nodes in a mesh of VeeaHubs Ò to the public network (“ Backhaul ”) using wired (ethernet, fiber) or wireless (Wi-Fi, 4G/5G) connectivity. ● Global 4G or 5G Subscription Service . A range of cellular connectivity solutions fully integrated with VeeaHub products for Veea partners and service providers to offer Fixed Wireless Access (“ FWA ”) broadband services including for IoT applications, simplifying deployment, billing and support. ● Last-Mile Solutions with vTBA-based Managed Internet and IoT Connectivity Services. Services for multi-dwelling units, housing communities, campuses, hospitals, airports, rail stations, and remote and rural communities. ● IoT Gateway Application. VeeaHub incorporates integrated IoT radios for IoT or Industrial IoT (“ IIoT ”) use cases that require the ability to bind IP and Non-IP endpoints with the system. Registers the IoT endpoints (sensors, actuators, etc.) to the device abstraction layer enabling routing of messages over vMesh on the edge. ● Veea Property Management Engine . Open platform for integrated smart devices using common home wireless technologies such as Wi-Fi, Zigbee/Thread and Bluetooth. Designed for consumer-oriented use cases, such as homes, multi dwelling units and small businesses. ● Blockchain Framework . Helium v2 Certified distributed blockchain model. ● Leading IoT platforms . Microsoft Azure Edge IoT Certified, AWS Greengrass compliant. ● Edge AI & Visual Analytics Frameworks . Distributed solution for execution of AI models from the edge to the cloud. ● Advanced Smart Farming and Precision Agriculture. Unique implementation of LoRaWAN Gateway. ● Honeywell Niagara Framework Building and Energy Management System (“ BMS/EMS ”). Advanced advanced Cyber Defense System for commercial real estate, datacenters and critical infrastructure. 8 Several of the turnkey edge applications Veea has created have a companion cloud application for centralized control, content management, or interworking capabilities for cloud-to-cloud connections. These include the following: ● AdEdge Edge Content Player and Campaign Management . Full stack advertising and content management platform. AdEdge is an AI-driven contextual and location-based ad platform. Supports advertising campaign (frequency, scheduling, product types, etc.) and media deployment across TROLLEE Ò Smart Shopping Carts, a fleet of digital out of home displays, or augmented reality/mixed reality devices using edge playback and scheduling function, full attribution for billing. Supports ad sale platform using programmatic and non-programmatic techniques and open APIs. ● Virtual Trusted Broadband Access (“ vTBA ”) Cloud Controller . A core management system for delivery of vTBA enabled services across deployed meshes with edge nodes running the container vTBA agent. Allows configuration of access point groups, Trust Domains and service policy definitions. Provides northbound interfaces for BSS/OSS integration with the backends of the service providers, property management companies, government agencies, and others that provide vTBA based services. API supports integration with 4G/5G core networks for seamless interworking of services across different network types for fixed and mobile convergence. ● VeeaConnect Connection Manager . Edge-managed voice, data and video service connection manager that maintains user plane traffic between users connected to a set of VeeaHub products in a mesh within the mesh and off of the WAN connection. In combination with partner-developed edge applications, the Veea technology franchise delivers significant value to the end consumers of services built on the Veea Edge Platform, including: Technology-Enabled Benefits of Veea Platform ● Minimizing latency and the raw data transport to the Cloud. ● Privacy, security, data ownership and context awareness. ● Fault tolerance for mission critical and other edge applications including customized apps developed through Veea Developer Portal. ● Addressing connectivity and networking challenges at the edge. ● Private micro-datacenter with wired and wireless coverage. ● Fixed line and 4G/5G broadband access with value-added services. ● Gateway/Edge Device for Microsoft Azure IoT and AWS IoT Greengrass apps. Distributed Micro-Cloud Computing at the Device Edge ● High-performance computation with Linux OS running on a quad-core CPU. ● Virtualized software environment with Secured Docker containers for applications and service layers with Software Defined Networking (“ SDN ”) and Network Function Visualization (“ NFV ”). ● Secured Docker containers for apps to run in a trusted execution environment with both the containerized apps and communication interfaces secured with digital certificates. ● Built-in routing, scaling, load balancing & orchestration for the edge environment and services. ● API and microservice driven >> cloud-managed apps. Bridging the IT/OT Gap ● Industry leading Containerized Niagara combined with modern IT Style remote management tools. 9 ● Secure 4G or 5G WAN connectivity. ● Integration with Private 5G Network Core Network Orchestrator simplifies the management of edge applications and devices. ● Familiar IT deployment patterns with Containerized Niagara, Azure IoT Certification, and AWS IoT Greengrass ease incorporation with cloud-based backend services of the enterprise in a variety of use cases. ● Open APIs for Business Process Logic integration. ● Familiar deployment pattern for both IT and OT personnel using untrained technicians facilitated by our attention to “zero-touch” approaches. vTBA Ô ● Unique cellular-like Wi-Fi functionality, with roaming within the coverage of the VeeaHub products, gives operators and enterprise managers unprecedented visibility and control of the people places and things in their network. ● Cloud Control provides flexible service policy definitions, billing models and network partitioning. ● Works with a broad range of IP and non-IP devices and wired and wireless devices (e.g., Wi-Fi, Bluetooth, Zigbee/Thread, LoRaWAN) unlocking the potential for offering managed services for every type of endpoint. ● Secure separation of traffic from different or designated groups of devices into Trust Domains increasing security with ZTNA for all services. ● Virtualizes Access Points to drive down connection costs and increase affordability. Enables CPE-less deployment models reducing ongoing operation expense. Competitive Strengths To our knowledge, the Veea Edge Platform Ô and its key building block the VeeaHub is the only edge computing product that infuses a single physical device with the traits of a networking device, IoT gateway, Linux server, storage and security gateway. The Veea Edge Platform has several key differentiating features, including: ● Rapid scaling through meshing of multiple nodes to expand connectivity coverage, adding more computing power, memory or storage capacity. vMesh is more extensible than mesh networking offered in comparable consumer or enterprise products ● High degree of integration reduces the number of hardware elements needed to deliver solutions, reducing initial capital outlay, installation costs and reducing ongoing management complexity and other operating costs (i.e. power consumption). ● VeeaWare OS with patented software architecture supporting a virtualized software environment and Secured Docker container for distributed computing with applications orchestrated over a connectivity mesh, that provides for an application and microservices mesh, with hyperconverged networking at the edge. ● Flexible choice of wired and wireless interfaces results in reduced installation cost and time. ● Pervasive security, to virtually segment traffic at a device or group level. 10 ● Zero-touch installation supports pre-provisioning of devices before installation. ● Non-skilled installers can mount the systems locally and then automatic or semi-automatic configuration is done from the cloud. ● Standards-based approach with fixed and wireless technologies for interoperability into globally deployed wired and wireless infrastructure. Proven integrations to a wide variety of industry leading platforms, including Microsoft’s Azure, AWS IoT Greengrass, Tridium’s Niagara Framework, and LoRaWAN ChirpStack. ● Unique implementation of fully integrated LoRaWAN Gateway that runs at the edge without cloud-dependency. ● Unified Cloud management platform combines network and device management with applications management through the Control Center Other platforms focus on network or applications management but not all three ● Comprehensive remote management tools for deployment, configuration, and over the air updates and troubleshooting Intellectual Property As of December 31, 2024, we had a patent portfolio consisting of 121 exclusively owned patents, as summarized in the table below. These patents cover jurisdictions in the United States, United Kingdom, Europe, South Korea, Japan, and India. All of our current-issued patents are projected to expire between 2036 and 2047. We also have 25 patent applications pending. Qualcomm Inc. (“ Qualcomm ”) has licensed, on a non-exclusive basis, certain intellectual property to us under multiple agreements covering the sales of our products that incorporate the licensed IP. The royalty fees payable to Qualcomm are generally calculated based on a percentage of net sales in territories where the licensed IP is protected by a patent. The Qualcomm licenses expire in April 2030 and 2029, respectively, and automatically renew if we continue to sell products incorporating the licensed IP. We are also a party to a non-exclusive license agreement with Cable Television Laboratories, Inc. (“ CableLabs ”) covering the worldwide sales of our vTBA Ô product. The rights granted under the CableLabs license apply to any fields of use and royalty, and royalty fees payable to CableLabs are calculated based on a percentage of net sales. The term of the CableLabs license lasts until the last to expire of any patents licensed under the agreement. We also rely upon trade secrets, know-how, and continuing technological innovation to develop and maintain our competitive position. We seek to protect our proprietary rights through a variety of methods, including confidentiality agreements and proprietary information agreements with suppliers, employees, consultants, and others who may have access to proprietary information, under which they are bound to assign to us their inventions. 11 Patent Family Country Application No. Patent No. Issue Date Expiration Date DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS US 15/293,804 9/955,404 24-Apr-2018 14-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS DE 16193802.2 60 2016 012 782.2 24-Apr-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS FR 16193802.2 3157304 24-Apr-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS IT 16193802.2 3157304 24-Apr-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS ES 16193802.2 3157304 24-Apr-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS GB 16193802.2 3157304 24-Apr-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS US 15/293,872 10,069,739 04-Sep-2018 08-Nov-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS DE 16193806.3 60 2016 020 735.4 18-Sep-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS ES 16193806.3 3157207 18-Sep-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS FR 16193806.3 3157207 18-Sep-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS IT 16193806.3 3157207 18-Sep-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS GB 16193806.3 3157207 18-Sep-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS US 15/293,928 10,085,195 25-Sep-2018 11-Nov-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS EP 16193810.5 EP3157208B 29-May-2024 13-Oct-1936 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS US 15/294,022 10,368,286 30-Jul-2019 10-Feb-2037 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS DE 16193812.1 60 2016 004 769.1 15-Aug-2018 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS FR 16193812.1 3157305 15-Aug-2018 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS IT 16193812.1 3157305 15-Aug-2018 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS ES 16193812.1 3157305 15-Aug-2018 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS GB 16193812.1 3157305 15-Aug-2018 13-Oct-2036 COMMUNICATION UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT DE 16197551.1 3169096 16-Sep-2020 07-Nov-2036 COMMUNICATION UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT ES 16197551.1 3169096 16-Sep-2020 07-Nov-2036 COMMUNICATION UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT FR 16197551.1 3169096 16-Sep-2020 07-Nov-2036 COMMUNICATION UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT IT 16197551.1 502020000114245 16-Sep-2020 07-Nov-2036 COMMUNICATION UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT GB 16197551.1 3169096 16-Sep-2020 07-Nov-2036 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS US 15/459,908 10,917,928 09-Feb-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS DE 17161092.6 3223545 06-Jan-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS ES 17161092.6 3223545 06-Jan-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS FR 17161092.6 3223545 06-Jan-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS IT 17161092.6 3223545 06-Jan-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS GB 17161092.6 3223545 06-Jan-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS US 17/135,190 12207326 21-Jan-2025 28-Dec-2040 12 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER US 15/616,281 11,050,671 29-Jun-2021 07-Jun-2037 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER DE 17174554.0 3264697 06-Apr-2022 06-Jun-2037 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER FR 17174554 3264697 06-Apr-2022 06-Jun-2037 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER ES 17174554.0 3264697 06-Apr-2022 06-Jun-2037 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER IT 17174554.0 3264697 06-Apr-2022 06-Jun-2037 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER GB 17174554.0 3264697 06-Apr-2022 06-Jun-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT US 15/459,874 10,230,637 12-Mar-2019 28-Apr-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT DE 17161091.8 60 2017 019 214.7 08-Jul-2020 15-Mar-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT FR 17161091.8 3220612 08-Jul-2020 15-Mar-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT IT 17161091.8 3220612 08-Jul-2020 15-Mar-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT ES 17161091.8 3220612 08-Jul-2020 15-Mar-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT GB 17161091.8 3220612 08-Jul-2020 15-Mar-2037 WIRELESS COMMUNICATION UNITS AND WIRELESS COMMUNICATION SYSTEM AND METHODS TO SUPPORT BEACON TECHNOLOGY EP 17205102.1 11889580 30-Jan-2024 04-Dec-2037 WIRELESS COMMUNICATION UNITS AND WIRELESS COMMUNICATION SYSTEM AND METHODS TO SUPPORT BEACON TECHNOLOGY US 17/380,973 11889580 30-Jan-2024 17-Feb-2037 EDGE COMPUTING SYSTEM US 15/838,672 11,277,488 15-Mar-2022 02-Mar-2038 EDGE COMPUTING SYSTEM DE 17206464.4 3343363 27-Jul-2022 11-Dec-2037 EDGE COMPUTING SYSTEM ES 17206464.4 3343363 27-Jul-2022 11-Dec-2037 EDGE COMPUTING SYSTEM FR 17206464.4 3343363 27-Jul-2022 11-Dec-2037 EDGE COMPUTING SYSTEM GB 17206464.4 3343363 27-Jul-2022 11-Dec-2037 EDGE COMPUTING SYSTEM IT 17206464.4 3343363 27-Jul-2022 11-Dec-2037 EDGE COMPUTING SYSTEM US 15/838,644 11,095,713 17-Aug-2021 12-Nov-2038 EDGE COMPUTING SYSTEM US 17/365,259 11394771 19-Jul-2022 12-Dec-2037 EDGE COMPUTING SYSTEM US 17/867,194 11,606,419 14-Mar-2023 01-Jul-2041 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK US 15/830,427 10491562 26-Nov-2019 05-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK DE 17205104.7 602017015130.0 22-Apr-2020 04-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK ES 17205104.7 3334126 22-Apr-2020 04-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK GB 17205104.7 3334126 22-Apr-2020 04-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK FR 17205104.7 3334126 22-Apr-2020 04-Dec-2037 13 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK IT 17205104.7 3334126 22-Apr-2020 04-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK US 15/850,332 12,057,229 06-Aug-2024 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK DE 17209308.0 60 2017 011 602.5 12-Feb-2020 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK ES 17209308.0 3340579 12-Feb-2020 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK FR 17209308.0 3340579 12-Feb-2020 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK GB 17209308.0 3340579 12-Feb-2020 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK IT 17209308.0 3340579 12-Feb-2020 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK EP 21169930.1 3890280 31-Jul-2024 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK ES 19181830.1 3579587 02-Jun-2021 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK DE 19181830.1 3579587 02-Jun-2021 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK FR 19181830.1 3579587 02-Jun-2021 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK IT 19181830.1 3579587 02-Jun-2021 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK GB 19181830.1 3579587 02-Jun-2021 21-Dec-2037 EDGE COMPUTING CONTAINER SYSTEM US 16/223,772 10,944,851 09-Mar-2021 01-Jan-2039 EDGE COMPUTING CONTAINER SYSTEM US 16/223,384 11,159,647 26-Oct-2021 04-Feb-2041 EDGE COMPUTING CONTAINER SYSTEM US 17/167,636 11,159,647 26-Oct-2021 18-Dec-2038 Edge Communication Device US 29/713,470 D958778 26-Jul-2022 26-Jul-2037 Edge Communication Device EM 006478186-0001 006478186-0001 17-May-2019 17-May-2044 Edge Communication Device EM 006478186-0002 006478186-0002 17-May-2019 17-May-2044 Edge Communication Device GB 90064781860001 90064781860001 17-May-2019 17-May-2044 Edge Communication Device GB 90064781860002 90064781860002 17-May-2019 17-May-2044 Integrated antenna-heatsink for wireless device applications US 17/110,744 11,563,262 B2 24-Jan-2023 09-Dec-2040 Integrated antenna-heatsink for wireless device applications US 18/086,069 11,949,147 B2 02-Apr-2024 09-Dec-2040 Expandable product architecture bus for consumer electronics gateways US 17/126,858 11,695,438 04-Jul-2023 15-Sep-2041 Module identification method for expandable gateway applications US 17/158,266 11,258,889 22-Feb-2022 26-Jan-2041 Module identification method for expandable gateway applications US 17/872,095 11,641,413 B2 02-May-2023 26-Jan-2041 Resilient Antenna Securing Mechanism US 17/148,846 11,431,075 30-Aug-2022 25-Mar-2041 Resilient Antenna Securing Mechanism US 17/872,095 11,837,773 05-Dec-2023 14-Jan-2041 14 Method and System for IoT Edge Computing using Containers US 17/238,436 11,838,794 05-Dec-2023 30-Aug-2041 Method and Procedure for miniaturing a multilayer PCB US 17/313,073 11,523,502 B2 06-Dec-2022 06-May-2041 Method and Procedure for miniaturing a multilayer PCB US 18/053,264 12,150,237 19-Nov-2024 07-Nov-2043 Method and Procedure for miniaturing a multilayer PCB US 17/946,450 11,950,361 B2 02-Apr-2024 06-May-2041 Cable Pull Tab US 17/342,191 11,695,238 04-Jul-2023 31-Jul-2041 Systems and Methods for Collaborative Edge Computing (AR/VR Edge Devices) US 17/592,798 12,156,293 26-Nov-2024 26-Nov-1944 Method and System for Secure Container Application Framework US 17/592,632 12,015,613 B2 18-Jun-2024 04-Feb-2044 Method and System for Secure Container Application Framework US 17/592,667 12,126,622 22-Oct-2024 22-Oct-2044 VHC25 heatsink and antenna structure US 29/722,411 D910,582 16-Feb-2021 16-Feb-2036 VHC25 heatsink and antenna structure US 29/722,413 D942,959 S 08-Feb-2022 08-Feb-2037 VHC25 heatsink and antenna structure US 29/722,415 D910,583 16-Feb-2021 16-Feb-2036 Stacker Electromagnetic Interference Shield US 29/722,059 D922337 15-Jun-2021 15-Jun-2036 Stacker Electromagnetic Interference Shield US 29/722,060 D922338 15-Jun-2021 15-Jun-2036 Stacker Base Module, LTE Stacker Module, Mase and Stacker combined Brazil BR302022001478-8 BR302022001478-8 24-Jan-2023 23-Mar-2047 Stacker Base Module, LTE Stacker Module, Mase and Stacker combined Canada 211383 211383 24-Jan-2024 24-Mar-2037 Stacker Base Module China ZL202230157775.5 ZL202230157775.5 19-Jul-2024 24-Mar-2037 Stacker Base Module EU 008916001-0001 008916001-0001 30-Mar-2022 23-Mar-2047 LTE Stacker Module EU 008916001-0002 008916001-0002 30-Mar-2022 23-Mar-2047 Stacker Base Module with LTE Stacker Module (combined) EU 008916001-0003 008916001-0003 30-Mar-2022 23-Mar-2047 Stacker Base Module with LTE Stacker Module (combined) GB 6197729 6197729 24-Mar-2022 23-Mar-2047 Stacker Base Module GB 6197727 6197727 24-Mar-2022 23-Mar-2047 LTE Stacker Module GB 6197728 6197728 24-Mar-2022 23-Mar-2047 Stacker Base Module India 361109-001 361109-001 08-May-2023 24-Sep-2036 Stacker Base Module Japan 2022-006084 1733800 23-Dec-2022 24-Mar-2047 Stacker Base Module, LTE Stacker Module, Mase and Stacker combined S Korea 30-2022-0011328 30-1222487 29-Jun-2023 23-Mar-2042 Stacker Base Module, LTE Stacker Module, Mase and Stacker combined S Korea 30-2023-0010640 30-1245065 03-Jan-2024 23-Mar-2042 Stacker Base Module, LTE Stacker Module, Mase and Stacker combined S Korea 30-2023-0010641 30-1245066 03-Jan-2024 23-Mar-2042 Stacker Base Module Mexico MX/f/2022/000838 69708 18-Apr-2024 22-Mar-2047 LTE Stacker Module US 29/809,525 6197728 23-Mar-2022 23-Mar-2047 LTE Stacker Module India 361107-001 361107-001 23-Feb-2023 28-Sep-2036 LTE Stacker Module Japan 2022-006085 1733801 23-Dec-2022 24-Mar-2047 Stacker Base Module with LTE Stacker Module combined US 29/809,755 D1025047 22-Mar-2024 23-Mar-2047 Stacker Base Module with LTE Stacker Module (combined) India 361108-001 361108-001 04-May-2023 29-Sep-2036 Stacker Base Module with LTE Stacker Module (combined) Japan 2022-006086 1733802 23-Dec-2022 24-Mar-2047 15 Manufacturing We rely on two contract manufacturers in Taiwan and China to manufacture our VeeaHub Ò devices. Research and Development Because the industry in which the Company competes is characterized by rapid technological advances, the Company’s ability to compete successfully depends heavily upon its ongoing research and development activities. Key focus of the Company’s research and development activities include (i) the use of AI to optimize network and applications distribution and performance at the edge, (ii) support for elastic scaling and dynamic cloud to edge orchestration, (iii) real time radio and mesh tuning, (iv) partial and full air-gapped deployment between the public cloud and the edge, (v) optimized AI model execution across devices, the Veea Edge Platform and the cloud and (vi) fully integrated online ordering, fulfillment and activation to support large scale, hierarchical distribution partners. Facilities We are headquartered in New York City, New York. We have engineering offices in Iselin, New Jersey; Bath, United Kingdom; and Juvigny, France. We also maintain sales and marketing offices in Paris, France and Mexico City, Mexico. Employees As of December 31, 2024, we employed 45 full-time employees. None of our employees are represented by a collective bargaining agreement, nor have we experienced any work stoppage. We consider our relations with our employees to be satisfactory. Our future success depends on our continuing ability to attract and retain highly qualified employees and senior management personnel. In addition, we have independent contractors whose services we are using on an as-needed basis to assist with our sales and marketing activities and engineering activities. 16