Ostendo Technologies, and Veea announced the signing of a letter of intent to combine Ostendo’s foundational quantum technologies and wearable display assets with Veea’s 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.
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.”