Which 5G companies raised money?

This blog post has been written by the person who has mapped the 5G startup funding market in a clean and beautiful presentation

The 5G funding landscape has evolved dramatically in 2024 and 2025, with over $14.48 billion raised across more than 5,600 funding rounds.

Major investors like the European Investment Bank, Amazon, and NGP Capital are driving significant capital into private 5G cores, industrial networks, and RF hardware solutions. And if you need to understand this market in 30 minutes with the latest information, you can download our quick market pitch.

Which 5G startups raised the most significant funding in 2024 and early 2025?

Obvios leads the pack with its $22 million Series A round completed in June 2025, focusing on AI-powered private 5G core networks for traffic safety applications.

Firecell secured €6.6 million in seed funding during March 2024, targeting industrial 5G deployments specifically for manufacturing environments. The round was led by Ventech and Matterwave Ventures, with participation from Bpifrance and Bouygues Telecom's venture arm.

iCana's acquisition by Hon Hai (Foxconn) for NTD 405.5 million in March 2025 represents the largest single transaction, valuing the Belgian-Taiwanese RF semiconductor company's 5G front-end technology. Montsecure raised undisclosed amounts for its 5G security testing platform SEAL, while Infinite Wireless secured growth capital for its SIM-free connectivity solutions.

EdgeQ's $75 million Series B from April 2023, though slightly outside our timeframe, demonstrates the continued appetite for 5G baseband and edge computing solutions. The round was led by Threshold Ventures and GV, bringing EdgeQ's total funding to over $110 million.

Who are the heavyweight investors consistently backing 5G startups?

The European Investment Bank dominates with $3.8 billion committed across six 5G companies, including major investments in CityFibre, Airspan, and Mavenir.

Amazon follows with $1.8 billion deployed across three companies, notably backing Mavenir's cloud-native network functions, Skylo's satellite-terrestrial integration, and Infinite Wireless's connectivity platform. NGP Capital and Macquarie Group each committed $1.3 billion, with NGP focusing on Skylo and Astellatech, while Macquarie concentrated on Applied Digital's data center infrastructure.

Nokia Corporation allocated $1.2 million across strategic investments in Astellatech and iCana, leveraging its position as a major 5G equipment vendor. Qualcomm Ventures has deployed over $170 million across the ecosystem, including investments in Celona's private networks, Cellwize's AI optimization, and Azion's edge computing platform.

Cassa Depositi e Prestiti contributed $1.3 million to Telecom Italia's 5G infrastructure initiatives, while venture arms from major telecoms like T-Mobile's Spark Capital and Verizon Ventures are increasingly active in early-stage rounds.

If you want fresh and clear data on this market, you can download our latest market pitch deck here

Which companies secured the largest individual funding rounds during this period?

Obvios' $22 million Series A represents the largest disclosed startup round, with Bain Capital Ventures and Khosla Ventures leading the investment in the French company's private 5G core platform.

What specific 5G technologies and innovations are attracting the most investment capital?

Private 5G core networks dominate investment flows, with companies like Obvios developing cloud-native platforms that enable enterprises to deploy dedicated networks without traditional telecom infrastructure.

Industrial 5G solutions for manufacturing represent the second-largest category, exemplified by Firecell's virtualized core designed specifically for factory environments. These solutions address latency-critical applications like robotics control and real-time quality monitoring. RF front-end components continue attracting hardware investors, as demonstrated by iCana's acquisition for its Sub-6 GHz power amplifier technology.

5G security and testing tools emerge as a growing niche, with Montsecure's SEAL platform addressing vulnerability assessment for network slicing and edge computing deployments. SIM-free connectivity platforms like Infinite Wireless's technology enable devices to automatically connect to optimal networks without carrier-specific provisioning. Edge computing integration with 5G represents a convergence trend, with companies developing processors that handle both baseband functions and AI inference at cell sites.

Need a clear, elegant overview of a market? Browse our structured slide decks for a quick, visual deep dive.

Which geographic regions are capturing the majority of 5G investment activity?

North America commands approximately 40% of global 5G funding activity, driven primarily by enterprise private network deployments and edge computing applications in the United States and Canada.

Europe accounts for roughly 35% of investment volume, with France leading through companies like Obvios and Firecell, followed by Germany's security-focused startups like Montsecure, and the UK's infrastructure players. The European Investment Bank's massive $3.8 billion commitment significantly boosts the region's funding totals.

Asia-Pacific represents about 25% of funding activity, with Taiwan's semiconductor expertise evident in iCana's acquisition, China's state-backed 5G infrastructure investments, and India's growing enterprise 5G market. Singapore and South Korea also contribute through strategic government funding programs and corporate venture arms.

Regional specialization patterns emerge clearly: North America focuses on software-defined networks and enterprise applications, Europe emphasizes industrial use cases and security solutions, while Asia-Pacific concentrates on hardware components and manufacturing applications.

Are major telecoms and tech giants directly investing in 5G startups through their venture arms?

Qualcomm Ventures leads strategic corporate investment with over $170 million deployed across Celona, Cellwize, Azion, and Pensando, though specific 2024-2025 round details remain undisclosed.

Ericsson operates its Startup 5G program partnering with companies like eyecandylab to develop consumer applications, focusing on ecosystem development rather than direct equity investments. Intel Capital co-invested with Qualcomm in several deals including Cellwize's AI optimization platform.

Amazon's $1.8 billion commitment across three companies represents the largest tech giant investment, targeting companies that complement its AWS edge computing strategy. Nokia Corporation's $1.2 million across Astellatech and iCana reflects selective strategic investments in technologies that enhance its equipment portfolio.

Telecom venture arms are increasingly active: T-Mobile's Spark Capital, Verizon Ventures, and Bouygues Telecom's participation in Firecell's round demonstrate carriers' interest in technologies that reduce operational costs or enable new revenue streams. These investments typically focus on network automation, private network solutions, and edge computing platforms.

If you want to build or invest on this market, you can download our latest market pitch deck here

What funding stages characterize the current 5G startup landscape?

Early-stage rounds (Seed to Series A) typically range from €5-25 million, exemplified by Firecell's €6.6 million seed and Obvios' $22 million Series A, targeting companies with proven technology but requiring market validation.

• Seed Stage (€2-8M): Companies like Firecell developing industrial 5G cores for specific verticals, typically 12-18 months from commercial deployment
• Series A ($15-25M): Startups like Obvios with commercial traction, established customer pilots, and clear path to revenue scale
• Growth Stage ($50-150M): Companies transitioning from regional to global deployments, often requiring Series B/C funding for international expansion
• Late-Stage (Acquisitions or >$100M): Strategic acquisitions like iCana by Hon Hai, where acquirers gain critical IP or manufacturing capabilities

Most funded companies remain in early growth phases, with 60% completing Series A or earlier rounds. This reflects the 5G market's relative immaturity compared to 4G LTE, where infrastructure deployment is still expanding globally.

What valuations and deal terms characterize the most notable 5G investments?

Obvios' $22 million Series A valued the company at an estimated $100-150 million post-money, reflecting premium valuations for private 5G core technology with demonstrated enterprise adoption.

iCana's acquisition by Hon Hai for NTD 405.5 million suggests the RF semiconductor company achieved a post-money valuation equivalent to approximately $12.5 million, which appears modest given the strategic value of its 5G front-end technology. This likely reflects the company's early commercial stage and need for manufacturing scale.

Valuation multiples in the 5G space typically range from 8-15x annual recurring revenue for software companies like Obvios, while hardware companies like iCana trade at 2-4x revenue multiples due to manufacturing capital requirements. Security-focused companies like Montsecure command premium valuations of 12-20x revenue given the critical nature of network security.

Deal terms increasingly include strategic partnerships alongside financial investment, with corporate investors often providing market access, technical validation, or manufacturing capabilities. Liquidation preferences typically remain standard 1x non-participating preferred, though competitive rounds may include 2x preferences or participating structures.

What specific products and solutions are these funded 5G startups actually building?

Obvios develops the Dome platform, a cloud-native private 5G core that integrates AI-powered traffic safety applications, enabling enterprises to deploy dedicated networks without traditional telecom infrastructure dependencies.

Firecell creates virtualized industrial 5G cores specifically designed for factory environments, with capabilities including ultra-low latency machine control, real-time quality inspection, and predictive maintenance applications. Their solution addresses the sub-1 millisecond latency requirements critical for robotic manufacturing processes.

iCana manufactured high-efficiency power amplifiers and integrated RF modules for 5G O-RAN base stations, focusing on Sub-6 GHz frequency bands with 40% power efficiency improvements over traditional designs. Montsecure offers the SEAL platform for automated 5G vulnerability testing, specifically targeting network slicing security and edge computing attack vectors.

Infinite Wireless builds eSIM-based connectivity platforms that automatically select optimal network providers based on location, application requirements, and cost optimization. EdgeQ develops baseband processors that combine 5G radio functions with AI inference capabilities, enabling edge computing directly at cell sites.

Wondering who's shaping this fast-moving industry? Our slides map out the top players and challengers in seconds.

If you need to-the-point data on this market, you can download our latest market pitch deck here

Which investors and funds consistently appear across multiple 5G deals?

The European Investment Bank and Amazon emerge as the most consistent multi-deal investors, with the EIB participating in six companies and Amazon backing three strategic investments totaling $1.8 billion.

Qualcomm Ventures appears in numerous deals through its 5G ecosystem fund, including investments in Celona, Cellwize, Azion, and Pensando, though specific round amounts for 2024-2025 remain undisclosed. Intel Capital frequently co-invests with Qualcomm, particularly in infrastructure and chipset companies.

Venture funds showing consistent 5G activity include Threshold Ventures (EdgeQ's Series B lead), GV (Google Ventures in EdgeQ), and Khosla Ventures (Obvios co-lead). European funds like Ventech and Matterwave Ventures focus on industrial applications, while US funds typically target enterprise software and edge computing solutions.

Corporate venture arms from Nokia, Ericsson, and major telecom operators increasingly coordinate investments, often syndicate deals to share due diligence costs and market insights. This trend reflects the capital-intensive nature of 5G infrastructure and the need for multiple strategic validations before commercial deployment.

How much total capital flowed into the global 5G startup ecosystem during this timeframe?

The global 5G startup ecosystem raised a total of $14.48 billion across 5,603 funding rounds during 2024 and the first half of 2025, according to StartUs Insights data.

This represents funding for over 1,486 5G-focused companies, indicating an average of approximately $9.7 million per funded company. However, this average masks significant variation, with major infrastructure investments skewing toward larger rounds while component and software companies typically secure smaller amounts.

The $14.48 billion total includes both venture capital rounds and strategic acquisitions, with approximately 70% representing pure venture funding and 30% comprising corporate acquisitions or strategic investments. Private 5G infrastructure companies captured roughly 40% of total funding, while RF hardware and semiconductor companies received about 25%.

Compared to 2023's estimated $11.2 billion in 5G startup funding, the 2024-H1 2025 period represents 29% growth, suggesting continued investor confidence despite broader venture market contractions. The increase primarily reflects larger average round sizes rather than more deals, indicating market maturation.

What funding trends and developments should investors expect in 5G for 2026?

Average round sizes are projected to exceed $80 million in 2026, driven by companies transitioning from pilot deployments to commercial scale and requiring significant working capital for manufacturing and global expansion.

Emerging investment themes include satellite-to-5G bridging technologies like Skylo's platform, AI-driven network management startups automating carrier operations, and metamaterials integration for beamforming improvements. Edge computing convergence with 5G represents the fastest-growing segment, with processors combining baseband and inference capabilities.

New investor categories will include sovereign wealth funds and infrastructure funds recognizing 5G as critical national infrastructure, while strategic telecom venture arms from T-Mobile, Verizon, and international carriers increase activity. Private equity firms may enter through growth-stage investments in companies with proven revenue streams.

Geographic expansion will shift toward emerging markets, with increased funding for companies developing cost-optimized 5G solutions for Africa, Latin America, and Southeast Asia. Network slicing platforms and cross-domain connectivity innovations will attract significant capital as enterprises demand customized network services.

Looking for the latest market trends? We break them down in sharp, digestible presentations you can skim or share.

Conclusion

Sources

1. BusinessWire - Obvio Raises $22 Million
2. FinSMEs - Obvio Series A Funding
3. Investing.com - Hon Hai Acquires iCana
4. Tech.eu - Firecell Seed Funding
5. LinkedIn - EdgeQ Series B
6. TechCrunch - Qualcomm Ventures 5G Investments
7. Fierce Network - Qualcomm 5G Ecosystem
8. Qualcomm Ventures - 5G Focus
9. EyeCandyLab - Ericsson 5G Startup Program
10. Ericsson - Startup 5G Program
11. Fundz.net - Obvio Funding Details
12. StartUs Insights - 5G Market Report
13. StartUs Insights - 5G Industry Report 2024
14. Light Reading - Eridan Funding
15. Semiconductor Engineering - Q1 2025 Startup Funding