Nearby Computing Prepares for Market Expansion, Fuelled by Investments from Walter Ventures, JME Ventures, Telefónica, and Akamai Technologies

Barcelona, Spain, July 2024: Nearby Computing, the leading platform for Edge Computing Orchestration and Automation, has closed a €6.5 million Series A funding round to drive its expansion plans.

Founded in 2018, the company empowers Telcos and Enterprises to maximise the benefits of Edge Computing through advanced orchestration and automation of distributed compute workloads, including MEC and Private 5G environments. The platform NearbyOne sets new industry benchmarks by seamlessly managing all network tiers through a unified interface.

The €6.5 million investment has been spearheaded by pan-European VC Walter Ventures and South-Europe based VC JME Ventures. Recognised market leaders such as Telefónica, one of the key global players in the telecom space, and Akamai, the world’s most distributed platform for cloud computing, security and content delivery, have also entered the company at this stage, empowering Nearby Computing to market its technology globally. Existing investors Cellnex Telecom, Lenovo and Spain’s Redeia Group have executed follow-on investments, contributing to a successful oversubscribed closing of the round.

This influx of new investors underscores Nearby Computing’s technology as a market leader. The funding will enable rapid and efficient expansion into key markets, enhancing the company’s capabilities to boost its sales force and solidify its leadership in strategic regions including North America, Asia-Pacific and Europe.

“As we grow our presence in the market, our main objective is to enable more enterprises and service providers with advanced edge computing and software automation solutions. We are seeing fast-growing traction in the market, and we are looking forward to showing how NearbyOne gives enterprises access to a complete solution for their entire network ecosystem, as sophisticated as they might be. This is the perfect moment for us to reinforce our commitment to the innovations that are proving successful.”

Josep Martí, CEO of Nearby Computing

“We have strong conviction that Nearby Computing is poised to set the new standards in Enterprise and Telco networking, emerging as a category leader with its innovative edge orchestration platform. With a talented team, renowned strategic partners and a cutting-edge product, Nearby Computing is well-equipped to help clients meet the growing demands of computing and communication. We are thrilled to support the company in achieving this ambitious mission.”

Albert Font, Walter Ventures

“We are impressed by the quality of the technology and the commercial traction the company has achieved at this stage.”

José Maria Hernanz, Partner, JME Ventures

“This strategic investment by Wayra enables Telefónica to leverage its capabilities in Edge Computing to drive growth and address the challenges of a rapidly evolving market. The investment in Nearby Computing reflects Telefónica’s vision to lead the digital transformation in the telecommunications industry through the adoption of innovative and disruptive technologies that impact society.”

Pablo Moro, Managing Director of Wayra Ventures at Telefónica

“With cloud computing increasingly becoming a ubiquitous layer on the Internet, integrating and managing applications and data across myriads of hybrid hosts ranging from traditional servers to edge devices is a challenge. Nearby Computing’s innovative approach and solution not only make such management seamless, but allow for a flexible framework to build upon and innovate further.”

Ramanath Iyer, Chief Strategist, Akamai Technologies

According to Gartner’s 2023 report, “By 2027, 20% of large enterprises will have deployed an edge management and orchestration (EMO) solution, a significant increase from the less than 1% adoption rate in 2023”. In line with these findings, Nearby Computing expects to expand its market coverage significantly, helping enterprises integrate cutting-edge automation solutions. This aligns with the company’s strategic focus on empowering businesses with the tools necessary for digital transformation and operational efficiency.

Fundraising advisory to Nearby Computing has been provided by White Peak Partners, while legal support has been provided by Fils Legal and Bird&Bird.