Tracesafe Inc (CSE:TSF) (OTCMKTS:UTOLF) announced Friday that its investee company, Airbeam Wireless Technologies is launching a C$25 million raise and plans to go public.
Airbeam is a leading developer of solutions for 5G edge compute and wireless technologies for smart cities and roads.
Vancouver-based Tracesafe owns 9.8 million Airbeam shares or about 14.3% of outstanding shares.
READ: TraceSafe says its platform has reached a milestone of 15 million daily contacts
In a statement Friday, TraceSafe said it was an early supporter of Airbeam's mission and one of the firm's largest shareholders.
"The success of technology leaders like Airbeam supports TraceSafe's mission to improve how people live, work, and engage in their communities," Tracesafe CEO Wayne Lloyd told investors.
"In combination with our newest partnerships and next generation of intelligent wearables, TraceSafe is building technologies that enhance a connected workplace ecosystem to ensure safety, increase productivity, optimize logistics, and even heighten the consumer experience."
Lloyd is expected to join Airbeam’s board of directors.
The 5G technology market is expected to surpass US$700 billion by 2025, according to a 2019 report by Market Research Future, with a 70.83% Compound Annual Growth Rate. North America is poised to dominate the global 5G market with a CAGR of 71%.
Tracesafe noted that with the absence of Huawei from the US market, start-ups like Airbeam stand to benefit significantly from future growth and power the future of 5G.
Contact Angela at angela@proactiveinvestors.com
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