Federated Wireless Revenue, Valuation, Funding & Investors
Federated Wireless is valued at $288M as of May 2022, a 6.7x multiple on its last reported $43M revenue.
Last Federated Wireless valuation
$288M
Series D · May 2022
Last Federated Wireless funding round
$14M
Series D · May 2022
Federated Wireless revenue
$43M
Series D · May 2022
Key investors in Federated Wireless
Allied Minds
GIC
American Tower
Pennant Equity Partners
Woodford Investment Management
Cerberus Capital Management
About Federated Wireless
Federated Wireless is a Washington, D.C.-headquartered provider of shared spectrum services through FCC-certified Spectrum Access Systems in the 3.5 GHz CBRS band. Founded in 2012, it powers private LTE and 5G networks for customers in telecommunications, manufacturing, energy, logistics, education, and retail. The company partners with over 50 solution providers for edge computing and supports applications including Industrial IoT, network densification, and mobile offload.
Founded
2012
HQ
Washington, DCWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based
Revenue
$43M (May 2022)
Valuation
$288M (May 2022)
Federated Wireless Valuation
Federated Wireless is currently valued at $288M, based on its Series D in May 2022.
The $14M round included LightShed Ventures, GIC, GiantLeap Capital and Fortress Investment Group.
Federated Wireless' valuation has grown 2.4x from $122M at its Series B in September 2017 to $288M in May 2022, across 3 priced rounds.
Federated Wireless valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2022 | Series D | $288M | 6.7x |
| Sep 2019 | Series C | $150M | - |
| Sep 2017 | Series B | $122M | - |
Federated Wireless Revenue
Federated Wireless' latest recorded revenue is $43M, as of its Series D in May 2022. At a $288M valuation, that implies a 6.7x revenue multiple.
Federated Wireless revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| May 2022 | $43M | $288M | 6.7x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Federated Wireless Funding History
Federated Wireless has raised a total of $206M across 7 funding rounds.
Federated Wireless' first fundraising round was a $5M Series A in June 2014. The most recent completed round was a $14M Series D in May 2022.
Federated Wireless funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2022 | Series D | LightShed Ventures; GIC; GiantLeap Capital; Fortress Investment Group | $14M | $288M | Federated Wireless develops shared spectrum software, including the first Spectrum Access System (SAS) for CBRS band, enabling private LTE/5G networks for enterprises in defense, manufacturing, telecom, and education. The company serves over 350 customers including Comcast, Verizon, and the U.S. Department of Defense, with more than 85,000 connected devices nationwide. In February 2022, Federated Wireless raised $58 million in an initial Series D round led by Cerberus Capital Management, with participation from Allied Minds and GIC, at a post-money valuation of $288 million. Funds supported scaling the platform, expanding partnerships with AWS, Intel, Cisco, and others, and investing in sales, marketing, and private wireless adoption. An additional $14 million Series D - II extension followed in May 2022 from Fortress Investment Group, GIC, GiantLeap Capital, and LightShed Ventures, bringing total Series D to $72 million. The company aimed to automate wireless network deployment, enter 6 GHz spectrum with Automated Frequency Coordination (AFC), and partner with Aruba for Wi-Fi 6E services. By mid-2022, it surpassed 100,000 devices on its SAS and expanded into new commercial markets. |
| Feb 2022 | Series D | Cerberus Capital Management (lead); GIC; Allied Minds | $58M | - | Federated Wireless, based in Arlington, Virginia, is a pioneer in shared spectrum and CBRS technology, providing software for enterprises to deploy secure, ultra-reliable private wireless connectivity using shared spectrum for 5G private networks. The company develops Spectrum Access Systems (SAS) and serves industries including defense, manufacturing, telecommunications, and education, with over 350 customers and more than 85,000 connected devices, featuring clients like Comcast, Verizon, the U.S. Department of Defense, and Carnegie Mellon University. On February 22, 2022, Federated Wireless raised $58 million in a Series D funding round led by an affiliate of Cerberus Capital Management, with participation from existing investors Allied Minds and GIC, Singapore’s sovereign wealth fund. This brought total funding to approximately $191.7 million to $214.2 million across multiple rounds. The proceeds are earmarked for scaling platform capabilities, ramping up sales, marketing, and customer success, expanding partnerships with providers like AWS, Intel, Cisco, HPE-Aruba, and JMA, and developing tools for automation, application analytics, and edge solutions. Investors highlighted Federated Wireless' market leadership, customer implementations, and optimistic near-term revenue prospects amid growing demand for private 5G and shared spectrum. The company appointed Loren Buck as CFO to oversee capital raising, strategic investments, and financial planning. Subsequent rounds included a $14 million Series D-II in May 2022 with investors like Fortress Investment Group and GIC, and a $5 million grant in October 2023; secondary sources mention valuations like $288 million and $366.19 million for later tranches, but none for the February 2022 round. |
| Apr 2020 | Series C | Pennant Equity Partners; Allied Minds | $14M | - | Federated Wireless is an American SaaS company headquartered in Arlington County, Virginia, providing spectrum-sharing technology for 4G and 5G wireless networks. The company commercializes the Citizens Broadband Radio Service (CBRS) as a Spectrum Access System (SAS) provider and holds majority market share in that role. In April 2020, Federated Wireless raised $13.7 million in its Series C round from venture capital firm Allied Minds and Pennant Equity Partners. This extension followed an initial $51 million tranche in September 2019 that included participants GIC, SBA Communications, and American Tower. The company has demonstrated significant market traction, growing its market share from 44% to 58% by May 2025 through partnerships with service providers including NextLink, Rise Broadband, GVEC, and Cox. |
| Sep 2019 | Series C | Allied Minds (lead); SBA Communications; Pennant Equity Partners; GIC; American Tower | $51M | $150M | Federated Wireless, a pioneer in CBRS (Citizens Broadband Radio Service) and shared spectrum solutions for private wireless networks, raised $51 million in its Series C funding round in April 2019. The round was led by Allied Minds with participation from American Tower, SBA Communications, GIC, and Pennant Equity Partners, completing at a pre-money valuation of $150 million, an increase from the prior post-money valuation of $121.5 million as reported by Allied Minds. This funding supported the company's expansion in enterprise shared spectrum access systems (SAS), positioning it as an early leader in commercializing CBRS for 5G private networks. The Series C round built on Federated Wireless's earlier financings, including a late 2017 round, and aligned with growing interest in spectrum sharing technologies amid the rollout of CBRS. Investors like tower companies American Tower and SBA Communications provided strategic validation for Federated's Spectrum Access System, which enables dynamic spectrum allocation for private LTE and 5G networks. Post-2019, Federated continued raising capital, including Series D rounds in 2022 totaling $72 million ($58M + $14M) at a post-money valuation of $302 million, with investors like GIC returning and new ones such as Fortress and Cerberus joining. Allied Minds' stake converted from bridge financing, reaching 23.96% ownership. Cumulative funding reached over $214 million across 10 rounds by 2023, reflecting sustained growth in private 5G and edge networking solutions. |
| Sep 2017 | Series B | American Tower (lead); Charter Communications (lead); GIC; Arris Group | $42M | $122M | Federated Wireless, a spinout from Allied Minds founded in 2012 based on research from Virginia Tech, develops shared spectrum technology for the 3.5 GHz Citizens Broadband Radio Service (CBRS) band. This enables commercial carriers, governments, and new providers to securely share spectrum without quality degradation, augmenting 4G/LTE networks, stabilizing existing services, and reducing costs by eliminating the need to own spectrum outright. The company launched its first Spectrum Controller device in September 2017 for pilot field trials, with full US regulatory approval expected in Q1 2018. On September 14, 2017, Federated Wireless closed a $42 million Series B funding round co-led by American Tower and Charter Communications, with participation from Arris International (ARRIS), GIC (Singapore's sovereign wealth fund), Woodford Investment Management, and Allied Minds. The round valued the company at $79.5 million pre-money and $121.5 million post-money. Funds were allocated primarily to sales, marketing, customer support, and deployment services to accelerate growth ahead of commercial rollout. This brought total capital raised to approximately $75 million, including a $22 million Series A in February 2016 led by Woodford and earlier seed funding from Allied Minds. The strategic backing from wireless industry players underscores interest in CBRS spectrum sharing to address finite spectrum challenges and support new business models. Federated Wireless held conditional FCC certification at the time, positioning it as a leader in dynamic spectrum access. The technology supports three-tier access: incumbents (e.g., naval radar), priority access licenses, and general authorized access, facilitating private networks and broader wireless deployment. |
| Feb 2016 | Series A | Allied Minds (lead); Woodford Investment Management (lead) | $22M | - | Federated Wireless, a US-based developer of shared spectrum management technology based on Virginia Tech research, enables commercial carriers and governments to securely share the 3.5GHz telecom band without service disruption, facilitating new services, market entry without spectrum ownership, and 4G network stability. The company, spun out in 2012 by Allied Minds, raised a $22 million Series A round in February 2016 led by Woodford Investment Management (contributing about $15 million) with participation from Allied Minds; this followed $5 million in earlier Series A capital from Allied Minds in 2014, though inclusion in the 2016 close is unclear. Later, in September 2017, Federated Wireless closed a $42 million Series B round co-led by Charter Communications, American Tower, Arris International, and GIC, with participation from Allied Minds and Woodford, at a $79.5 million pre-money and $121.5 million post-money valuation; proceeds supported sales, marketing, customer support, and deployment ahead of expected 2018 regulatory approval. Allied Minds held a 52% stake post-Series B, positioning Federated for growth in a multi-billion-dollar market, with projections of nearly $100 million revenue by 2022 per Edison Group analysis. |
| Jun 2014 | Series A | Allied Minds (lead) | $5M | - | - |
Who has invested in Federated Wireless?
12 investors have backed Federated Wireless across its funding rounds, including Allied Minds, GIC, American Tower, Pennant Equity Partners, Woodford Investment Management and Cerberus Capital Management.
Lead investors include Cerberus Capital Management, Allied Minds, American Tower, Charter Communications and Woodford Investment Management.
Federated Wireless Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Boston, MA | 5 | Lead | Jun 2014 | |
 Singapore | 4 | Participant | Sep 2017 | |
| Boston, MA | 2 | Participant | Sep 2019 | |
| Boston, MA | 2 | Lead | Sep 2017 | |
| Boca Raton, FL | 1 | Participant | Sep 2019 | |
| New York City, NY | 1 | Participant | May 2022 | |
| Atlanta, GA | 1 | Participant | Sep 2017 | |
| New York City, NY | 1 | Participant | May 2022 | |
| New York City, NY | 1 | Participant | May 2022 | |
| New York City, NY | 1 | Lead | Feb 2022 | |
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Start Free TrialFederated Wireless Competitors
Federated Wireless competitors include listed companies like Immersion and Gefran, and private ones like EasyLinkin, StarTower, RootCloud and Solinftec.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 China | Private | - | - | $120M | - | |
| New York City, NY | Private | - | - | $300M | - | |
| Guangzhou | Private | - | - | $275M | - | |
 Araçatuba | Private | $60M | - | $270M | 4.5x | |
| United States | Publicly listed | $1.7B | $69M | $250M | 0.3x | |
 Italy | Publicly listed | $159M | $25M | $204M | 1.1x |
Federated Wireless Public Comps
Federated Wireless is still privately-owned, but its public comps include Balitower, Soracom, Comba Telecom, Lantronix, Xperi, Intracom Holdings, Creotech Quantum, Ericsson Nikola Tesla, SAIMO and Immersion.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $70M | $45M | 6.7x | - | 10.5x | - | |||
| $80M | $6M | 3.1x | 3.1x | 39.7x | 31.6x | |||
| $582M | $57M | 0.2x | - | 2.3x | - | |||
| $121M | ($872K) | 1.8x | 1.8x | (251.9x) | 31.9x | |||
| $448M | $5M | 0.5x | 0.5x | 54.0x | 3.1x | |||
| $34M | $30M | 7.7x | - | 8.7x | - | |||
| $3M | ($450K) | 100.5x | 57.0x | (582.5x) | (92.5x) | |||
| $275M | $30M | 1.0x | 0.9x | 9.2x | 9.1x | |||
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Common questions about Federated Wireless
| When was Federated Wireless founded? | Federated Wireless was founded in 2012. |
| Where is Federated Wireless headquartered? | Federated Wireless is headquartered in Washington, DC, United States. |
| Is Federated Wireless publicly listed? | No, Federated Wireless is a private, VC-backed company. |
| What is Federated Wireless' valuation? | Federated Wireless was last valued at $288M in its Series D in May 2022. |
| How much funding has Federated Wireless raised? | Federated Wireless has raised $206M across 7 funding rounds. |
| What was Federated Wireless' last funding round? | Federated Wireless' last funding round was a $14M Series D in May 2022. |
| Who are Federated Wireless' investors? | Federated Wireless' investors include Allied Minds, GIC, Pennant Equity Partners, American Tower, SBA Communications, LightShed Ventures, Arris Group, GiantLeap Capital, Fortress Investment Group, Cerberus Capital Management and 2 others. |
| What is Federated Wireless' revenue? | Federated Wireless' latest recorded revenue is $43M (May 2022). |
| What is Federated Wireless' revenue multiple? | Federated Wireless' latest valuation implies a 6.7x revenue multiple ($288M valuation on $43M of revenue). |
| Which companies are comparable to Federated Wireless? | Companies comparable to Federated Wireless include EasyLinkin, StarTower, RootCloud, Solinftec, Immersion and Gefran. |
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