Eagle Wireless has completed a $30 million Series B fundraise that will help fuel R&D and broader efforts to scale and expand device production amid a pivotal time for the young company.
Eagle is a Solon-headquartered maker of cellular modules used in a broad array of technological applications. That company was established in 2024 as Eagle Electronics through a partnership between The O.H.I.O. Fund and Asymmetric Capital Partners of Boston.
The O.H.I.O. Fund, Eagle’s majority shareholder, said it led the Series B round with a $25 million investment.
"Eagle Wireless is uniquely positioned to strengthen domestic technology and manufacturing capabilities," said Mark Kvamme, The O.H.I.O. Fund CEO and chief investment officer, in a statement. "By leveraging the company's proven cellular modules and customer relationships to support full-device production in the United States, Eagle is helping customers reduce supply chain risk while building critical connectivity infrastructure here at home."
This fundraise comes two months after Eagle’s acquisition of Wireless Mobility, a German a provider of Internet of Things (IoT) modules and solutions for automotive and industrial sectors. Wireless was founded in 2022 and is based in Bad Homburg, Hesse, Germany. Eagle became Eagle Wireless following that deal.
Eagles frames itself as the “only Western cellular module manufacturer serving both the IoT and automotive markets, providing customers with scalable, secure, and high-performance connectivity solutions across industrial, commercial, and vehicle platforms.”
Eagle raised $14 million in venture funding in December 2024, with about $11 million put in by The O.H.I.O. Fund. Between that and this Series B round, Eagle’s total funding thus far stands at $44 million.
“Eagle plans to use the Series B financing to expand its research and development, advance the company's 5G roadmap, and support its expansion into full-device production for customers in the United States, leveraging its existing cellular module platforms and long-standing customer relationships,” according to a company announcement.
Eagle officially launched production capabilities in Northeast Ohio in July. As production ramps up, the company says it is projecting “$100 million in anticipated run-rate revenue in the module market alone over the next 12 months. The business then plans to use its relationship with blue-chip customers to offer additional value through device production and design services.”
Eagle stood at roughly 140 employees as of its December acquisition, with about 40 of those in Solon and the rest coming from Wireless Mobility. A company spokesperson said Eagle has already grown since then to around 180 employees today with plans for filling additional roles.
"From day one, we've focused on building durable customer relationships through the cellular module," said TJ Dembinski, Eagle co-founder and president, in a statement. "This raise allows us to extend that value beyond modules and into full-device solutions, helping customers simplify development, accelerate deployment, and meet the growing demands of 5G connectivity."