Veea Surges After Revealing Crowdkeep Partnership

Dow Jones09-19 03:13

By Connor Hart

Shares of Veea more than tripled after the company disclosed a partnership with Crowdkeep to create a singular, tailored solution that can track assets, people and conditions across a variety of use cases.

The stock surged 226% to $16.84 in afternoon trading Wednesday. Shares began trading on the Nasdaq Capital Market Tuesday following the closure of the company's business combination with Plum Acquisition Corp. I.

The New York company, which offers turnkey full-stack hybrid edge-cloud computing, said its partnership with Crowdkeep will integrate the company's technologies with Crowdkeep's Internet of Things platform specializing in asset, people and condition tracking.

The resulting platform will enable organizations to perform tasks such as automating attendance tracking, allowing administrators to track employee/student attendance and streamlining staff timesheet completion.

The platform also allows for smart asset management -- providing the ability to track the location of valuable assets such as laptops, valuable tools or machinery with AI-powered usage analytics -- as well as environmental monitoring -- allowing administrators to monitor, detect, control and/or automate conditions including temperature, air and water quality.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

September 18, 2024 15:13 ET (19:13 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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