Cleveland’s Eagle Wireless raises $30 million Series B

Eagle Wireless, a manufacturer of cellular modules based in Cleveland, Ohio, last week announced it had raised a $30 million Series B round, saying the money will help speed its shift from selling cellular modules to producing finished devices. The round was led by Asymmetric Capital Partners and The O.H.I.O. Fund, and brings Eagle Wireless’s total disclosed capital raised to $44 million.

Eagle Wireless was formed when Eagle Electronics purchased Wirelsss Mobility at the end of last year, positioning itself as a western alternative in a market long dominated by Asian suppliers. The company describes its customers as spanning industrial Internet of Things (IoT), commercial, and automotive applications, and says its module business provides a base of “durable customer relationships” the firm will leverage to offer full-device design and production services.

The timing aligns with what Eagle frames as an industry pivot from 4G to 5G. The company says it began production in Ohio in July 2025 and expects “to turn on over $100mm of committed run-rate revenue over the next 12 months in the module market alone” as production ramps.

Investors signaled confidence in Eagle’s strategy by joining an existing cap table. Asymmetric Capital Partners, an early-stage investor founded in 2021, and The O.H.I.O. Fund, a state-focused private fund manager, co-led the Series B. The Founder and CEO of The O.H.I.O. Fund, Mark Kvamme, is also co-founder and Chairman of Eagle Wireless. "Eagle Wireless is uniquely positioned to strengthen domestic technology and manufacturing capabilities," He said in Eagle Wireless’ funding announcement, adding that "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."

Eagle’s chronology is rapid by conventional standards, raising a Series B less than two years into its existence. Those involved framed the funding round as both an endorsement of execution to date and a vehicle to pursue a broader product scope: modules plus complete field-ready devices for customers who want assembled, tested units rather than component-level supply. The company’s “ability to evolve from a leading module supplier into a full-device partner creates a compelling growth opportunity,” said Sam Clayman, Partner at Asymmetric Capital Partners.