The O.H.I.O. Fund, a private fund investment adviser focused on generating strong returns for its investors while increasing Ohio’s economic growth and momentum, announced that private investment funds it advises have completed their second investment in Eagle Wireless (Eagle), a leading U.S.-based cellular module manufacturer, based in Solon, Ohio.
The $25 million investment, made through private funds advised by The O.H.I.O. Fund, was part of Eagle’s $30 million Series B financing and represented one of the largest single investments to date from The O.H.I.O. Fund. This investment follows Eagle’s December 2025 acquisition of Wireless Mobility, a German company.
“Eagle Wireless is uniquely positioned to strengthen domestic technology and
manufacturing capabilities,” said Mark Kvamme, The O.H.I.O. Fund CEO & Chief Investment Officer. “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.”
The new investment, along with an investment from Asymmetric Capital Partners, brings Eagle’s total capital raised to $44 million. Eagle is 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 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.
“From day one, we’ve focused on building durable customer relationships through the cellular module,” said TJ Dembinski, Co-Founder and President of Eagle Wireless. “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.”
Eagle was founded in 2024, and this financing round will support major growth in the coming year for the business, following the start of production in Ohio in July of 2025. As production ramps, Eagle expects to turn on over $100mm 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.
The O.H.I.O. Fund’s ongoing investment in Eagle Wireless strengthens the company as a leading Western module vendor while reinforcing Ohio’s leadership in industrial and electronic manufacturing.
About The O.H.I.O. Fund
TOF Manager, LLC dba The O.H.I.O. Fund is a private investment firm committed to investing in and partnering with innovative entrepreneurs, business leaders, and co-investors who, like them, call Ohio home. With a unique investment thesis focused on leveraging Ohio’s momentum, The O.H.I.O. Fund supports growth in advanced manufacturing, biotech, real estate, infrastructure, and other sectors where Ohio leads. The team brings deep experience and a robust statewide network to connect leaders and unlock the state’s most promising opportunities.
About Eagle Wireless
Eagle Wireless is a provider of global IoT products and manufacturing services. With offices in North America, Europe, and APAC, Eagle works with customers worldwide, providing trusted wireless and manufacturing solutions for secure supply chains across the IoT and automotive industries. For more information, visit eaglewireless.com.
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This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase any securities in any private investment fund (the “Fund”) managed by TOF Manager, LLC (“The O.H.I.O. Fund” or the “Adviser”). Any such offering will be made solely to qualified investors through a confidential private placement memorandum and other offering documents, which should be reviewed carefully before any investment decision.
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