Nova Labs (aka Helium Incorporated), a San Francisco-based company that specialized in decentralized wireless communications and raised $200M in Series E equity funding.
Nova Labs raises $200M Series D funding
Andreessen Horowitz and Tiger Global led the round. Seven Seven Six, Goodyear Ventures, and GV were also involved.
The company plans to use the funds for investment in its ecosystem, including hiring and additional development, to improve the Network, drive wireless protocol support, build new apps on top of Helium Network powered with cryptocurrency, and grow the team.
Nova Labs was founded by Shawn Fanning in 2013 and Amir Haleem. It is a pioneer in decentralized wireless communications. This has allowed global IoT networks and 5G networks to be created.
This company’s blockchain-based model allows anyone to become a mini cell phone tower. They deploy Hotspots around the globe and reward them with $HNT, the Helium Network native token. Nova Labs originally developed this incentive model that allowed the Helium ecosystem to build wireless infrastructure at a fraction of the cost of large telecommunication companies. In 2019, the Helium Network was launched. It has since expanded to cover over 52,000 cities in 169 countries.
IoT and network industry leaders such as Goodyear, Actility, Senet, Kore, and X-TELIA joined forces with the Network to provide coverage for enterprise customers, including Volvo Group, Careband, Careband, and Victor.
Also Read: Causal Raises $4.2M in Seed Funding
Also Read: Tropic raises $40M Series B funding