Andreessen Horowitz leads major blockchain funding round for Helium Inc., the fund will help the latter expand its decentralized 5G network.
Helium Inc., a decentralized wireless infrastructure provider, has completed a $111 million token sale spearheaded by some of the industry’s largest venture capital companies.
Several venture capital firms, including Andreessen Horowitz, bought into the sale, which focused on Helium’s native coin, HNT. According to BNN Bloomberg, Alameda Research, Multicoin Capital, and Ribbit Capital also contributed.
According to Ali Yahya, a general partner at Andreessen Horowitz, emerging cryptocurrency protocols such as Helium will “challenge centralized incumbents” and compete with larger telecommunication service providers.
Yahya said on Twitter on Tuesday that his company will collaborate with Helium to develop a “future grassroots telecom network.”
We’re beyond excited to announce that we’re partnering with @amirhaleem and the @helium team to build a grassroots telecom network.https://t.co/j5KY8BDecN
— Ali Yahya (alive.eth) (@alive_eth) August 10, 2021
Helium is a “tremendous chance to bring 5G to the masses around the world and tremendously increase the quality of their lives,” according to Sam Bankman-Fried, the founder of Alameda Research.
Helium, launched in 2013 by Shawn Fanning, Amir Haleem, and Sean Carey, is building the world’s first peer-to-peer wireless network using blockchain technology.
The objective of the company is to construct wireless infrastructure for the Internet of Things, which is a new paradigm of linked objects. Helium has already moved into Europe since its inception in North America.
The cash will be used to continue creating the company’s decentralized 5G network and to assist mobile network operators as they expand coverage.
Andreessen Horowitz has been involved in some of the most significant crypto fundraising efforts. The VC company unveiled a new innovation fund in June that will invest $2.2 billion in innovative blockchain and crypto projects.
Andreessen’s involvement in crypto companies contributes to the rising narrative surrounding decentralized technologies and their potential to disrupt long-standing businesses.
