Nova Labs, a fast-growing wireless network formerly known as Helium Inc. has confirmed the claims of $200 million in Serie D fundraising.
Nova Labs (previously Helium Inc) raised $200 million in Series D funding today, valued at $1.2 billion, with participation from Tiger Global, a16z, Nokia, and Alexis Ohanian. Volvo, Cisco, and Accenture are among the companies that have begun to use the Helium Network, resulting in a breakthrough year in which the company became the fastest wireless network deployment in history. Founder of Seven Seven Six, Alexis Ohanian:
“In two years since its launch, the Helium Network has completely upended the wireless industry by putting the power of connectivity in the hands of the people. Nova Labs is a prime example of how new incentive models can drive real change, and we’re excited to see what they introduce next.”
The “People’s Network,” a decentralized telecommunications network fuelled by cryptocurrency incentives, is rapidly expanding. According to Nova Labs COO Frank Mong, there are around 680,000 mining “hotspots” online, with over 75,000 new hotspots added monthly. Hotspot owners sell HNT tokens for spare bandwidth, which are presently trading at $24.68 each.
According to Mong, there are hotspots in over 50,000 locations throughout the world, with 5,000 new cities added each month.
“The flywheel has really taken off,” Mong said.
However, the network’s quick expansion hasn’t always been easy. Supply chain concerns and lengthy shipment delays have slowed the project’s progress and enraged would-be miners who have been waiting for their equipment for up to a year.
Mong refuted that the rebranding as Nova Labs was prompted by negative coverage.
Instead, he claims the name change is intended to create a clearer distinction between the parent firm (which started as a non-crypto tech startup in 2013 and only switched to a crypto-powered network in 2019) and the network, which Mong claims is owned by the Helium community.
“It will be community-run, community-driven, community-owned and -governed,” Mong said. “And Nova Labs, the original creators, not only are we still participants but we’re still investing in driving growth and innovation.”
