San Francisco, USA-based company building internet infrastructure for businesses, Meter raised USD 35 million in funding. The company announced the investment on February 13, 2024. Sam Altman and Lachy Groom led the financing for the firm. Meanwhile, Existing investors, including industry leaders such as Sequoia, Meraki co-founders John Bicket and Sanjit Biswas, and VMware founder Diane Greene, provided the investment.
Purpose of financing for Meter
With the latest financing, Meter seeks to further propel growth. It also intends to build on the momentum to fuel development across the company.
Since the last funding round was announced, Meter has seen significant growth across the board. Customer logos have doubled, and Annual Recurring Revenue (ARR), along with total square footage covered and the number of deployed networks, has tripled. Meter’s impact extends across nearly every industry, including retail, logistics, manufacturing, education, AI, financial services, healthcare, life sciences, and security. Meter now powers customers in over 125 cities across 31 states and provinces in the US and Canada.
What the company’s official has to add
Anil Varanasi, CEO and Co-Founder of Meter, further added, “Over the past decade, we set out to build a modern utility, and we’ve been making incredible progress towards that in the past year. Businesses are moving into spaces where Meter is already installed–they simply need to turn it on. We’ve also made significant progress in terms of customer growth and product development. Our progress is a result of our dedication to making a better product and experience for our customers.”
What the investors have to comment
Lachy Groom further added, “Every industry relies more and more on internet connectivity. It’s still too costly and too time-consuming for businesses to get secure and reliable internet infrastructure. Meter is solving a painful problem by reimagining the connectivity stack from the ground up. With better infrastructure, every business gets better. From the onset, I’ve been aligned with Meter’s long-term vision and believe that it can be a generational company.”
About the company
Anil Varanasi & Sunil Varanasi launched the company in 2015.Networking teams can enjoy an improved network deployment and administration experience with Meter’s Network as a Service (NaaS) offering. Its streamlined automation solution handles the intricacies of network design, deployment, and management while offering visibility, reconfigurability, and interoperability. Customers can schedule maintenance, fine-tune configurations, and get a comprehensive picture of their network with its cloud-managed dashboard, which serves as a digital twin for routing, switching, wireless, security, DNS security, VPN, and SD-WAN. Through a vertically integrated strategy, Meter’s services enable companies to easily scale their network operations with lower overhead expenses. In addition to developing proprietary hardware, firmware, and software, Metre also provides continuing management and optimisation of end-to-end operations, such as ISP procurement and management, site surveys, network design, deployment, and hardware upgrades.
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