Hexagon Wireless Raises $2 Million To Build Decentralized Wireless Networks
MIAMI, May 19, 2022 (GLOBE NEWSWIRE) -- Hexagon Wireless is thrilled to announce that it has successfully closed a $2 million seed round capital raise, with participation from Hypersphere Ventures, Mechanism Capital, Superfluid Group, Inc., and strategic angel investors including Mahesh Ramakrishnan and Salvador Gala, formerly of Apollo and Ribbit Capital.
Founded by the former President of O’Leary Ventures — Alex Kenjeev — Hexagon Wireless is a company building at the intersection of wireless technology and crypto, in an emerging industry called decentralized wireless (DeWi). DeWi represents a revolutionary new model for building and maintaining wireless networks. By allowing anyone to purchase and deploy hardware that creates wireless coverage, DeWi democratizes ownership of and access to spectrum and internet connectivity. DeWi networks also offer data transfer and connectivity at much cheaper rates than current, centralized networks. This is because the massive costs of labor, rent, and spectrum purchases are distributed to each deployer of a DeWi network rather than one wireless carrier. Individuals and companies are incentivized to buy and deploy DeWi hardware as they are compensated with token from various protocols based on the quality of the coverage they provide and the amount of data transferred.
This seed round will help Hexagon purchase and deploy DeWi hardware and maintain and expand its team. Hexagon Wireless is working with enterprise partners, including real estate owners and infrastructure companies, to deploy DeWi mining hardware at scale.
"Scaling physical infrastructure for any blockchain (starting with bitcoin) has consistently been a valuable business,” said Brian Fakhoury, Partner, Mechanism Capital. “With decentralized wireless networks, the value is twofold — deployment at scale and professional operation reduces the need to sell rewards and instead allows for participation in the growth of these networks. Hexagon is in a position to capitalize on the expansion of this market perfectly.”
"The future of wireless is decentralized,” said Alex Kenjeev, CEO, Hexagon Wireless. “Hexagon has assembled one of the strongest teams in DeWi, and we are delighted to bring aboard an exceptional group of investors who believe in our ability to unlock the promise of this nascent space.” Led by CEO, Alex Kenjeev, former President of O'Leary Ventures, SVP of Technology, Steve Sellers, formerly of Google and founder of DeWiGo, and other notable members of the DeWi community, Hexagon Wireless is poised to accelerate the DeWi movement.
About Hexagon Wireless
Hexagon Wireless Inc. is a fast-growing company seeking to bring decentralized wireless technology — called “DeWi” for short — to millions more people. Led by CEO, Alex Kenjeev, former President of O'Leary Ventures, SVP of Technology, Steve Sellers, formerly of Google and founder of DeWiGo, and other notable members of the DeWi community, Hexagon Wireless is poised to accelerate the DeWi movement. Additional information about Hexagon Wireless can be found at www.hexagonwireless.com.