Meter Secures $38M Series B led by Sequoia and Lachy Groom to turn Internet Infrastructure into a Utility
Today, Meter, Inc., a company that provides internet infrastructure for businesses, announced it has secured $38 million in Series B funding in a round led by Sequoia Capital and Lachy Groom, with participation from industry leaders such as Meraki co-founders John Bicket and Sanjit Biswas, Diane Greene, Tobi Lütke, and WndrCo, who join existing investors Sam Altman, Scott Belsky, Patrick & John Collison, Sam Hinkie, Reid Hoffman, Claire Thielke, Allen & Company, and Tishman Speyer.
Founded in 2015, Meter's co-founders and brothers Anil and Sunil Varanasi, together with their team, spent the last seven years building a full-stack approach to internet connectivity in commercial spaces, which combines hardware, software, and operations so that any company can easily set up and run a modern network. Meter will leverage this latest capital raise to scale the company to meet growing demand, and continue to build hardware and software solutions that make internet and WiFi faster, secure, and more reliable.
"Whether it's in commercial office buildings, warehouses buzzing with robots, retail environments, hospitals or healthcare centers, our dependency on the internet is only growing, and Meter empowers any company to spin up a network as easily and seamlessly as it would a new EC2 server. After set-up, automatic maintenance ensures that the network then fades into the background instead of expending valuable engineering resources," said Anil Varanasi, CEO and co-founder of Meter. "Long term, Meter's mission is to provide network infrastructure for any space as a turnkey utility - so when a company moves in, WiFi is up and running in a few clicks, instead of taking weeks of back and forth with many external vendors."p> Meter is also announcing that Ravi Gupta of Sequoia Capital is joining its Board of Directors. "Similar to how Amazon Web Services changed the way companies think about owning their own data centers, Meter's unique business model - and its proprietary hardware and software - allows businesses to gain control of their networks," said Gupta. "We're excited about Meter's ambition to transform a long-stagnant area of technology through its full-stack approach to networking."
Companies like Brex, Italic, Loom, Lightstep, and Stord already trust Meter's vertically integrated solution to run their networks; Tishman Speyer, which has participated in both the Series A and B rounds, is in the process of installing Meter's internet infrastructure in their buildings throughout the US and is introducing Meter to its corporate customers as they sign new leases.
"At Tishman Speyer, we are dedicated to the highest standards for innovation and customer service. We were drawn to Meter for their ability to help make our customers' daily lives more seamless, productive and enjoyable," said Tishman Speyer President and CEO Rob Speyer. "In addition to being an early adopter and investor, we will continue to serve as a thought partner and incubator to the Meter team as they pilot new products and services and expand to new markets."
For more information about Meter, visit www.meter.com.
About Meter, Inc.
Meter provides internet infrastructure for businesses. Meter was founded in 2015 to build enterprise-grade networks that are faster, more accessible, and more secure. Customers like Brex, Evernote, Italic, Stord, and Tishman Speyer trust Meter to run their networks. The company has raised $50M to-date from investors including Sam Altman, Jack Altman, Scott Belsky, John Bicket and Sanjit Biswas, Amy Brooks, Josh Buckley, Mathilde Collin, John and Patrick Collison, Cristina Cordova, Julia DeWahl and Dan Romero, Jared Erondu, Egon Durban, Diane Greene, Lachy Groom, Daniel Gross, Reid Hoffman, Sam Hinkie, Sanjay Jha, Claire Hughes Johnson, Akshay Kothari, Kevin Kwok, Deep Nishar, Tobi Lütke, Jay Parikh, Vivek Patel, Geoff Ralston, Dan Schulman, Zach Perret, David Solomon, Laks Srini, Claire Thielke, Andrew Wilson, Seth Winterroth, Jon Zieger, Julie Zhuo, Allen & Company, Sequoia Capital, Tishman Speyer, and WndrCo. Our long-term ambition is to evolve Meter's infrastructure into a turnkey utility. For more information, visit www.meter.com.