Meter – a company that builds internet infrastructure for businesses – announced $35 million in funding that will be used to propel growth and development across the company. And Sam Altman and Lachy Groom led the new funding round. The existing investors include industry leaders like Sequoia, Meraki co-founders John Bicket and Sanjit Biswas, and VMware founder Diane Greene.
Meter’s Network as a Service (NaaS) solution offers networking teams a seamless, user-friendly experience for network deployment and management. And similar to AWS’s impact on cloud infrastructure, Meter’s simplified automation provides visibility, configurability, and interoperability. Just as AWS handles the underlying infrastructure for developers, Meter takes care of the details in network design, deployment, and management. This enables IT teams to concentrate on refining and innovating network services, accelerating business growth without getting bogged down in operational intricacies.
Through a cloud-managed dashboard – acting as a digital twin for routing, switching, wireless, security, DNS security, VPN, and SD-WAN – customers can effortlessly schedule maintenance, fine-tune configurations, and obtain a holistic view of their network. And Meter’s services enable customers to quickly scale their network operations with reduced overhead costs through Meter’s vertically integrated approach.
Meter builds proprietary hardware, firmware, and software, streamlines end-to-end operations including ISP procurement and management, site surveys, network design, deployment, and hardware upgrades, and providing ongoing management and maintenance.
Since the last funding round was announced, Meter saw significant growth across the board. And customer logos have doubled and Annual Recurring Revenue (ARR), along with total square footage covered, and 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.
KEY QUOTES:
“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.”
- Anil Varanasi, CEO and Co-Founder of Meter
“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.”
- Lachy Groom
