Today, we announced $35 million in our latest round of funding, led by Sam Altman and Lachy Groom, with participation from existing investors. This new round will help us grow, along with our customers. We plan on investing in our products, supply chain, and growing our team.
Since our last funding round, we’ve made significant progress towards evolving internet infrastructure into a modern utility. Customers are moving into other customers' spaces, and the internet, networking, and Wi-Fi just work. And as networks today are more demanding than ever, with more devices and more complex capacity asks made by those devices and their users, it’s become even more apparent how much our full-stack, integrated approach improves IT teams’ experience with better internet infrastructure.
Meter’s Network as a Service offering has grown to power millions of square feet in over 125 cities across 31 states and provinces in the US and Canada. We span across almost every industry (education, logistics, life sciences, manufacturing, retail, technology) and every type of commercial space (labs, offices, schools, retail stores, warehouses). We've partnered with Higher Ground Education, the largest Montessori school network in the U.S., which spans over 165 locations across millions of square feet. Additionally, we’ve enabled logistics company GoBolt to achieve more than 25% reduction in total cost of ownership over three years across their fleet of 14 fulfillment centers.
At Meter, we ultimately aim to be IT and infrastructure teams' trusted partners and give them the ability to shift their focus from routine network infrastructure tasks to high-leverage strategic initiatives, similar to how teams post-AWS or GCP no longer need to manage their own data centers. We’ve heard from IT teams that since moving to Meter, overall support tickets are down more than 80%, and if it were not for Meter, they would be three to five years behind on updating and automating other systems in their IT stack.
Meter continues to grow at a rapid pace, both in our product development and as a business. We've prioritized enhancing visibility, observability, security, and reliability for our customers through features like an all-new Dashboard, Wi-Fi 6 upgrades, DNS Security, 802.1X, VPNs, and SOC 2 Type II compliance. From a business standpoint, since our last fundraise, we’ve tripled our Annual Recurring Revenue (ARR), total square footage deployed, and networks deployed.
Networking and Infrastructure are one of the largest markets in all of technology – just Wi-Fi, not including routing or switching, valued at over $3B last year. We believe IT teams deserve better outcomes and we refuse to compromise on product or service quality. Excellence should be in both product and service. We believe the people who build hardware and software should be the ones responsible for it. We believe that networks should be more like electricity and water: just provide an address and a floor plan.
If you’d like to help us establish better internet infrastructure, we’re looking for kind and ambitious people to join our team.
Meter Raises Latest Funding – Sam Altman and Lachy Groom lead $35M Round
I’m excited to share our latest milestone: Meter has raised an additional round of funding from repeat investors led by Sam Altman and Lachy Groom. We see connectivity as a cornerstone to everything, but today the best benefits of connectivity still remain too inaccessible to modern businesses. Meter is the independent player that lowers this barrier to entry, while also leading innovating across the industry.
That’s why this new investment is important to our forward looking plans and growth. These new funds will allow us to continue to scale our NaaS offerings and further build the current IT tech stack. With this funding, we aim to solidify our position as the leading independent provider of IT infrastructure and NaaS services for enterprises, warehouses, schools, retailers, and organizations of all sizes.
A few weeks ago, I wrote a post for our blog – ‘What is Meter?’, where I talked about themes such as:
- Setting up a network for a business today is like getting electricity 100 years ago
- How the internet infrastructure nightmare becomes an IT team’s problem
- IT people deserve a fundamental change
Meter is not just a Wi-Fi company. We’re reimagining the connectivity stack — building enterprise connectivity that is future ready and able to handle the demand society is putting on it. We work to transform the IT team's roles so they can focus on the high-leverage strategy work — and less on tedious, unpredictable, undeserved infrastructure tasks. IT teams deserve to be freed up to focus on higher-leverage tasks, just like people building things online post-AWS no longer have to build and run their own server rooms.
This is why we do things differently at Meter. Traditionally, IT teams have to quarterback a messy web of multiple vendors, contracts, and predictable pricing — Meter goes step by step to solve for each inefficiency. We build all of our own hardware and software, and we are IT teams’ single point of contact for the entire installation. This is a fundamental change to how things get done otherwise.
And the data shows our approach is working. Meter continues to grow at a rapid pace, both in our scaled offering and as a business. Not only did we make our first acquisition this year, but Meter achieved significant growth milestones which include:
- 3x increase in Annual Recurring Revenue (ARR).
- 3x increase in total square footage deployed, and the number of networks deployed.
- 200% business growth from 2022 to 2023, and on pace to grow even more this year.
- Existing customer relationships have grown substantially, with a 5x increase in business, and 400%+ growth as they expanded deployments into new spaces.
- Operational in over 125 cities, across 31 states and provinces in the US and Canada.