US-based peer-to-peer wireless communications technology provider Helium has closed a $15m series C round backed by subsidiaries of reinsurance firm Munich Re and internet and technology conglomerate Alphabet.
Venture capital firm Union Square Ventures and cryptofund Multicoin Capital co-led the round, which included Khosla Ventures and FirstMark Capital. Alphabet participated through corporate venturing subsidiary GV while Munich Re invested through its Munich Re/HSB Ventures unit.
Founded in 2013, Helium produces compact wireless communication nodes that can be attached to everyday consumer objects to form a peer-to-peer network, with the aim of providing low-cost networking functionality to internet-of-things (IoT) devices.
The company claims its system, branded Helium Hotspots, can convey connectivity over much greater distances than traditional wifi, and it is sold to consumers in exchange for access to a loyalty rewards program.
Helium argues its model will help connect IoT products to the internet, particularly in areas lacking wifi access, without the need to pay for a mobile data allowance.
GV led Helium’s $20m series B round, which closed in 2016 with backing from Hartford Steam Boiler Ventures, the corporate venturing arm of Hartford Steam since absorbed by Munich Re/HSB Ventures, in addition to FirstMark Capital and Khosla Ventures.
Khosla Ventures led Helium’s $16m series A in 2014 with contributions from internet company Digital Garage, FirstMark, Slow Ventures, SV Angel and angel investor Marc Benioff. Helium co-founder Shawn Fanning was also named by the company as an existing investor.