US-based decentralised wireless communications technology provider Helium rebranded to Nova Labs on Wednesday having secured $200m in series D funding from investors including corporates Alphabet, Goodyear, Liberty Global and Deutsche Telekom.
Tiger Global Management and Andreessen Horowitz co-led the round, which included NGP Capital, the venture capital firm funded by communications equipment maker Nokia, as well as Pantera Capital, Ribbit Capital, Seven Seven Six and Kingsway Capital.
Internet and technology group Alphabet, tyre producer Goodyear and telecommunications firm Deutsche Telekom participated in the round through GV, Goodyear Ventures and Telekom Innovation Protocol respectively. It valued the company at $1.2bn post-money, according to Decrypt.
Nova Labs has developed a blockchain-backed decentralised peer-to-peer wireless internet-of-things network monetised through cryptocurrency, letting users set up network devices to expand coverage while mining crypto.
Quantitative trading firm Alameda Research took part in a $111m funding round for the company in August 2021 that was also led by Andreessen Horowitz and which included Ribbit Capital, 10T Holdings and Multicoin Capital.
Union Square Ventures and Multicoin Capital had co-led Nova’s $15m series C round two years earlier, investing with reinsurance firm Munich Re’s corporate venturing unit, Munich Re/HSB Ventures, as well as GV, Khosla Ventures and FirstMark Capital.
GV had previously led a $20m series B round for Nova in 2016 that included Munich Re affiliate Hartford Steam Boiler, Khosla Ventures and FirstMark, while internet company Digital Garage backed its $16m series A in 2014 alongside Khosla Ventures, FirstMark, SV Angel, Slow Ventures and Marc Benioff.
Amir Haleem, founder and chief executive of Nova Labs, said in a blog post: “The Helium Network represents an innovative model for how the world will connect, and we believe it will transform the wireless industry and for decades to come.
“We are inspired by everyone who has joined the movement globally, showing the true power of what can be achieved with a network owned and operated by the people. Over the coming weeks and months, we will share updates on what Nova Labs has in the pipeline.”
