Airvine, the first company to develop a multi-Gigabit-speed wireless backhaul system for indoor connectivity, announced the close of its Series A funding round.
Crosslink Capital of Menlo Park, CA led the round, which totaled $6.2M and closed at the end of February. Airvine will use the funding for ongoing product development and to expand the sales team in order to take advantage of increased interest from customers in the company’s target markets.
The WaveTunnel product is a shoebox-sized module that mounts on ceilings or walls to provide high speed connectivity for the ever-expanding menu of enterprise and applications, whether IT (Information Tech) or OT (Operational Tech). WaveTunnel systems, which can be installed in hours, fill the broadband gap that exists within many large interior spaces by extending LAN reach or upgrading the performance of older 1 Gb/s Ethernet CAT 5/6 cables. The WaveTunnel system is generally available and volume shipments began in 4Q 2023.
Michael Stark, Principal of Crosslink Capital
Crosslink Capital sees an excellent investment opportunity in helping the WaveTunnel product reach its full potential with deployments in a variety of exciting new network applications. Airvine has accomplished technical feats in wireless that have never been done before and has developed a truly compelling value proposition for solving the bandwidth expansion and connectivity problem in a number of large interior settings on a very cost-effective basis. This solution can be installed faster and cheaper than laying cable or fiber in today’s commercial environments.
Vivek Ragavan, Airvine CEO
We are gratified by the level of support received in this round, which will help us achieve our sales and market growth objectives in FY24.
