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Aerwave raises $20M in a Series A
Aerwave, the next-generation connectivity platform leading the Digital Foundation™ transformation in multifamily residential, has secured $20 million in Series A funding, led by Moderne Ventures with participation by World Cinema, Inc. (WCI), Equity Residential, Inc. (EQR), RWT Horizons and Westover Companies. The investment will allow Aerwave to substantially scale its operating platform to deliver the ultimate connected experience to more rental communities nationwide.
"We saw a need in the market for a holistic approach to connectivity that was not being met by existing telecommunications providers in the multifamily space. Today's multifamily communities are hosting more technology than ever intended to enhance the resident experience, and yet, without a solid connectivity platform to support those technologies – what we call the Digital Foundation – they become unreliable and, in fact, detract from the resident experience," said Alex Wey, Aerwave Founder and Chief Executive Officer. "By working with building owners to understand their technology objectives, we can help design and deliver a more reliable, higher quality network while ultimately creating a better overall technology experience for owners and offering residents instantly available home Wi-Fi throughout their entire communities using our patented adaptive networking software.
"Our belief is that every property, of every class and vertical, will need a 'digital infrastructure' strategy which few have today. This strategy will impact their property value, how a property is financed/bought/sold, the experience provided to their residents, and items that will become a big deal in the future like climate tech, energy management, water management and business intelligence systems," stated Robert Grosz, President at World Cinema, Inc. and current member of Aerwave's Board of Directors. "World Cinema's experience in providing high-capacity and adaptive network backhaul, and our ability to deploy and project management in-building networks at scale will be useful in the success of both Aerwave and World Cinema."