Funding fuels Meter’s commitment to turn internet infrastructure into a utility, scale team, and meet surging customer growth

February 13, 2024 12:19 PM Eastern Standard Time

SAN FRANCISCO–(BUSINESS WIRE)–Meter, Inc., which builds internet infrastructure for businesses, today announced $35 million in funding that will be used to further propel growth and development across the company. Sam Altman and Lachy Groom led the new funding round. Existing investors include industry leaders such as Sequoia, Meraki co-founders John Bicket and Sanjit Biswas, and VMware founder Diane Greene.

“Over the past decade, we set out to build a modern utility, and we’ve been making incredible progress towards that in the past year. Businesses are moving into spaces where Meter is already installed–they simply need to turn it on”

“Over the past decade, we set out to build a modern utility, and we’ve been making incredible progress towards that in the past year. Businesses are moving into spaces where Meter is already installed–they simply need to turn it on,” shared Anil Varanasi, CEO and Co-Founder of Meter. “We’ve also made significant progress in terms of customer growth and product development. Our progress is a result of our dedication to making a better product and experience for our customers.”

Meter’s Network as a Service (NaaS) solution provides networking teams with a seamless, user-friendly experience for network deployment and management. Similar to AWS’s impact on cloud infrastructure, Meter’s simplified automation provides visibility, configurability, and interoperability. Just as AWS handles the underlying infrastructure for developers, Meter takes care of the details in network design, deployment, and management. This allows IT teams to concentrate on refining and innovating network services, accelerating business growth without getting bogged down in operational intricacies.

Through its cloud-managed dashboard, acting as a digital twin for routing, switching, wireless, security, DNS security, VPN, and SD-WAN, customers can effortlessly schedule maintenance, fine-tune configurations, and obtain a holistic view of their network. Meter’s services allow customers to quickly scale their network operations with reduced overhead costs through Meter’s vertically integrated approach. Meter develops proprietary hardware, firmware, and software, streamlines end-to-end operations including ISP procurement and management, site surveys, network design, deployment, and hardware upgrades, as well as providing ongoing management and maintenance.

“Every industry relies more and more on internet connectivity,” shared Lachy Groom. “It’s still too costly and too time-consuming for businesses to get secure and reliable internet infrastructure. Meter is solving a painful problem by reimagining the connectivity stack from the ground up. With better infrastructure, every business gets better. From the onset, I’ve been aligned with Meter’s long-term vision and believe that it can be a generational company.”

Since the last funding round was announced, Meter has seen significant growth across the board. Customer logos have doubled and Annual Recurring Revenue (ARR), along with total square footage covered, and number of deployed networks has tripled. Meter’s impact extends across nearly every industry, including retail, logistics, manufacturing, education, AI, financial services, healthcare, life sciences, and security. Meter now powers customers in over 125 cities, across 31 states and provinces in the US and Canada.

For more information on Meter, visit https://www.meter.com.

About Meter

Meter provides internet infrastructure for businesses. Meter was founded in 2015 to build enterprise-grade networks that are faster, more accessible, and more secure. Customers like Brex, Higher Ground Education, Stord, Veho, and Tishman Speyer trust Meter to run their networks. The company is backed by Sam Altman, Sequoia Capital, Lachy Groom, along with Meraki & Samsara founders Sanjit Biswas and John Bicket, VMware founder Diane Greene, Goldman Sachs CEO David Solomon, former Walt Disney Studios Chairman Jeffrey Katzenberg, Silverlake founder and Co-CEO Egon Durban, Sam Hinkie of 87 Capital, Stripe co-founders John and Patrick Collison, and Tobi Lutke of Shopify.

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