The funding comes as Meter begins to sign larger customers across various sectors, including universities, healthcare, and e-commerce businesses. Despite competition from established players like Cisco Meraki, investor Lachy Groom believes in Meter's potential to carve out a niche in the market. The new funding will be used to support larger customers and develop new software features and hardware updates.
Key takeaways:
- Meter, a networking tech company led by brothers Anil and Sunil Varanasi, has raised $35 million at a valuation of over $350 million to bring networking technology into the AI age.
- The company's mission is to improve internet infrastructure to support the increasing demands of AI technologies.
- OpenAI's CEO Sam Altman is among the believers in Meter's mission and has co-led the recent $35 million investment in the company.
- Meter's business model involves selling routers and switches to IT administrators and charging by the square foot for installation and maintenance. It has started signing more large-sized customers in various sectors, including universities, power manufacturers, healthcare, and ecommerce businesses.