Meter Raises $35 Million to Bring Networking Tech into the AI Age
Meter, a leading provider of networking technology, has successfully raised $35 million in its latest funding round. The company, co-founded by brothers Anil and Sunil Varanasi in 2015, now boasts a valuation of over $350 million. The funds will be used to enhance support for larger customers and develop new software features and updated hardware.
Under the leadership of CEO Anil Varanasi, Meter is on a mission to ensure the smooth operation of the internet for AI companies. Varanasi believes that, just as Amazon Web Services played a crucial role in the software boom, advanced AI technologies will require stable internet infrastructure to thrive.
Meter specializes in selling routers and switches to IT administrators across various sectors. The company also handles installation and maintenance services and charges its customers based on the square footage they require. This unique pricing model has proven to be cost-effective and flexible, attracting a diverse range of clients.
Sam Altman, CEO of OpenAI, was an early believer in Meter, leading the company’s first funding round in 2019. Altman, along with investor Lachy Groom, is now co-leading the $35 million investment. Altman recognizes the vast market potential for Meter’s products and services.
The company’s impressive client roster includes well-known tech companies such as fintech Brex, developer software maker Retool, and OpenAI competitor Anthropic. Recently, Meter has started to attract larger customers from different industries, further solidifying its market position.
Reliability and efficient customer support are key factors that set Meter apart from its competitors. The company’s services have been praised for their ability to ensure uninterrupted connectivity and their responsive customer assistance.
Despite the market dominance of incumbents like Cisco Meraki, Meter has managed to carve out a niche for itself. Its cloud-native, turnkey solution has been lauded for its effectiveness by investor Lachy Groom, who compares the Varanasi brothers to the founders of Stripe for their ability to build a strong brand in a challenging market.
With the latest funding injection, Meter is well-positioned to expand its services and stay ahead of the curve. The company plans to focus on supporting larger customers and developing new software features and updated hardware. As the demand for AI technologies continues to rise, Meter aims to be at the forefront of providing the stable internet infrastructure necessary for their success.
Analyst comment
This news is positive for the market. Meter’s successful funding round of $35 million and a valuation of over $350 million indicates strong investor interest and confidence in the company’s networking technology. With plans to enhance support for larger customers and develop new software features and updated hardware, Meter is well-positioned to meet the increasing demand for stable internet infrastructure in the AI industry. The company’s unique pricing model and impressive client roster further solidify its market position.
