Nov 01, 2022, 15:39 ET
The high-tech company's proven business model of streamlining constant, reliable connectivity for multifamily developments has been further solidified with $20 Million in funding
DALLAS, Nov. 1, 2022 /PRNewswire/ -- 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."
Founded in 2019, Aerwave partners with property owners to provide multifamily rental communities with an instantly-accessible, gigabit-plus internet amenity, while also enabling reliable connectivity of all smart home devices throughout the property. Today, rental communities in more than 17 markets rely on Aerwave for the constant Wi-Fi connectivity essential to the efficiency, safety and functionality of their buildings. Aerwave Series A's funding will support its growth into more than 30 total markets within the next 12 months.
"Moderne Ventures invests in technology companies in and around the multi-trillion dollar industries of real estate, finance, insurance, ESG and home services. We seek out companies that address the unmet needs of our 700+ industry partners — and consistent, reliable Wi-Fi that serves as a backbone to enable the modern 'smart building' experience is a critical, foundational need," said Constance Freedman, Founder and Managing Director, Moderne Ventures. "Unlike existing telecom providers, Aerwave's flexible operating model aligns incentives between owners and operators through revenue share agreements, and helps to reduce costs and generate NOI. We are proud to lead this Series A round and look forward to supporting the company's continued growth and expansion in multifamily and beyond into other commercial buildings, hotels and other public spaces."
"From leak detection to tech-enabled self-guided tours, smart door locks, connected thermostats and package management, reliable internet connectivity throughout all spaces in a multifamily community is invaluable to the success of the deployment of other technologies. Aerwave's mission is to make that experience possible," said Daniel Jensen, Aerwave Co-Founder and Chief Revenue Officer.
"The multifamily industry is quickly evolving, residents require fast, easy, and ubiquitous Internet access, and our operational platform demands the same. We are excited about Aerwave's flexible and creative approach to solving this critical need, especially in retrofit environments. The Aerwave team, their technology, and their business model align well with our vision for the platform," stated David Dear, First Vice President – Marketing and Operations Strategy at Equity Residential.
"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."
For more information, visit aerwave.com.
Aerwave, Inc. is a next-generation connectivity platform leading the Digital Foundation™ transformation in multifamily residential buildings across the United States. Aerwave provides an unparalleled customer service experience from a team of multifamily industry professionals while delivering a 10 Gbps fiber backbone to apartment homes, property management teams, and amenity spaces all while keeping data secure and encrypted. Aerwave is leading the evolution of network intelligence for a better-connected experience by enabling the smart home, simplifying self-guided tours, and making WiFi calling the norm for its partners. To learn more, visit aerwave.com.
Moderne Ventures is a strategic venture capital firm approaching $450 AUM. Moderne invests in technology companies in and around the multi-trillion-dollar industries of real estate, finance, insurance, ESG, and home services. It has both a Fund and an Industry Immersion Program, the Moderne Passport, designed to foster innovation, partnership and growth between industry partners and new emerging technology companies.
Moderne has built an extraordinary network of over 700 executives and corporations within its core industries and evaluates over 4,500 emerging tech companies each year. Moderne most often looks outside its industries to find technologies that can be applicable within them, and it has invested in over 135 companies across its funds. Moderne has built a stellar track record investing in companies like DocuSign, Porch, Hippo, Homesnap, Caribou, Xeal and ICON.
World Cinema, Inc. (WCI) is a trusted provider of video, advanced connectivity and professional services to properties and enterprises across the U.S., Canada, Mexico and the US Virgin Islands. With a dedication to customer service, WCI is leading the way in delivering innovative technology solutions that enhance the resident, guest, and staff experience. From managed services to digital transformation, WCI is a single point of contact for all a property's technology needs. Founded in 1974, WCI is a privately held company headquartered in Houston, Texas. The company serves over 7,000 properties with nearly 900,000 rooms under management. For more information, visit www.wcitv.com.
Equity Residential (EQR) is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. Equity Residential owns or has investments in 308 properties consisting of 79,594 apartment units, with an established presence in Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft. Worth and Austin. For more information on Equity Residential, please visit our website at www.equityapartments.com.
Established in 1965, the Westover Companies owns and operates residential, retail and commercial real estate in four states in the Mid-Atlantic region. Starting with just a handful of apartment communities in the Greater Philadelphia area, the Westover Companies has grown to include over 50 apartment communities, one million square feet of retail space, and six shopping centers. For more information about The Westover Companies, please visit www.WestoverCompanies.com.
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