Crosslink Capital Leads Airvine $6.2M Series A Extension Aimed at Acceleration of WaveTunnel Product Roadmap

WaveTunnel is rapidly gaining traction as the industry's first Gigabit-speed wireless indoor backhaul system

SANTA CLARA, Calif., March 25, 2024 /PRNewswire/ -- Airvine, the first company to develop a multi-Gigabit-speed wireless backhaul system for indoor connectivity, today announced the close of its Series A funding round.  Crosslink Capital of Menlo Park, CA led the round, which totaled $6.2M and closed at the end of February.  Airvine will use the funding for ongoing product development and to expand the sales team in order to take advantage of increased interest from customers in the company's target markets.

"Crosslink Capital sees an excellent investment opportunity in helping the WaveTunnel product reach its full potential with deployments in a variety of exciting new network applications," said Michael Stark, Principal of Crosslink Capital.  "Airvine has accomplished technical feats in wireless that have never been done before and has developed a truly compelling value proposition for solving the bandwidth expansion and connectivity problem in a number of large interior settings on a very cost-effective basis.  This solution can be installed faster and cheaper than laying cable or fiber in today's commercial environments." 

The WaveTunnel product is a shoebox-sized module that mounts on ceilings or walls to provide high speed connectivity for the ever-expanding menu of enterprise services and applications, whether IT (Information Tech) or OT (Operational Tech). WaveTunnel systems, which can be installed in hours, fill the broadband gap that exists within many large interior spaces by extending LAN reach or upgrading the performance of older 1 Gb/s Ethernet CAT 5/6 cables. The WaveTunnel system is generally available and volume shipments began in 4Q 2023. 

"We are gratified by the level of support received in this round, which will help us achieve our sales and market growth objectives in FY24," said Vivek Ragavan, Airvine CEO. 

About Airvine

Airvine is a fast-growing Silicon Valley innovator of intelligent broadband wireless backhaul solutions for the enterprise. The company has developed the industry's first indoor 60 GHz wireless system that delivers multi-gigabit/sec data transfer rates without any of the complexity of legacy solutions. Patented RF innovations extend the range and gain of wireless signals, penetrating walls and steering around obstacles that impede transmission—something never before possible within the 60 GHz band.

CONTACT:

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SOURCE Airvine