The development of Internet of Things has the potential to shake up life as we know it, but this potential is constrained by the centralized nature of our communication networks which are controlled by a few large companies and governments. Nova Labs, previously Helium, exists to change this with the "People's Network", a decentralized communications network of wireless hotspots, incentivized by cryptocurrency, allowing people and devices to communicate without passing through intermediaries.
The network has grown swiftly since its inception in 2013 and has over 900,000 hotspots online globally. This had been growing at a rate of about 30,000 a month in 201. While this rate slowed in 2022, mainly thanks to the decline in cryptocurrencies also hitting the value of Nova Labs' incentive token, the company has taken a long-term view and believes investors and the community will support major infrastructural projects such as Nova Labs' network.
Nova Labs closed a Series D funding round led by Tiger Global in 2022 with a total valuation of over $1 billion. It is investing in its ecosystem by bringing on additional talent and developing its network with new applications. It also acquired FreedomFi, adding the latter's crowdsourced 5g networking software to its stack. 2023 saw hotspots open up in Mexico after a deal was brokered with Telefonica, consolidating Nova's expansion plans.
Steph
Company Specialist at Welcome to the Jungle
