AUSTIN, Texas, Sept. 9, 2021 /PRNewswire-PRWeb/ -- GenXComm, an early leader in private networking solutions, today announced a $20 million Series B funding round led by Motive Companies, with participation from Raine Next-Gen Communications and existing investor BMW iVentures. With the Series B raise, Motive and Raine join an existing investor base that includes Intel Capital, Azure Capital, and Bandgap Ventures, amongst others. The new funding will be used to accelerate the company's product development and commercial launch of their private 4G LTE and 5G network solutions, playing a critical role in ushering in the Fourth Industrial Revolution.
Built on the pioneering research of Dr. Sriram Vishwanath and Hardik Jain at the University of Texas, GenXComm is the first company in the world to combine radio frequency and photonics to solve the problems associated with today's wireless connectivity infrastructure. The company's innovative wireless interference cancellation and mesh network technology breaks through the limits of conventional wireless capabilities, allowing for faster, more reliable, and more affordable networking solutions.
GenXComm's unique technology optimizes communication by allowing wireless channels to transmit and receive simultaneously - on the same frequencies. GenXComm's technology can be used to build bandwidth-efficient, secure, interference-free, and cost effective mobile networks to deliver robust connectivity. These networks can deliver robust connectivity and provide vastly more coverage than conventional WiFi, at a fraction of the total cost of ownership. GenXComm's solution can be deployed for enterprise and industrial customers as a turnkey, private LTE 4G and 5G mesh network that can operate in a variety of spectrum bands, including CBRS.
"Enterprise and Industrial customers worldwide are investing in the digital transformation and full automation of business processes and decision systems," said Hardik Jain, CTO of GenXComm. "GenXComm's 4G LTE and 5G cellular mesh systems will provide the enterprise WAN with the coverage, reliability, agility, and secure connectivity required to make this transformation a reality."
Automating traditional manufacturing and industrial processes — what is known as Industry 4.0 or The Fourth Industrial Revolution — requires high performance, secure networks to enable communication and data transfer between machines and applications. GenXComm built its end-to-end, private cellular Network-as-a-Service (NaaS) platform to meet the emerging needs of enterprise and Industry 4.0 customers by providing high performance systems with full turnkey deployment and lifecycle support and with a lower total cost of ownership.
"I am thrilled to partner with GenXComm. This investment supports the development of 5G technologies, but also paves the way for smart cities, faster downloads, self-driving cars, and countless other innovations," said Robert Istwan, chief executive officer of Motive Companies. He continued, "The true advantage of GenXComm is their technology's ability to significantly reduce costs while increasing the speed of communications and remaining inference-free. I'm proud to offer this superior and innovative 5G infrastructure solution to our existing and future customer base."
"We believe GenXComm's solutions enable enterprises to own and operate their own private cellular networks," said Chris Donini, Managing Director at Raine. "The market for private wireless networks is exploding, and we are excited to partner with a company at the forefront of the innovation required to service Industry 4.0."
GenXComm's technology gives companies and organizations the ability to evolve from enterprise Wi-Fi, cabled, or public wireless carrier solutions to their own private cellular network easily and cost effectively. Deploying reliable and secure wireless coverage in hard to reach locations is also becoming increasingly important for State and Federal agencies, an area where GenXComm has had early program leadership, as well as industrial and manufacturing environments, transportation and distribution centers, utilities, agriculture, civic design, healthcare, and large venues and temporary pop-up events and festivals.
About GenXComm
GenXComm Inc. was founded in 2016 to commercialize years of research and development at the University of Texas at Austin around dynamic filtering and Radio Frequency (RF)-photonics systems. The company's mission is to deliver limitless computing power, fast connectivity, and on-demand intelligence to every location on Earth. Its technologies strive to break through the limits of conventional microelectronics and signal processing technologies using micro photonics – delivering faster, smaller, lower powered intelligent devices connected by high-speed networks available everywhere. For more information, visit https://www.genxcomm.com
Media Contact
Sara Evans, GenXComm, +1 (480) 437-0059, [email protected]
SOURCE GenXComm
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