Meter Raises $35 Million Led by Sam Altman

Meter, a burgeoning tech startup led by brothers Anil and Sunil Varanasi, has secured a substantial $35 million investment, with OpenAI’s CEO Sam Altman at the forefront of the funding round. This injection of capital signifies a strong vote of confidence in Meter’s mission to revolutionize networking technology for the AI age.

Building the Infrastructure for Advanced AI

In a landscape where AI companies are racing to develop artificial general intelligence (AGI), Meter takes on a more pragmatic objective: ensuring the stability and reliability of the internet infrastructure that underpins these advancements. Anil Varanasi emphasizes the critical need for robust internet pipelines across various sectors, including work, commerce, education, and healthcare, to support the burgeoning AI revolution.

Focused on Practical Solutions, Not AGI

Unlike its unicorn counterparts in the AI space, Meter doesn’t aspire to create self-aware AGI. Instead, it focuses on providing essential networking technology such as routers and switches to IT administrators in diverse settings, from warehouses to grade schools. The company offers installation and maintenance services, charging clients based on square footage.

Altman’s Confidence in Meter’s Potential

Sam Altman, an early supporter of Meter, highlights the practical challenges faced in managing large office Wi-Fi networks and expresses confidence in Meter’s ability to address these issues effectively. Notably, Meter’s client roster includes prominent tech companies like Brex, Retool, and even OpenAI’s competitor, Anthropic.

Expanding Customer Base Beyond Tech

Meter’s recent growth extends beyond the tech sector, with notable client acquisitions in industries such as universities, battery and hydrogen power manufacturers, healthcare, and ecommerce. This diversification underscores the broad applicability of Meter’s solutions beyond traditional tech environments.

Unique Business Model

Meter’s innovative business model sets it apart in the networking sector. Instead of requiring hefty upfront costs, the company adopts a pay-as-you-go approach, charging clients based on square footage. This flexibility appeals to organizations like Black Pine Circle School, which saved significant upfront costs by partnering with Meter.

Reliability and Cost Savings

Customers like Earli, a biotech company, praise Meter for its reliability and cost-effectiveness. Meter’s proactive approach to managing internet connectivity ensures uninterrupted operations, even during disruptions. Additionally, its Slack-based customer support streamlines troubleshooting, minimizing downtime for clients like Earli.

Challenges Amidst Incumbent Competition

Despite its promising trajectory, Meter faces stiff competition from established players like Cisco Meraki, which dominates the networking market. Analysts caution that while Meter may carve out a niche, overtaking industry giants like Cisco will require sustained innovation and market penetration.

Belief in Founders’ Vision

Investor Lachy Groom draws parallels between Meter’s founders and the Collison brothers of Stripe fame, applauding their ability to build a disruptive brand in a seemingly unexciting sector. Groom’s unwavering faith in Anil and Sunil Varanasi underscores the founders’ potential to steer Meter towards continued success.

Future Growth and Innovation

With the fresh infusion of funds, Meter plans to enhance its support for larger clients and introduce new software features. Moreover, the company aims to develop updated hardware solutions, including switches and wireless access points, to meet evolving market demands. Anil Varanasi emphasizes Meter’s commitment to delivering superior products tailored specifically to the networking industry’s needs.

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