Aerwave raises $20M in a Series A

Aerwave said it scored $20 million in a Series A funding round to bolster its efforts to offer telecom services to multifamily residential locations. #pressrelease

November 2, 2022

3 Min Read

DALLAS – 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."


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