Decentralized wireless network project developer Helium Network announced today that it has raised $200 million in a Class D funding round, raising its valuation to $1.2 billion.
Supported by Andreessen Horowitz, Seven Seven Six, Goodyear Ventures, Deutsche Telekom, the project’s funding round today was led by Tiger Global and Andreessen Horowitz’s a16z crypto fund.
The project also mentioned that an important distinction will be made in this announcement. To clear up some confusion, the company rebranded to Nova Labs. In this way, it is aimed to strengthen the decentralization of the Helium project.
Nova Labs COO Frank Mong used the following statements regarding these decisions:
“We are changing our name to make it clear that we do not own the network. We’re the ones who built the network, but we’ve made it open source, and it’s important to know that people are driving this ever-growing network.”
The name-changing company will transfer the rights of Helium to the Helium Foundation. This foundation is a community elected governing body and oversees network improvements.
Announcing its financing round today, the price of Helium also increased. While the token of the project, HNT, is premium by 15%, it continues to be traded at $26 as of our news time.
*Not Investment Advice.