Why OpenAI’s Sam Altman And Investor Lachy Groom Are Doubling Down On This Internet Startup
Meter, led by brothers Anil and Sunil Varanasi, has raised $35 million at a valuation of more than $350 million to bring networking tech into the AI age.
Meter Aims to Improve Internet Infrastructure for AI Age
Meter, a startup led by brothers Anil and Sunil Varanasi, has raised $35 million in funding to bring networking technology into the AI age. The company believes that as AI continues to advance, there will be a growing need for stable and high-speed internet infrastructure.
Meter's focus is on providing routers and switches to IT administrators in various industries, including warehouses and grade schools. The company handles installation and maintenance and charges customers based on the square footage of their facilities.
OpenAI CEO Sam Altman, who led Meter's first funding round in 2019, is doubling down on his investment in the startup. He believes that Meter has a significant market opportunity and is impressed with the company's product and founders.
Meter Expands Customer Base and Valuation
Meter's latest funding round, co-led by Sam Altman and investor Lachy Groom, valued the company at over $350 million. The funding will allow Meter to expand its customer base in various industries, including universities, battery and hydrogen power manufacturers, healthcare, and e-commerce businesses.
According to Altman, Meter has the potential to serve "most companies", highlighting its broad market appeal. Notable customers of Meter include fintech Brex, developer software maker Retool, and OpenAI rival Anthropic.
Meter's unique business model offers cost and flexibility advantages. Instead of charging large upfront fees, the company charges customers based on the square footage of their facilities. This approach has attracted customers like Black Pine Circle School in Berkeley, which saved about $200,000 in upfront costs by working with Meter.
Meter's Competitive Landscape and Future Plans
Meter faces competition from incumbent players like Cisco Meraki, which dominates the networking sector. However, investor Lachy Groom sees similarities between Meter's founders, Anil and Sunil Varanasi, and Stripe's cofounders Patrick and John Collison. Groom believes that Meter has the potential to disrupt the market and build a beloved challenger brand.
With the new funding, Meter plans to invest in its support for larger customers and develop new software features. The company also has plans to update its hardware switches and wireless access points. Meter aims to fill the gap in the market for high-quality networking products and services.
Overall, Meter's focus on improving internet infrastructure for the AI age has attracted the attention and investment of notable figures like Sam Altman and Lachy Groom. The company's unique business model and expanding customer base position it for growth and success in the future.
