GenXComm,a telecommunications startup spun out of the University of Texas at Austin, announced it has raised $20 million in funding.
Motive Companies led the Series B round with participation from Rain Next-Gen Communications and existing investor BMW iVentures.
The Austin-based company plans to use the funding to accelerate its product
development and commercial launch of its private 4G LTE and 5G network solutions.
To date, the company has raised more than $29 million, including $7 million in Series A funding led by Intel Capital. Its other investors include Azure Capital Partners, Bandgap Ventures, Capital Factory, FAM Capital Partners, Lip-Bu Tan, UT Horizon Fund and WS Investment Co.
UT Electrical and Computer Engineering Professor Sriram Vishwawath founded GenXComm in 2016 along with Hardik Jain and Stephen Gartside.
The company is solving the problem of wireless networks that can’t handle a lot of traffic. GenXComm’s technology combines radiofrequency and photonics to solve the problems associated with today’s wireless connectivity infrastructure. Its mesh technology network technology breaks through the limits of conventional wireless capabilities, allowing for faster, more reliable, and more affordable networking solutions.
GenXComm’s technology optimizes communication by allowing wireless channels to transmit and receive simultaneously – on the same frequencies.
“Enterprise and Industrial customers worldwide are investing in the digital transformation and full automation of business processes and decision systems,” Jain, CTO of GenXComm said in a news release. “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.”
“The true advantage of GenXComm is their technology’s ability to significantly reduce costs while increasing the speed of communications and remaining inference-free,” said Robert Istwan, chief executive officer of Motive Companies said in a news release.
“We believe GenXComm’s solutions enable enterprises to own and operate their own private cellular networks,” Chris Donini, Managing Director at Raine said in a news release. “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.