GenXComm,A telecommunications startup that emerged from the University of Texas at Austin announced that it has raised $ 20 million in funding.
Motive Companies led the Series B round with the participation of Rain Next-Gen Communications and the 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. 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 with Hardik Jain and Stephen Gartside.
The company solves the problem of wireless networks that cannot handle a lot of traffic. GenXComm’s technology combines radio frequency and photonics to solve the problems associated with today’s wireless connectivity infrastructure. Its network technology with mesh technology breaks the boundaries of traditional wireless capabilities and enables faster, more reliable and more cost-effective network solutions.
GenXComm’s technology optimizes communication by allowing the wireless channels to transmit and receive at the same time – on the same frequencies.
“Corporate and industrial customers worldwide are investing in digital transformation and the complete automation of business processes and decision-making systems,” said Jain, CTO of GenXComm, in a press 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 real benefit of GenXComm is the technology’s ability to significantly reduce costs while increasing communication speed and making inferences,” said Robert Istwan, chief executive officer of Motive Companies, in a press release.
“We believe GenXComm’s solutions will enable companies to own and operate their own private cellular networks,” said Chris Donini, managing director at Raine, in a press release. “The private wireless network market is exploding and we are excited to be working with a company that is at the forefront of the innovations required to service Industry 4.0.”
GenXComm’s technology gives companies and organizations the ability to easily and inexpensively switch from company-wide Wi-Fi, wired or public cellular provider solutions to their own private cellular network.