Helium Rebrands to Nova Labs After Raising $200M in a Series D Funding Round

Helium Inc., the company behind the fast-growing Helium blockchain, announced via a blogpost, their rebrand to Nova Labs in an effort to alleviate confusion between the corporate entity and the Helium Network, along with confirming raising $200 million in a series D funding round led by Tiger Global. 

The 2013-founded company also tweeted this monumental news on their official twitter, linking the blogpost. 

As the California-based company’s wireless network gained more popularity, the founders of now, Nova Labs, thought it was necessary to make a distinction between the company’s team and the open-sourced network. 

In another tweet they said, “Why the rename? Helium Inc. started as a small startup in 2013 with a grand vision of a ubiquitous + affordable wireless network. Fast forward, the @Helium Network has 683K+ Hotspots around the globe + has real-world use cases such as air quality and forest fire monitoring.” 

While it is a new name the company reiterated “Nova Labs is still dedicated to the advancement of the Helium Network.” 

In addition to the rebrand, Nova Labs announced their monumental series D funding. As previously mentioned, Tiger Global led the way with participation from Andreessen Horowitz, Deutsche Telekom and others. The newly branded company is now valued at $1.2 billion. 

The network Nova Labs provides, known as the “People’s Network,”  is a decentralized telecommunications network powered by crypto incentives, in an effort to connect billions of compatible devices worldwide. In order to do so, people buy their own hotspots that power the network in exchange for HNT tokens, Helium’s native cryptocurrency. HNT is currently being traded at $25.40. The network currently houses 683k hotspots and has added 74k in the last 30 days. 

Author: Tyler Irvin

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