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The in-building gigabit internet service provider will use the investment to support its growth in deploying its ubiquitous wi-fi platform to multi-family and commercial properties.
GiGstreem, an internet service provider focused on large-scale connectivity in multi-family and commercial properties across the US, has secured a $50m investment.
The backing from Crestline Investors will help support the company’s continued growth strategy in deploying its ubiquitous wi-fi platform and help meet remote work-fuelled demand for property-wide internet coverage.
GiGstreem operates in multiple US East and West Coast markets providing services to commercial business, residential communities and apartment buildings.
With its platform, GiGstreem said it offers entire buildings and communities continuous property-wide wi-fi coverage on their own private network, which in turn facilitates the next generation of wireless and technology-enabled services. These include IoT, smart devices, in-building mobility (including CBRS and connectivity-as-a-service) and building management systems.
“As the importance of reliable web service has grown, it has exposed the capacity issues of traditional providers”
According to the company, the Covid-19 pandemic has underscored the importance of a high-speed and reliable wi-fi service for remote workers, and developers have prioritised providers which have ‘mastered’ large-scale connectivity.
“The pandemic has created a major shift in how people utilise their apartments, with millions of residents now accustomed to working from home on a regular basis. As the importance of reliable web service has grown, it has exposed the capacity issues of traditional providers,” said Joel McIntyre, CEO of GiGstreem.
“We are excited to partner with Crestline and to receive this funding, which will enable us to expand our ubiquitous wi-fi platform to hundreds of thousands of units across 15 new metropolitan areas.”
This latest investment provides the capital that will enable the firm to deploy the necessary infrastructure to satisfy its backlog of demand.
“As property owners continue to discover the many benefits of technology integration, GiGstreem’s unique wi-fi deployment will facilitate the operations of modern apartment buildings across the country, added John Helm, partner at RET Ventures, of which GiGstreem is a portfolio company.
“With Crestline’s investment supporting GiGstreem’s national growth, the company is poised to create synergies with our other portfolio companies – and with real estate technology more broadly – enhancing processes for operators and residents alike.”
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