Doubling Down: OpenAI’s Altman and Investor Groom Bet on Internet Startup

The Meter founders Anil and Sunil Varanasi have secured $35 million in funding at a valuation of over $350 million to bring networking technology into the AI age, as big investments in AI companies necessitate a strong internet infrastructure. While many AI companies are focused on developing artificial general intelligence, Meter focuses on providing stable and reliable internet access, which is crucial for the future advancements in AI. Meter offers nuts and bolts tech, such as routers and switches, to IT administrators at various organizations. OpenAI CEO Sam Altman, who initially invested in Meter back in 2019, has decided to double down on his investment by co-leading a new $35 million funding round, alongside investor Lachy Groom. This extension to Meter’s Series B funding round values the company at over $350 million. Meter’s current customers include tech companies like Brex, Retool, and Anthropic, as well as universities, healthcare businesses, and battery and hydrogen power manufacturers. The company uses a unique business model where it charges customers based on the square footage of their property, rather than a fixed upfront cost. This flexible and cost-effective approach has attracted customers like Black Pine Circle School and Earli, who have realized significant savings in upfront costs and IT management. Meter plans to use the funding to invest in support for larger customers and develop new software features and hardware switches and access points. Investors like Altman and Groom believe in the market opportunity, product, and founders of Meter, recognizing that the stable and reliable internet infrastructure provided by the company will be critical for the success of AI advancements and other industries.