Utah startup WeLink has raised $185 million to roll out its 5G fixed-wireless broadband network in new markets across the United States, the company announced in a Thursday (Jan. 7) press release.
WeLink said it will use the infusion of investment dollars from Digital Alpha Advisors, which focuses on digital infrastructure, to speed up its growth plans in the Las Vegas area, while also moving into two new metro markets, Phoenix and Tucson, as well in the first quarter.
The startup, launched in 2018 by wireless industry veterans Kevin Ross and Ahsan Naim, said it has also targeted seven other markets for future expansion as well.
The investment by Digital Alpha, in turn, features an “outcome-based financing structure” aimed at fueling “network expansion and subscriber growth,” WeLink said in the press release.
“The WeLink team stands out for their experience in wireless access,” said Rick Shrotri, founder and managing partner of Digital Alpha Advisors. “WeLink offers an industry-leading approach to deliver next generation connectivity to customers in select markets across America. Given Digital Alpha’s strong focus on next generation networking, including 5G solutions, we are pleased to offer a unique outcome-based financing solution, which along with a strategic Cisco partnership, will provide fuel for WeLink’s expansion.”
For its part, WeLink says its “mesh network of wireless base stations … can transmit high-bandwidth signals across entire neighborhoods at relatively cheap infrastructure installation costs.”
The company cites research showing as many as 77 percent of U.S. consumers have just a single choice when it comes to broadband providers.
Along with the lack of choice is a strong desire for more speed as well, WeLink CEO Kevin Ross said in the press release.
“WeLink is addressing this challenge by expanding our … fixed-wireless broadband solution to new markets, giving consumers greater freedom of choice in broadband access scaling to gigabit speeds,” Ross said.
Sign up for the PYMNTS.com Newsletter to get updates on top stories and viral hits.