Aerwave Closes Funding Program to Deploy $50 million in Infrastructure Capital

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Oct 17, 2024, 09:00 ET

Strategic program to support adoption of Managed WiFi service

HOUSTON, Oct. 17, 2024 /PRNewswire/ -- Aerwave, a next-generation managed WiFi platform transforming connectivity in the multifamily industry, today announced the launch of its strategic capital program, AerPays, to drive investment into network infrastructure for property owners and their residents to deliver community-wide managed Wi-Fi services. Aerwave and its capital partner, a S&P 500 company, have earmarked $50 million for investment over the next twelve months.

AerPays will make it possible for Aerwave to install its platform at its clients' properties with no upfront cost to the owner, eliminating a common barrier to the adoption of managed Wi-Fi services and the deployment of future-ready infrastructure that multifamily communities need to support their strategic technology and operational plans.

Since its inception in 2019, Aerwave has deployed its platform to over 28 markets across 18 states servicing over 36,000 apartment homes. Aerwave has partnered with the country's leading multifamily owners and operators, including 20% of the NMHC Top 50. With its strategic capital program, the company aims to further expand its customer base and market reach.

"This program will accelerate the number of properties and apartment homes in our pipeline and extend our platform to owners who have not yet allocated capital for connectivity enhancements at their properties," said Ed Wolff, president of Aerwave. "Our core mission is to deliver seamless WiFi connectivity for multifamily housing nationwide, and this program will enable us to remain steadfast in that commitment."

AerPays will allow clients to implement Aerwave's platform at no upfront cost. Operators pay a monthly fee to use the network and access Aerwave's best-in-class managed WiFi platform and customer support.

"By eliminating the need for a large upfront capital commitment, we're expanding accessibility to our platform for any size property, budget and portfolio," said Jeff Kok, chief executive officer of Aerwave. "Our mission is to drive innovation and consistently add value to our community partners, and this program enables us to continually invest in the best solutions that help us meet the needs of both residents and property owners."

The program offers key benefits to multifamily owners, including a debt-free option to replace or improve their properties' critical connectivity infrastructure to support the delivery of gigabit and multi-gigabit internet service, access the latest Wi-Fi technology with hardware refreshes, participate in the asset value creation generated from managed WiFi and the option to buy out the network infrastructure should they choose to.

"This funding program is a key step in executing our long-term strategic plan to provide customers with an accessible point-of-entry to adopt our platform and scale alongside us," said Daniel Jensen, co-founder and chief strategy officer of Aerwave. "By matching the right capital to the right purpose – in this case, our platform's infrastructure requirements - we can significantly improve our ability to support our customers' initiatives around transforming connectivity and strengthening operations."

Aerwave's innovative product, a connectivity foundation for the built environment, uses fiber-based mesh networking and proprietary software to provide multifamily communities with instant-on, gigabit-plus internet that ensures a pervasive and seamless WiFi connection throughout the entire property.

About Aerwave
Aerwave, Inc. is a next-generation managed WiFi platform leading the transformation of the connectivity foundation in multifamily real estate across the United States. Aerwave provides an unparalleled customer service experience from a team of multifamily industry professionals while delivering fiber backbones to apartment homes, property management teams and amenity spaces all while keeping data secure and encrypted. Aerwave is leading the evolution of network intelligence for a better-connected experience by enabling smart home technology, simplifying self-guided tours, enhancing WiFi calling coverage, and supporting its partners initiatives to make buildings smarter. Since its inception in 2019, Aerwave has deployed its platform to over 28 markets across 18 states servicing over 36,000 apartment homes. Aerwave has established partnerships with forward-thinking multifamily owners and operators, including several NMHC Top 50 companies. Aerwave plans to continue its growth through its innovative strategic capital program, AerPays, by funding and owning the infrastructure.