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Helium Inc., the company behind the fast-growing Helium blockchain, has rebranded as Nova Labs.
Nova Labs also confirmed earlier reports of a $200 million Series D funding round led by Tiger Global, with participation from Andreessen Horowitz (a16z), Deutsche Telekom (DTEGY) and others. The latest funding round brings the California-based company’s valuation to $1.2 billion.
The so-called “People’s Network” – a decentralized telecommunications network powered by crypto incentives – is growing fast. Over 680,000 mining “hotspots” are online, with approximately 75,000 new hotspots being added monthly, according to Nova Labs Chief Operating Officer Frank Mong. Hotspot owners provide spare bandwidth in exchange for HNT tokens, which currently trade at $24.68 a pop.
