Andreessen Horowitz (a16z) has led a $111 million token sale for Helium, the startup aiming to build a decentralized, peer-to-peer wireless network.
Also participating were 10T, Ribbit Capital, Alameda Research and Multicoin Capital, according to today's announcement.
"Helium is now evolving and has embarked on the path to deploy a 5G cellular network of gateways and hotspots. We’re excited about Helium’s potential to provide comprehensive 5G connectivity across the world in a way that’s faster and more capital-efficient than traditional telecom infrastructure," a16z said in a blog post detailing its involvement, adding:
"Given their incredible progress and vast potential we’re excited to partner with Amir [Haleem, co-founder,] and the team to continue building a grassroots telecom network."
The token in question is HNT, which are earned by operators of hotspots on the decentralized network and used to buy access to the network.
As of press time, the price of HNT is up more than 15% in the past 24 hours, trading at $17 apiece, according to CoinGecko.