Aiming to make Helium the standard for decentralized networks
DIY 5G network outfit FreedomFi has been bought by Nova Labs, the founding team behind the Helium Network.in 2021 to allow users to offer up their FreedomFi gateways for the purposes of mining the HNT cryptocurrency in return for providing 5G cellular coverage to IoT devices and passing users.
Things have clearly moved apace, and Nova Labs today announced the acquisition of FreedomFi and its 30-person team with a view to expanding into the mobile space and making Helium the standard for decentralized networks. While the exact terms of the deal, a combination of cash and stock, have not been disclosed, FreedomFi co-founder and CEO Boris Renski noted that the company had raised $9.5 million earlier this year in Series A funding from investors including Qualcomm and Samsung.
Regardless of how one might feel about the HNT incentive model, the FreedomFi kit is impressive. With Magma-based software behind the scenes, it represents a relatively low-cost way to set up gateways supporting CBRS and LoRaWan. There is also a"Powered by FreedomFi" program with a goal of growing the decentralized wireless community and enable deployment on bespoke partner hardware.that FreedomFi was"a profitable business" and had no pressure to sell.