The funding will allow for further development of their software platform, which supports the rollout of 5G and Next Generation wireless networks
Sitenna has secured $2.1m Seed investment from Y Combinator, Samsung NEXT and Merus Capital following the company’s inclusion in the Summer 21 batch of the world-renowned accelerator programme.
Sitenna will deploy the capital to further its product development and expand market presence by launching in the US, following its successful UK launch in 2021.
Sitenna is a cloud-based software platform connecting telecom service providers with landlords willing to rent out space for mobile antennas, as well as tower infrastructure providers. It helps landlords like local authorities and global asset managers find additional income, while cutting the costs and delays associated with acquiring sites for 5G networks. In addition, the platform allows tower providers to digitise their operations and drive multi-tenancy on their sites which are two key value drivers of recent tower M&A around the world.
The launch of 5G requires a significant increase in the capacity deployed with operators set to rapidly grow the number of sites in their networks, as well as deploying new spectrum frequencies that have been recently awarded. The current process of identifying and securing a site takes up to 24 months and it is the ambition of Sitenna to reduce this by 75%, saving tens of thousands of dollars per site in the process. With the increase in 5G, mobile site numbers are set to dramatically increase – some analysts believing by as much as x6-10 – the current process is insufficient in delivering this growth.
Daniel Campion, CEO, says “this investment from renowned investors in Y Combinator and Merus Capital, as well as strategic investment from Samsung NEXT, is a huge vote of confidence in what we are trying to bring to market. The telecoms market is ripe for disruption with billions of dollars being inefficiently spent on network processes that are still based on the days of 2G. This investment will allow us to continue to develop our suite of products, as well as gain a foothold in the US market following our successful UK launch”.
The company is founded by Daniel Campion, CEO and Brian Sexton, CTO, who have worked together in a number of start-ups, including successful exits. Daniel has worked in telecoms for over 12 years, supporting over $100bn in transactions over 30 countries. Brian previously worked as a Solutions Architect in BAE Systems and Ericsson, before moving into start-ups most recently as VP Engineering for Game Golf which was acquired in 2021.
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