OptiPulse, an Albuquerque tech company offering broadband infrastructure tech, closed in on more than $250,000 in new funding with a previously launched crowdfunding campaign.
The campaign, launched last month on crowdfunding platform Wefunder, is part of an effort that the company hopes will eventually reach millions. The company is one of several startups, including the high-profile arts and entertainment firm Meow Wolf, that have taken advantage of the alternative funding strategy in recent years.
OptiPulse, founded in 2015, offers a technology that uses lasers instead of more traditional fiber optic cables. Its photonics technology "reduces wireless backhaul infrastructure costs by 90% over fiber optics and outperforms other solutions," according to its website. That technology may help overcome infrastructure challenges related to fiber optics, such as rough terrain.
John Joseph, CEO of the company, previously detailed some of the company's struggles with finding investment. He said the adoption of its technology would require a significant, ground-up investment in a new type of infrastructure, and that OptiPulse "found it very difficult to get venture capital."
As of Friday, a total of 367 investors had contributed to the crowdfunding campaign, investing a combined $287,986.
The startup hopes to eventually raise about $3 million via Wefunder. It previously raised $3.6 million primarily from accredited investors, COO Mathis Shinnick told Business First. The new money will be used for operations and product development of its fourth prototype, Joseph said.
OptiPulse has been working to develop and prove its technology for years. It was previously selected to build a 10 gigabyte per second wireless network for Central New Mexico Community College. The network was to provide upload and download speeds of around one gigabyte per second, or about 100 times faster than a regular wireless network.
New Mexico ranks above only Mississippi in terms of internet access, according to 2019 U.S. Census data. Within the state, nearly 60% of households in Guadalupe County lacked internet access of any kind. More than 40% of households in five other counties — Quay, Rio Arriba, Harding, Mora and McKinley — lack basic connectivity.
