Aerwave

About Aerwave

Aerwave, Inc. operates as a developer of a wireless network platform tailored for the multifamily residential real estate market. Founded in 2019 by Alex Wey and Daniel Jensen, the company is headquartered in Dallas, Texas. The idea for Aerwave reportedly originated from founder Alex Wey's personal experience of being unable to connect to his own Wi-Fi in his backyard while his neighbor's signal was accessible. This led to the development of a platform to provide seamless connectivity across an entire property.

The company's core business revolves around providing managed Wi-Fi as a service to property owners, transforming internet connectivity into a building-wide utility. Aerwave partners with multifamily property owners and operators to install a fiber backbone and a proprietary, patented mesh network infrastructure. This system provides residents with instant-on, gigabit-speed internet access anywhere within the community, from their apartment to common areas, without the need for individual routers. For residents, this translates to a private, secure Wi-Fi network that follows them throughout the property. Each user's data is secured on a separate Virtual LAN (VLAN) and is individually encrypted.

Aerwave's business model offers a distinct value proposition for property owners. It allows them to retain a majority of the revenue generated from reselling the internet service to residents, creating a new source of net operating income. This contrasts with traditional models where telecom companies keep most of the profits. The company serves a range of clients, from Class B garden-style apartments to high-end urban high-rises, and includes major players like Equity Residential and The Westover Companies among its investors and clients. Aerwave's services are available for retrofitting existing properties, integrating into new construction projects, and taking over existing Wi-Fi infrastructure. The company also offers a program called AerPays, which allows property owners to implement the platform with no upfront capital investment, paying instead a flat monthly fee.

The platform serves as a foundational layer, or "Digital Foundation™," for a building's entire technology stack. This enables reliable connectivity for various smart home devices (like thermostats, locks, and leak detectors), facilitates self-guided property tours, and improves Wi-Fi calling coverage. Since its founding, the company has expanded significantly, now serving over 150 communities and 50,000 apartment homes across more than 28 markets. The company has secured substantial funding to fuel its growth, including a $20 million Series A round in late 2022 and a $20 million Series B round in September 2024.