Smart Building Enabler Andorix Closes USD $40 Million Financing
22 August 2023 - 10:15PM
Andorix, a neutral host network provider and smart building systems
integrator for real estate properties, today announced it has
closed a USD $40 million round of financing with the option of
additional funding of USD $35 million. The investment is a
combination of debt and equity financing, led by Voya Investment
Management, the asset management business of Voya Financial, Inc
(NYSE: VOYA).
This first round of institutional investment will accelerate the
rollout of their fibre-based converged network into over 250
buildings in North America, laying the groundwork for a complete
digital transformation. “The market for smart buildings is growing
rapidly as building owners and property mangers look for ways to
reduce energy costs and improve tenant comfort and wellness,” says
Wayne Kim, CEO of Andorix. “With this investment, it allows us to
expand our converged base building network infrastructure solution
to not only focus on commercial and retail properties but implement
it within residential buildings as well.”
As a privately held company, Andorix has designed, implemented,
and managed its suite of Smart Building technologies (Passive
Optical Network, Firewall and Core Networking, Wi-Fi, LP-WAN, Cyber
Protection-as-a-Service) in over 20 million square feet of retail
and commercial real-estate assets. The portfolio of buildings that
have deployed its in-building converged network solution have
realized between 40%-70% savings in capital expenses as well as
improved operational efficiency.
In addition to Voya Investment Management, other investors
include HFR Networks, a trusted provider of intelligent xHaul RAN
Transport, in-building connectivity and digitalization solution,
and a valued technology partner of Andorix. “We are excited to be
involved with this financing round for Andorix,” says Jongmin
Cheong, CEO of HRF Networks. “We have been working with Andorix in
deploying their in-building converged network solution to
commercial real estate clients and have seen firsthand that Andorix
is well positioned to capitalize on the enormous opportunity in the
smart building market.”
With this investment, Andorix plans to use the equity portion of
the financing to bolster their workforce and expand operations
across North America, while the debt financing will go towards
deploying cutting-edge equipment to support its unique business
model that enable buildings to become smart.
About AndorixAndorix is a neutral host network
provider and smart building systems integrator for commercial,
retail and residential real estate properties. We design,
build and manage a fibre-based converged base building network that
serves as a secure and scalable foundation for the owner’s smart
building digitization strategy. Our vendor-agnostic digital
infrastructure solution incorporates Wi-Fi, 5G and IoT wireless
spectrums to help real estate owners with multi-asset class
portfolios optimize their building operations, adhere to ESG
guidelines, enhance tenant experiences, increase revenue, and
maximize their property values.
About Voya Investment ManagementVoya Investment
Management (Voya IM), manages public and private fixed income,
equities, multi-asset solutions and alternative strategies for
institutions, financial intermediaries, and individual investors,
drawing on a 50-year legacy of active investing and the expertise
of 300+ investment professionals. Named a Best Place to Work in
Money Management by Pensions & Investments for seven
consecutive years, Voya IM has cultivated a culture grounded in a
commitment to understanding and anticipating clients’ needs,
producing strong investment performance, and embedding diversity,
equity and inclusion in its business.
About HFR NetworksHFR Networks, Inc. is leading
the industry with the intelligent xHaul RAN Transport, in-building
connectivity and digitalization. We solve today's most optical
transport demands, especially when fiber is constrained for
fronthaul or backhaul applications. Our solutions have optimized
economics for this segment of the network, while also delivering
high performance, simplified operations, interoperability across
wireless technologies, and a diverse ecosystem of 3rd party RAN
suppliers. HFR Networks' technological leadership helps customers
to lower costs for 4G operations, while also accelerating the
private 5G network services within both traditional and cloud-based
mobile architectures. For more information,
visit www.hfrnetworks.com.
Media Contact:Aleshia
IngAleshia.Ing@Andorix.com 647-963-4433
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