Smart Building Enabler Andorix Closes USD $40 Million Financing
TORONTO, Aug. 22, 2023 (GLOBE NEWSWIRE) — 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.
Andorix 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 Management
Voya 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 Networks
HFR 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.