Monet Mobile Networks
High-speed wireless internet access services in north america.
| Date | Investors | Amount | Round |
|---|---|---|---|
$32.0m | Late VC | ||
| Total Funding | 000k | ||
Monet Mobile Networks, founded in 1999, operated as a wireless internet service provider with a strategic focus on delivering broadband to underserved rural markets in the United States. The company was headquartered in Kirkland, Washington, and was led by Chairman and Chief Executive George Tronsrue III, formerly the president of XO Communications. His background in telecommunications was central to the company's ambitious plan to bridge the digital divide in areas overlooked by major technology sectors.
The firm distinguished itself by being one of the first in the U.S. to deploy a third-generation (3G) wireless network based on the CDMA2000 1xEV-DO standard. This technology allowed Monet Mobile Networks to offer significantly faster internet speeds, reportedly up to 20 times faster than typical dial-up services at the time, with download capabilities reaching up to 2.4Mbps. The service was designed as a viable alternative to cable and DSL for residential customers. The business model was subscription-based, with customers paying a monthly fee for unlimited internet access, plus an initial cost for a wireless modem. For instance, a plan could cost around $40 per month.
Monet successfully raised approximately $85 million in venture funding from a notable roster of investors, including Qualcomm, LG Electronics, Mayfield, and Soros Private Equity. The company built out its network, which included 57 cellular base stations and two data centers, and launched services in eight Midwestern cities, such as Duluth, Minnesota, and Sioux Falls, South Dakota. Despite acquiring around 3,000 subscribers, the capital-intensive nature of building and operating a wireless network in sparsely populated areas proved challenging. After failing to secure further financing and attempts to sell the company were unsuccessful, Monet Mobile Networks filed for Chapter 11 bankruptcy in March 2004, ceasing operations and laying off its 34 employees.
Keywords: wireless internet provider, rural broadband, 3G network, CDMA2000 1xEV-DO, George Tronsrue III, Kirkland Washington, mobile internet, wireless data, rural telecommunications, Monet Mobile Networks, broadband service, midwest internet, wireless ISP, venture capital telecom, Qualcomm, LG Electronics, fixed wireless access, internet service provider history, early 2000s tech, telecom bankruptcy, XO Communications