MONTREAL — Third-party internet access (TPIA) provider oxio announced today it has raised $25 million in Series A funding, bringing its total funding to $40 million.
Xavier Niel, founder of France-based telecom company Free, is the lead investor for Montreal-based oxio’s first significant venture capital financing, with additional investors including Investissement Québec, Desjardins Capital, Desjardins Entreprise, WndrCo and Dispatch Ventures.
“We have a very different way of looking at telecommunications; we see a separation between physical networks and digital providers, much like what cloud-computing has done with servers,” says Marc-André Campagna, oxio co-founder and CEO, in a press release.
“We foresee a future where internet providers are divided into two pillars: companies that build and maintain physical networks and digital provider companies, like ours, that specialize in user-friendly internet services,” he adds.
Since its 2019 launch in Quebec, where oxio’s platform uses Videotron’s network to deliver internet services, the company has expanded into Ontario where it uses the Rogers network to service customers.
The Series A funding will be used to accelerate the company’s service roll-out in Canada and also to further develop oxioOS, its proprietary internet operating system, according to the press release.
“The oxioOS software is at the heart of how the connectivity platform is disrupting the traditional telecommunication landscape. Oxio’s cloud-based operational system significantly improves how the company can run efficiently and, therefore, its price point. By focusing on automatization, oxio can operate with a leaner headcount and offer transparent, fair pricing to its customers,” reads the press release.
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