[2] The network aims to provide connectivity to IoT sensor devices in areas, where wireless or mobile coverage is minimal, or requires too much power.

These individually owned nodes are purchased at costs of up to $500 each, and the payments to owners vary based on data usage but can be as low as $.10 a month.

[7] In March 2022, Helium Inc. rebranded to Nova Labs Inc. and raised $200 million in a funding round led by Tiger Global Management and Andreessen Horowitz.

These hotspots, deployed by individuals or businesses, provide local coverage and relay data within the network.

[6][11] On Jan 17 2025, the US Securities and Exchange Commission (SEC), filed a complaint against Nova Labs Inc., the company that operates the Helium Network, alleging that the company raised “millions of dollars from investors through its unregistered sales of securities in the form of “Hotspots”—electronic devices that “mine” one of three Nova Labs crypto assets.”[12]The lawsuit also alleges that Nova Labs misled investors regarding multiple high-profile partnerships.