Kymeta raises $50 million to expand its satellite communications antenna businessThe company is pioneering the use of patened materials that allow the antenna’s to angle towards satellites without moving parts,…
The company is pioneering the use of patened materials that allow the antenna’s to angle towards satellites without moving parts, allowing for light, adaptable antennas for use on trains, planes and other moving vehicles. See our recent story on the company here.
Here’s the press release:
Kymeta Closes $50 Million Series C Financing To Transform Satellite Communications
REDMOND, Wash. – July 9, 2013 – Kymeta Corporation announced today that it has successfully closed a $50 million Series C financing to accelerate the company’s growth plans. Kymeta, a privately held technology company, designs and manufactures satellite communication antennas and systems. Existing Kymeta investors including Bill Gates, Lux Capital and Liberty Global were joined in the financing by Osage University Partners and The Kresge Foundation.
The company is pioneering the use of patented metamaterials technology that dynamically steers antenna beams with no moving parts, resulting in flat, thin, light, and highly adaptable antennas and communication terminals. This unique capability opens numerous new opportunities in the satellite industry to provide new broadband mobile services and highly-flexible portable and fixed services to a wide range of applications. Both CNBC and MIT Technology Review recently recognized Kymeta as one of the “Top 50 Most Disruptive Technology Companies in the World.”
“We are fortunate to have earned this level of sponsorship,” said Kymeta Chief Executive Officer Vern Fotheringham. “It is a clear testament to the progress we’ve made to date proving our unique technology is poised to make significant contributions to the advancement of global broadband connectivity enabling high-speed communication services to businesses, consumers, governments and NGOs regardless of their location worldwide.”
“Lux Capital is extraordinarily excited about the market potential for Kymeta’s technology,” said Josh Wolfe, managing partner at Lux Capital and a Kymeta board member. “In just the past few months, Kymeta has entered into commercial development agreements with several of the satellite industry’s leading service providers and we’re really only getting started.”
Read more at Seattle Business Magazine