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July 10, 2013

Satellite communication company Kymeta adds $50m VC round

July 10, 2013 Satellite communication company Kymeta has closed a $50m Series C financing from existing investors including Bill Gates, Lux Capital…

Satellite communication company Kymeta has closed a $50m Series C financing from existing investors including Bill Gates, Lux Capital and Liberty Global, alongside 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.

Kymeta CEO Vern Fotheringham said, “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,” added 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.”

Kymeta launched in August last year with a $12m venture funding round, spinning out of ‘invention capital company’ Intellectual Ventures.

Read more at AltAssets