It’s been nearly a year since Intellectual Ventures announced its satellite communications spinoff Kymeta, but a recent round of funding from heavyweight backers is about to give the company some serious momentum. In a press release today, Kymeta announced $50 million in Series C financing from Bill Gates, Liberty Global and Lux Capital, among other high-profile investors. The company, which is developing a portable satellite broadband receiver under the mTenna brand, currently counts Gates among its board members. Though its products have yet to hit the market, Kymeta’s A-list backing has generated significant interest in its tech, which utilizes metamaterials to deliver stronger broadband signals in a more affordable, energy-efficient package. The company is already in talks with several service providers, and this latest influx of cash should only help expedite development agreements and a commercial launch.
Satellite startup Kymeta announces $50 million in funding from Bill Gates and other backers
Sarah Silbert 07.09.13
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.”
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