Kymeta Corporation has triumphantly concluded a $50 million Series C funding round for stepping up the organization’s development plans. The latest round of funding included investments from Osage University Partners and The Kresge Foundation. The present investors of Kymeta, such as Bill Gates (News - Alert), Lux Capital and Liberty Global, were also a part of the latest funding round. The privately held technology organization, Kymeta, devises and assembles satellite communication antennas and systems.
In a statement, Vern Fotheringham, chief executive officer of Kymeta, said, “We are fortunate to have earned this level of sponsorship. 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.”
The organization is currently spearheading the usage of patented metamaterials technology, which maneuvers antenna beams with zero moving parts in a dynamic manner, thereby ensuing in flat, thin, light and extremely flexible antennas and communication terminals. This innovative capability also paves way for several fresh opportunities in the satellite industry for delivering latest broadband mobile services and extremely adaptable moveable and fixed services to a broad array of applications.
According to Josh Wolfe (News - Alert), managing partner at Lux Capital and a board member at Kymeta, the organization is eager about the market prospective for Kymeta’s technology. In the last few months, Kymeta has successfully signed commercial development contracts with several major service providers in the satellite industry.
Fotheringham said, “Our leadership team has executed flawlessly since inception, and exceeded every metric that we established to measure our progress. I have tremendous confidence in their capabilities. Their combined contributions have underscored our rapid progress that inspired the confidence our existing and new investors have demonstrated with this significant financing. Kymeta is now positioned to move from our period of technology refinement into the product development stage leading to the commercial launch of our game changing solutions.”
According to Casey Tegreene, executive vice president at Intellectual Ventures (News - Alert) and a board member at Kymeta, the organization is pleased with the speedy advancement since the spinout from Intellectual Ventures in August 2012.
Edited by Rachel Ramsey