US-based communication satellite builder Kymeta received $84m yesterday in a funding round led by private investor Bill Gates and backed by Hanwha Systems, the aerospace technology division of conglomerate Hanwha, and unnamed others.
Formed within intellectual property-oriented private equity group Intellectual Ventures in 2012, Kymeta is developing flat-panel satellite antennas designed for use in satellite-based communication channels including broadband connectivity and mobile networks.
The company will use the funding to improve its technology in addition to its low-Earth orbit and defence industry products as it looks to enhance its manufacturing capacity.
Kymeta’s chairman and co-chief executive, S Douglas Hutcheson, said: “Kymeta’s growth opportunities continue to multiply as we develop, deliver and launch innovative products into the market to great success.
“This is an exciting period for investors as they see the growing enthusiasm for our products as we continue to hit our milestones and this strong financial backing is another testament to that.”
Hanwha Systems had already agreed to invest $30m in the company in December 2020, following an $85m round led by Bill Gates four months earlier that included $1m from the company’s leadership team.
Satellite technology group Inselsat and unnamed additional investors provided $73.5m for Kymeta in 2017, the year after it completed a $62m series D round featuring Lux Capital, Kresge Foundation, Osage University Partners, Gates and unnamed others.
Gates and Lux Capital had already backed a $20m round for the company in 2014, the year after mass media group Liberty Global, Osage University Partners, The Kresage Foundation, Lux Capital and Bill Gates participated in its $50m series C round.
Kymeta had publicly launched the previous year with $12m from Liberty Global, Lux Capital and Gates, with Intellectual Ventures keeping a stake in the company.
Image courtesy of Kymeta Corporation.
