US-based satellite communication technology provider Kymeta has agreed a $30m investment from Hanwha Systems, a smart technology subsidiary of diversified conglomerate Hanwha.
Spun off by intellectual property-focused investment firm Intellectual Ventures in 2012, Kymeta provides flat-panel satellite antennas and terminals used for satellite communication, as well as a range of related software and services.
The funding will be used to extend the company’s market reach, speed up the development of its product offering and ramp up its manufacturing processes. Hanwha Systems will receive a seat on its board of directors in connection with the investment.
The company launched with $12m in a 2012 round featuring mass media company Liberty Global, Lux Capital and Bill Gates, with Intellectual Ventures remaining a shareholder. All three joined Osage University Partners and The Kresage Foundation in a $50m series C round the following year.
Kymeta raised $20m from investors including Bill Gates and Lux Capital in 2014, and closed a $62m series D round in 2016 that included Lux Capital, Kresge Foundation, Osage University Partners, Gates and undisclosed others.
Satellite operator Inselsat joined unnamed others to provide $73.5m for Kymeta in 2017, before Gates led an $85m round in August 2020, with about $1m coming from the company’s leadership team.