US-based wireless broadband and satellite network LightSquared has raised $265m to further its ambitious plans to create a US wireless broadband network.
LightSquared did not disclose who had invested in the round but South Korea-based SK Telecom was linked to taking an investment in the company by reports last year. SK Telecom and LightSquared did not respond to requests for comment on whether the Korean company ever invested.
LightSquared has received $2.9bn of assets contributed by US hedge fund Harbinger Capital Partners and its affiliates, and it also has more than $2bn in debt and equity financing, according to LightSquared’s website.
The company is building a wireless broadband network which it says is an effort to "unleash the full power of the mobile internet".