Omnispace, a US-based satellite technology developer backed by satellite operator Intelsat, has closed a $60m funding round yesterday led by investment management firm Fortress Investment Group.
The round also featured Columbia Capital, Greenspring Associates, TDF Ventures and Telcom Ventures.
Founded in 2012, Omnispace is developing 5G-enabled technology that will combine a satellite constellation system with telecommunication providers’ mobile networks to supply mobile-based communication services to enterprise customers.
The company will use the funding to continue the development of its 5G space technology and expand its access to the 2 GHz spectrum, a part of the electromagnetic spectrum often used for space communication, in new geographical locations.
Omnispace expects the first parts of its network to be operational by 2022. Ram Viswanathan, its president and CEO, said: “We are forging ahead in the delivery of truly mobile 5G connectivity solutions from space.
“Our network will leverage harmonised 2 GHz spectrum to bring the power of 5G to users and industries around the globe.”
The company secured $8.4m from unnamed investors in March 2016, $8.3m three months later and $30m in 2017, according to regulatory filings. Intelsat was named as an investor as of the 2017 round, and its chairman David McGlade is on Omnispace’s board of directors.