Kymeta Receives $30M Investment from Hanwha Systems
Hanwha Systems (HSC), a South Korean defense technology company, has agreed to invest $30 million in Kymeta Corporation, the companies announced Dec. 28. After regulatory approval, Hanwha Systems will also receive a seat on the Kymeta board of directors.
The companies said this investment will accelerate production and improve the reach of Kymeta’s recently released u8 antenna and Kymeta Connect service. This investment comes after Kymeta closed an $85 million funding round in August led by Bill Gates.
Hanwha Systems, which makes Multi-Functional-Radar (MFR) technology, is looking to gain a foothold in the Low-Earth Orbit (LEO) antenna market by supporting Kymeta’s metamaterial-based antenna tech. Hanwha Systems also acquired the technology of satellite antenna company Phasor Solutions in June after the company filed for bankruptcy in the United Kingdom.
“The objective of our investment in Kymeta is to enter the LEO satellite antenna market early on, and diversify our technology portfolio,” said Youn Chul Kim, CEO of Hanwha Systems. “With the expertise of HSC’s top-notch defense communication and radar technologies, we are joining hands with this promising U.S. satellite antenna company. All these efforts will further strengthen HSC’s aerospace systems capabilities.”