Ligado Networks Raises Additional $3.85B To Fund L-Band Network
Ligado Networks that it has raised $3.85 billion in new capital from new and existing investors, led by JPMorgan Chase & Co. This capital raise, announced Oct. 23, will support Ligado as it works to deploy a private L-band network to offer managed network services for enterprise and industrial sectors. Ligado said specifically, this capital raise will fund the company’s commercial collaboration with chipset designers, device manufacturers, and network infrastructure providers.
The FCC approved Ligado’s plan to deploy a low-power terrestrial nationwide network in the L-band to support Internet of Things services (IoT) in April. But Ligado has many detractors. A wide range of stakeholders including the U.S. Department of Defense (DoD), the GPS Innovation Alliance (GPSIA), Iridium, Lockheed Martin and a group representing GPS end users called Keep GPS Working Coalition have opposed the decision, saying Ligado’s network will cause harmful interference to GPS signals.
“Today is a great day, and now the fun begins. We’ve secured our license, we’ve raised the necessary capital, and we’re in a great position to work with the industry to get this spectrum deployed for 5G to support critical industries across the U.S.,” said Doug Smith, Ligado President and CEO.