Kymeta Closes $50 Million Series C Financing
Kymeta uses satellite technology to provide connectivity on planes, trains, boats, and automobiles.
Image credit: Kymeta
[Satellite TODAY 07-11-13] Kymeta has successfully closed a $50 million Series C financing arrangement to accelerate its growth plans. Kymeta, a privately held technology company, designs and manufactures satellite communication antennas and systems. Osage University partners and the Kresge Foundation joined existing Kymeta investors including Bill Gates, Lux Capital and Liberty Global in the financing.
Kymeta is using patented metamaterials technology that steers antenna beams without moving parts, resulting in flatter, thinner, lighter and more adaptable antennas and communication terminals. The company says this capability enables “new opportunities in the satellite industry to provide new broadband mobile services and highly-flexible portable and fixed services to a wide range of applications.”
In addition to this announcement, Kymeta’s CEOfficer Vern Fotheringham announced several key promotions on the company’s senior leadership team, including the appointment of Bob McCambridge as president and COO. Co-founder Nathan Kundtz was appointed as executive vice president and CTO, and John Schilling as executive vice president and CFO.