Privately held Kymeta Corporation secured a US $50 million Series C financing, which would speed up the technology company's expansion endeavors. The Kresge Foundation and Osage University Partners joined Kymeta investors Lux Capital, Bill Gates and Liberty Global in the funding.
Kymeta, a satellite communication antennas and systems designer and manufacturer, was recently recognized as one of the "Top 50 Most Disruptive Technology Companies in the World."
"We are fortunate to have earned this level of sponsorship," said Vern Fotheringham, Kymeta's Chief Executive Officer, in a statement.
"It is a clear testament to the progress we've made to date proving our unique technology is poised to make significant contributions to the advancement of global broadband connectivity enabling high-speed communication services to businesses, consumers, governments and NGOs regardless of their location worldwide," Fotheringham added.
Josh Wolfe, a Kymeta board member and managing partner at Lux Capital said that "Lux Capital is extraordinarily excited about the market potential for Kymeta's technology."
"In just the past few months, Kymeta has entered into commercial development agreements with several of the satellite industry's leading service providers and we're really only getting started," he said.
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