South Korean conglomerate Hanwha, which has plans to deploy a LEO megaconstellation by 2030, invested $30m in Kymeta in December 2020.
Antenna maker Kymeta has announced the closing of additional equity funding totalling approximately $84m, led by Bill Gates and participation by Hanwha Systems, among other investors.
The multi-million-dollar investment will be used to drive Kymetas innovations forward, accelerate the production of its electronically-steered flat panel technology and further evolve the companys growth as it prepares to expand the offerings for LEO and defence customers. With this financing, the company is also nearing fully funded and will allow Kymeta to expand its manufacturing capacity to meet increasing customer demand for Kymetas flat-panel antennas while continuing to evolve the u8 product line in the Ku-band as well as bring the same complete product family into the Ka-band in the future.
Speaking about the funding, S Douglas Hutcheson, Executive Chairman and Co-CEO of Kymeta, said: “Kymetas growth opportunities continue to multiply as we develop, deliver, and launch innovative products into the market to great success. This is an exciting period for investors as they see the growing enthusiasm for our products as we continue to hit our milestones and this strong financial backing is another testament to that. Our technology advancements give Kymeta a competitive advantage and we are excited to continue in the development of both our second-generation u8 product family and third-generation technology that promises to provide even higher efficiencies and lower costs for our customers.”
Kymeta will be at SATELLITE 2022 from March 21-23 in meeting room #156 where the company making mobile global will officially announce additional high-profile partnerships, host on-site meetings, and hold driving demonstrations.