Bill Gates leads $85 million fundraising for satellite antenna specialist Kymeta to scale production
Aug 25 20202:28 PM EDT
What is he involved with this time?
Key Points:
*Kymeta raised $85.2 million in this latest round, with Bill Gates leading the investment with $78.5 million.
*The company’s core product is its “electronically steered” flat satellite antenna, built to replace the dish technology that track moving satellites but also capable of connecting with cellular networks.
*Kymeta’s latest antenna is the u8 terminal, which it is beginning a beta trial for a launch to market by year-end.
Satellite antenna builder Kymeta announced Tuesday it closed a significant new round of fundraising led by Bill Gates, as the start-up looks to increase manufacturing and sales of its mobile communications product.
“At the end of the day, the problem that our customers want to solve is highly reliable broadband service,” Executive Chairman Doug Hutcheson told CNBC.
Kymeta raised $85.2 million in this latest round, including $78.5 million from Gates. The company has now raised about $300 million since its founding in 2012, including investments from Lux Capital, Intelsat and Liberty Global.
The company’s core product is its “electronically steered” flat satellite antenna, built to replace the dish technology that track moving satellites but are also capable of connecting with cellular networks. It looks to fill a gap in connecting satellite networks to the ground, as Kymeta says other antenna aren’t durable enough to support mobility.
Kymeta’s latest antenna is the u8 terminal, which it is beginning a beta trial for a launch to market by year-end. Hutcheson described the u8 terminal as a “transformational” product for the communications industry. He says it is the only one of its kind and can connect with a wide variety of satellites — from the likes of ViaSat’s in the distant geosynchronous orbit to the much closer and smaller SpaceX Starlink satellites in low Earth orbit.
“The technology works to provide satellite communications with no moving parts because of the flat panel and it is very robust. It could take hundreds of G’s of force, if a vehicle rolled over, or take extreme conditions and just keep working,” Hutcheson said.
Kymeta’s two target industries are defense and first responders, with the former making up all the customers participating in its beta testing program. The company declined to disclose further specifics on the customers, citing confidential agreements with the Department of Defense.
The Redmond, Washington-based company earlier this month acquired Lepton Global Solutions, a satellite communications network that Kymeta says will further improve the connectivity of its service. Kymeta has nearly 200 employees and expects that headcount to steadily grow in the next year.
Gates invested in Kymeta in 2016. Hutcheson described him as a “patient investor.”
“I think Bill believes that we have the right technology that that has been developed now to the point where it is ready to change how people think and use this type of communications,” Hutcheson said.
https://www.cnbc.com/2020/08/25/bill-gates-leads-kymetas-85-million-fundraising-for-satellite-antennas.html