Satellite startup Kymeta announces $50 million in funding from Bill Gates and other backers

It's been nearly a year since Intellectual Ventures announced its satellite communications spinoff Kymeta, but a recent round of funding from heavyweight backers is about to give the company some serious momentum. In a press release today, Kymeta announced $50 million in Series C financing from Bill Gates, Liberty Global and Lux Capital, among other high-profile investors. The company, which is developing a portable satellite broadband receiver under the mTenna brand, currently counts Gates among its board members. Though its products have yet to hit the market, Kymeta's A-list backing has generated significant interest in its tech, which utilizes metamaterials to deliver stronger broadband signals in a more affordable, energy-efficient efficient package. The company is already in talks with several service providers, and this latest influx of cash should only help expedite development agreements and a commercial launch.

Filed under: Networking

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Via: GeekWire

Source: Kymeta

Source: http://www.engadget.com/2013/07/09/satellite-startup-kymeta-50-million-funding-bill-gates/?utm_medium=feed&utm_source=Feed_Classic&utm_campaign=Engadget

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