US-based Kymeta has raised $62m in its series D financing round, including backing from Microsoft founder Bill Gates.
Investors include Bill Gates, Lux Capital, Kresge Foundation and Osage University Partners, as well as new and anonymous strategic partners.
Kymeta will use the funding raised through the latest round of financing to boost its current initiative to build new, smart antennas, which will provide high-speed and high-bandwidth satellite connectivity to any movable object.
Kymeta CEO Nathan Kundtz said: "The tremendous support from our existing investors as well as new strategic investors, partners and customers is expanding our accessible market and growing our business across land, sea and air."
In 2015, the company formed new partnerships in complex industrial sectors and successfully completed testing of its tiny antenna with satellite constellations, as well as developed the first glass-on-glass, thin-film, transistor-based antennas.
Lux Capital investor Josh Wolfe said: "We continue to be impressed with Kymeta’s achievements, growth and momentum.
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By GlobalData"With new partnerships, roll-out of its smart antenna, technology and customer milestones ahead and growing industry buzz, Kymeta is inventing and delivering a future I cannot wait to live in."
Kymeta was formed in 2012 after spinning out from Intellectual Ventures and received funding to develop and commercialise the metamaterials surface antenna technology (M-SAT).
Kundtz and David R Smith developed the M-SAT technology at Duke University.
M-SAT technology facilitates the metamaterials satellite antenna to form a holographic beam that can track satellite signals from geostationary and other satellite constellations.
Since the company’s last fundraising round in 2014, Kymeta formed partnerships with several groups, including Intelsat, Sharp and Panasonic Avionics.
All partnerships are focused at improving and manufacturing Kymeta’s tiny antennas and using them in various applications, including ship terminals.
Image: Kymeta’s tiny antennas will be used in ship terminals. Photo: courtesy of Kymeta.
