Kymeta raises US$50 million new financing

By IVCPOST Staff Reporter

Jul 10, 2013 02:52 AM EDT

Kymeta, a Redmond-based satellite antenna developer that is not even a year old, showed signs of quick growth. On Wednesday, the company announced that it had raised new financing amounting to US$50 million.

Backing up the new funding were previous backers Liberty Global, Lux Capital, and Bill Gates. The Kresge Foundation and Osage University Partners joined in as new investors of the technology firm.

This new funding would be used for "its next major inflection point - to commercial revenue from branded products," said Bob McCambridge, Kymeta's new President and Chief Operating Officer. In addition, McCambridge said, "It will get us to commercial revenue in early 2015."

The company has raised US$62 million from its investors. In addition, Kymeta also has intellectual property contributions coming from Intellectual Ventures.

Together with this new financing came a few executive promotions. In addition to McCambridge, Nathan Kundtz was named as the Executive Vice President and Chief Technology Officer and John Schilling as Executive Vice President and Chief Financial Officer.

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