LightSquared raises $256 Million
Date: Monday , August 01, 2011
LightSquared, a wholesale-only integrated 4G-LTE wireless broadband and satellite network, raises $265 million in additional funding. The capital was drawn from both existing investors as well as new investors in the company. LightSquared will use these funds for general corporate purposes, which includes constructing its world-class 4G-LTE wholesale network.
“This latest round of financing signals another endorsement by the financial markets of our business model, and LightSquared’s intent to use private capital to build out a new network to meet the growing demand across this entire nation for wireless broadband access,” says Sanjiv Ahuja, Chairman and CEO,LightSquared. As a wholesale-only operator, the company will deploy an open 4G network to be used by existing and new service providers to sell their own devices, applications, and services, at a competitive cost and without retail competition from LightSquared. The deployment and operation of its network represent more than $14 billion of private investment over the next eight years.
With the creation of the first-ever, wholesale-only nationwide 4G-LTE network integrated with satellite coverage, LightSquared offers people the speed, value, and reliability of universal broadband connectivity, wherever they are in the United States. Over the last 12 months the company has raised a total of over $2.3 billion in funding.