Sanjiv led LightSquared raises $256 Million

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Sanjiv led LightSquared raises $256 Million
Santa Clara: Reston-based LightSquared, a wholesale-only integrated 4G-LTE wireless broadband and satellite network in the U.S., has raised $256 million. They have raised close to $2.3 billion in the last 12 months, reports VentureBeat. The current fund is raised from the existing and new investors in the company. They plan to use the fund for general corporate purposes. In last June, they filed a proposal with the Federal Communication Commission to move its network to a lower block of the wireless spectrum after tests showed its network plans interfered with GPS-enabled devices. They expect to provide their wireless service to the customers by the end of 2012. Currently LightSquare partners with Best Buy Connect, Cellular South, Leap Wireless, SI Wireless and netTALK. The company was established in mid 2010 by an experienced team of global telecommunications executives and investors with the vision of revolutionizing the wireless experience in the U.S. The company's executives have extensive experience in the telecommunications industry across all disciplines, including specific experience in broadband technologies and wireless network deployment. Sanjiv Ahuja, Chairman and CEO, LightSquared, said that this round of funding signals another endorsement by the financial markets of their business model and their eagerness to use private capital to build out a new network to meet the growing demand across the entire nation for wireless broadband access. Sanjiv founded Augere in 2007, a company delivering affordable, genuine wireless broadband to under-served customers in developing markets such as Bangladesh and Pakistan. He is also the founder and chairman of Eaton Telecom, a telecommunications infrastructure company with presence in 12 African countries. LightSquared's mission is to revolutionize the U.S. wireless industry. The deployment and operation of LightSquare's network represent more than $14 billion of private investment over the next eight years. With AT&T's impending $39 billion purchase of T-Mobile on the horizon, their 4G network will certainly add a bit of variety to the wireless market.

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