Sunday, May 22, 2011

LightSquared Raises Additional $265 Million

LightSquared has raised an additional $265 million in funding for building its wholesale-only, nationwide LTE + broadband satellite network. The new funding came from both existing investors as well as new, unnamed investors. Over the last 12 months LightSquared has raised over $2.3 billion.

"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," said Sanjiv Ahuja, chairman and chief executive officer of LightSquared.