Kymeta closes on $50M financing round

Jul 9, 2013, 5:24am PDT

Kymeta Corp., the Redmond satellite technology company that was spun off from Intellectual Ventures last year, said it’s completed a $50 million Series C financing round.

Kymeta said existing investors Bill Gates, Lux Capital and Liberty Global were joined in the financing by Osage University Partners and The Kresge Foundation.

“It is a clear testament to the progress we’ve made to date proving our unique technology is poised to make significant contributions to the advancement of global broadband connectivity enabling high-speed communication services to businesses, consumers, governments and NGOs regardless of their location worldwide,” said Kymeta CEO Vern Fotheringham, in a statement.

Kymeta also said it’s promoted Bob McCambridge to president and chief operating officer. Co-founder Dr. Nathan Kundtz was promoted to executive vice president and chief technology officer, and John Schilling to executive vice president and chief financial officer.

Read more at Puget Sound Business Journal