LightSquared raises $265 million
- July 6, 2011
LightSquared said Tuesday that it had raised $265 million to build its 4G wireless broadband and satellite network.
The Reston-based company said the money came from existing and new investors. LightSquared has raised $2.3 billion in past 12 months.
“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,” Sanjiv Ahuja, chairman and CEO of LightSquared, said in a statement.
The company has sparred with the GPS industry since reports showed that signals from its long-term evolution (LTE) base stations caused interference with GPS receivers. The Federal Communications Commission has said it will not allow LightSquared to launch its network unless it fixes the interference problems.