Published 17:14 IST, August 26th 2020
Bill Gates invests $78mn in communications firm Kymeta in latest round of funding
Bill Gates is reportedly leading the latest funding round for global communications company Kymeta Corporation with a $78 million investment.
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Bill Gates, the principal founder of Microsoft Corporation, is reportedly leading the latest funding round for global communications company Kymeta Corporation with a $78 million investment. Kymeta Corporation has been aiming at aggressive commercialisation of satellite and cellular communications globally for the next generation electronically steered flat panel antenna.
The communications company announced the recapitalisation of the firm along with the successful funding raise of approximately $85 million, led by Bill Gates. It said that the members of the leadership team personally invested approximately $1 million, led by Executive Chairman Doug Hutcheson. According to media reports, the firm reportedly plans to launch a satellite antenna bundle by the end of 2020 for $1,000 per month.
Hutcheson said in a statement that the company is just scratching the surface of how powerful hybrid satellite-cellular communications can be when combined with an affordable electronically steered flat panel antenna offered to the global land mobility ecosystem. Calling Gates a “highly successful technology backer”, Kymeta Corp chairman said that his continued support will help them execute their vision even more rapidly and broadly.
Funding vaccine research
Gates has funded several projects of national and international impact and has been at the forefront of COVID-19 vaccine research and development. In May, Gates Foundation provided $3.6 million to SK Bioscience to accelerate the development of coronavirus vaccines. Apart from developing its own vaccine, the pharma company has also taken the contract from AstraZeneca Plc to manufacture its vaccine AZD1222, which is currently undergoing a large-scale Phase III human trial.
Bill and Melinda Gates Foundation has donated millions of dollars for coronavirus vaccine and treatment research programmes. In February, the foundation pledged to donate $100 million to coronavirus vaccine research and treatment efforts and months later, it pledged additional $1.6 billion to the Gavi vaccine alliance, a public-private global health partnership with the goal of increasing access to immunisation in poor countries.
(Image: AP)
17:14 IST, August 26th 2020