Kymeta Funding, Investors & Competitors

Kymeta has raised $405M across 7 funding rounds, most recently a $84M undisclosed-stage round in March 2022.

Last Kymeta funding round

$84M

Undisclosed stage · Mar 2022

Cumulative funding Kymeta raised

$405M

across 7 funding rounds

Key investors in Kymeta

Kymeta Overview

About Kymeta

Kymeta is a Redmond-headquartered developer of flat-panel satellite antennas using metamaterials for mobile broadband connectivity on land, sea, and air vehicles.


Founded

2012

HQ

United StatesSeattle, WA

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Kymeta Funding History

Kymeta has raised a total of $405M across 7 funding rounds.

Kymeta's first fundraising round was a $50M Series C in June 2013. The most recent completed round was a $84M undisclosed-stage round in March 2022.

Kymeta funding rounds

Kymeta funding rounds
DateStageInvestorsRaisedDeal Summary
Mar 2022Undisclosed stageBill Gates (lead); Hanwha Systems$84MKymeta Corporation develops flat-panel satellite antennas for high-throughput communication on vehicles, vessels, and fixed platforms without mechanical steering components. The company raised $84M in an Unattributed VC - II round on March 15, 2022, from investors including Bill Gates, Andreessen Horowitz, Hanwha Systems, and undisclosed others. Kymeta has undergone multiple funding rounds, including a prior $30M Unattributed VC in June 2021 from Gates Ventures and Lux Capital, and later rounds such as a $4.63M Corporate Minority - III on September 4, 2023, and a $20M Debt facility on September 5, 2024. Total funding across rounds is reported variably as $451.41M over 13 rounds or $528M. Kymeta operates in the telecom sector, focusing on lightweight, slim communication systems backed by U.S. and international patents. Later developments include additional minority investments and debt financing, indicating ongoing efforts to scale in satellite communications amid competition from firms like Legacy Telecomm and Zetron.
Dec 2020Strategic investmentHanwha Systems (lead)$30MKymeta Corporation, based in Redmond, Washington, develops metamaterial-based electronically steerable antennas (ESA) for mobile satellite-cellular connectivity, targeting communications on the move in commercial and government markets, with products like the Kymeta u8 terminal and Kymeta Connect service launched commercially on November 30, 2020. Hanwha Systems, a South Korean defense technology company specializing in radar and communication systems, agreed on December 24-28, 2020, to invest $30 million in equity to support Kymeta's next-generation solutions, accelerate production, enhance customer experience, expand global market reach, and develop LEO antenna capabilities. The investment aimed to help Hanwha enter the growing low Earth orbit (LEO) antenna market and diversify its portfolio, with Hanwha receiving a board seat upon U.S. regulatory approval by CFIUS in May 2021. This $30 million round followed Kymeta's prior $85 million funding in August 2020 led by Bill Gates. PJT Partners acted as financial advisor and placement agent for the capital raise. The funding was intended to boost unit production and ongoing R&D for hybrid satellite-cellular solutions compatible with GEO networks and upgradable for LEO constellations. Hanwha Systems viewed the partnership as leveraging its defense communication expertise to strengthen aerospace capabilities, including potential collaboration on LEO solutions for South Korean and global markets. Kymeta's technology positions it for latency-sensitive mobile applications amid expanding LEO satellite deployments. Subsequent Hanwha investments in Kymeta included additional rounds in 2022 and 2023, and Hanwha announced plans for its own 2,000-satellite LEO constellation while acquiring Phasor Solutions' antenna technology.
Aug 2020Undisclosed stageBill Gates (lead); S. Douglas Hutcheson (lead)$85MKymeta Corporation manufactures flat-panel satellite antenna systems designed for seamless connectivity on mobile platforms including vehicles, vessels, and fixed installations. The company's technology addresses the need for lightweight, slim communication systems without mechanical steering components. In August 2020, Kymeta raised $85.2 million in funding, with participation from notable investors including Bill Gates and S. Douglas Hutcheson, reflecting investor confidence in the satellite connectivity market. The company has raised a total of over $528 million across multiple funding rounds since its founding.
Apr 2017Series EIntelsat (lead); Mirai Creation Fund; Tectonic Ventures$74MKymeta, a satellite communications technology developer spun out from Intellectual Ventures in 2012, raised $73.5 million in equity funding around April 2017, as revealed in an SEC filing. Intelsat contributed a modest, undisclosed portion of the round and acquired an equity stake, marking a deepening of their partnership that began in 2015 to optimize Kymeta's flat, electronically-steerable mTenna antennas for Intelsat's EpicNG high-throughput satellites. The funding brought Kymeta's total capital raised to nearly $200 million, following a prior $62 million round. The investment coincided with the launch of KĀLO, a satellite broadband service offering by-the-gigabyte plans using Kymeta's mTenna antennas and KyWay Terminals, designed to seamlessly connect across Intelsat's EpicNG satellites like Intelsat 29e, 32e, 35e, and 37e. Intelsat CEO Stephen Spengler joined Kymeta's board, signaling strong endorsement of the company's metamaterials-based antennas for Ku-band satellite communications. Kymeta's technology targets fast, reliable broadband for new vertical markets, positioning it as a cost-effective alternative in the satellite ecosystem amid Intelsat's merger with OneWeb.
Jan 2016Series DMirai Creation Fund; Lux Capital; Bill Gates; Kresge Foundation; OUP (Osage University Partners)$62MKymeta Corp., a Redmond-based satellite antenna technology company, closed a Series D financing round of $62 million in January 2016. The round was backed by a consortium of investors including Bill Gates, Lux Capital, the Kresge Foundation, and Osage University Partners, along with undisclosed strategic partners. The company's core technology is the mTenna flat-panel satellite antenna system, which represents a significant advancement over traditional bulky satellite antennas used in maritime, aviation, and automotive applications. By the time of this round, Kymeta had established strategic partnerships with major technology companies including Sharp for LCD array components, Intelsat for next-generation satellite applications including vehicle connectivity, and Panasonic Avionics for maritime satellite systems. According to CEO Nathan Kundtz, the Series D round brought total equity investment in the company to $124 million as of early 2016. The company was positioning itself to address emerging applications across transportation and connectivity sectors, with Kymeta expanding its portfolio beyond its initial focus.
Dec 2014Undisclosed stageLux Capital; Bill Gates$20MKymeta, a Redmond-based satellite communications startup developing flat-panel, electronically steered antennas called mTenna, raised $20 million in a venture round in December 2014 from returning investors Bill Gates and Lux Capital. This followed a $50 million round in June 2013 from the same investors. The funding supported key technology, product, and customer milestones as the company prepared for commercial rollout. At the time, CEO Vern Fotheringham announced his departure at year-end, with CTO and co-founder Nathan Kundtz stepping in as interim CEO. The 2014 round positioned Kymeta for growth in transforming satellite communications for mobility applications across sea, land, and air. Investors like Bill Gates expressed optimism about the team's technology and market opportunities. Lux Capital's Josh Wolfe highlighted the company's achievements and commitment to further investment. Kymeta continued raising capital post-2014, securing $62 million in Series D in January 2016 from Gates, Lux Capital, Kresge Foundation, and Osage University Partners, followed by $73.6 million Series E in April 2017 and later rounds totaling over $85 million in 2020. The company formed partnerships with Intelsat, Panasonic, Inmarsat, Airbus Defence & Space, and others, demonstrating its mTenna technology in events like the 2016 Monaco Yacht Show.
Jun 2013Series CLux Capital; Bill Gates; Liberty Global; Kresge Foundation; OUP (Osage University Partners)$50MKymeta Corporation, a Redmond, Washington-based satellite communications startup spun out from Intellectual Ventures, raised $50 million in Series C funding on July 9, 2013. Investors included Bill Gates, Lux Capital, Liberty Global, Osage University Partners, and The Kresge Foundation. The company designs and manufactures satellite communication antennas and systems using patented metamaterials technology that enables dynamic beam steering with no moving parts, aiming to improve broadband mobile services and portable applications. The funding was intended to accelerate growth plans, transitioning from technology refinement to product development and commercial launch. CEO Vern Fotheringham noted the leadership team's execution exceeded metrics, positioning Kymeta for market entry. The company had previously raised $12 million upon spinning out from Intellectual Ventures. At the time, Kymeta had entered commercial development agreements with leading satellite service providers but had not yet launched products to market. Kymeta demonstrated successful bi-directional satellite internet connectivity, marking a key milestone. Prototypes were planned for field trials in 2014, with initial commercial products targeting media organizations and oil/gas companies in 2015, followed by broader market pricing reductions. Fotheringham expressed ambitions for Kymeta to become a billion-dollar public company in a large global market, supported by prominent investors including Gates on the board.

Who has invested in Kymeta?

10 investors have backed Kymeta across its funding rounds, including Bill Gates, Lux Capital, OUP (Osage University Partners), Mirai Creation Fund, Hanwha Systems and Kresge Foundation.

Lead investors include Bill Gates, Hanwha Systems, S. Douglas Hutcheson and Intelsat.


Kymeta Investors

Investors in Kymeta by funding rounds participated
InvestorHQRoundsRoleFirst check
Bill GatesUnited StatesSeattle, WA5LeadJun 2013
Lux CapitalUnited StatesNew York City, NY3ParticipantJun 2013
Mirai Creation FundJapanTokyo2ParticipantJan 2016
Hanwha SystemsSouth KoreaSeoul2LeadDec 2020
Kresge FoundationGermanyGermany2ParticipantJun 2013
OUP (Osage University Partners)United StatesPhiladelphia, PA2ParticipantJun 2013
IntelsatUnited StatesWashington, DC1LeadApr 2017
S. Douglas HutchesonUnited StatesSan Diego, CA1LeadAug 2020

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Kymeta

Kymeta has acquired 1 company to date.

Last acquisition by Kymeta was on August 18th 2020. Kymeta acquired Lepton Global Solutions for undisclosed valuation.


Latest Acquisitions by Kymeta

Lepton Global Solutions
Description
Lepton Global Solutions is an India-headquartered satellite communications provider offering customized VSAT networks, S-band mobile services, and broadband solutions. The company supports maritime vessels, remote enterprises, defense operations, and disaster response with end-to-end connectivity across Asia, Africa, and the Middle East.
HQ CountryUnited States
HQ City
-
Deal Date18 Aug 2020
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Kymeta Competitors

Kymeta competitors include listed companies like EchoStar, AST SpaceMobile, Viasat and SpaceX, and private ones like ICEYE and Yuanxin Satellite.

Public and private companies comparable to Kymeta
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
EchoStarUnited StatesUnited StatesPublicly listed$15B($16B)$27B3.1x
AST SpaceMobileUnited StatesUnited StatesPublicly listed$71M($419M)$19B148.3x
ViasatUnited StatesUnited StatesPublicly listed$4.6B$1.6B$10B3.2x
SpaceXUnited StatesUnited StatesPublicly listed$19B$3.9B$2.0T-
ICEYEFinlandEspooPrivate$289M$115M$12B40.3x
Yuanxin SatelliteChinaShanghaiPrivate--$7.4B-

Kymeta Public Comps

Kymeta is still privately-owned, but its public comps include SpaceX, Samsung, Cisco, Arista Networks, Amphenol, Foxconn Industrial Internet, Eoptolink, Hewlett Packard Enterprise, Lumentum and Motorola.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
SpaceX$19B$3.9B106.0x-503.3x-
Samsung$243B$67B4.4x2.4x15.8x4.4x
Cisco$63B$19B7.1x6.9x23.4x17.9x
Arista Networks$9B$3.9B26.5x20.5x60.5x41.7x
Amphenol$23B$6.9B9.0x6.5x30.0x19.8x
Foxconn Industrial Internet$135B$7.7B1.4x0.9x23.8x16.6x
Eoptolink$3.7B$1.7B23.5x12.4x52.4x26.2x
Hewlett Packard Enterprise$34B$2.6B2.8x2.1x36.2x11.0x

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Common questions about Kymeta

When was Kymeta founded?Kymeta was founded in 2012.
Where is Kymeta headquartered?Kymeta is headquartered in Seattle, WA, United States.
Is Kymeta publicly listed?No, Kymeta is a private, VC-backed company.
How much funding has Kymeta raised?Kymeta has raised $405M across 7 funding rounds.
What was Kymeta's last funding round?Kymeta's last funding round was a $84M undisclosed-stage round in March 2022, led by Bill Gates.
Who are Kymeta's investors?Kymeta's investors include Bill Gates, Lux Capital, Mirai Creation Fund, Hanwha Systems, Kresge Foundation, OUP (Osage University Partners), Intelsat, S. Douglas Hutcheson, Liberty Global and Tectonic Ventures.
Which companies are comparable to Kymeta?Companies comparable to Kymeta include EchoStar, AST SpaceMobile, Viasat, SpaceX, ICEYE and Yuanxin Satellite.
How many companies has Kymeta acquired?Kymeta has acquired 1 company, including Lepton Global Solutions.

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