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- Kymeta
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
Bill Gates
Lux Capital
OUP (Osage University Partners)
Mirai Creation Fund
Hanwha Systems
Kresge Foundation
Tectonic Ventures
Liberty Global
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
Website
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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Mar 2022 | Undisclosed stage | Bill Gates (lead); Hanwha Systems | $84M | Kymeta 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 2020 | Strategic investment | Hanwha Systems (lead) | $30M | Kymeta 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 2020 | Undisclosed stage | Bill Gates (lead); S. Douglas Hutcheson (lead) | $85M | Kymeta 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 2017 | Series E | Intelsat (lead); Mirai Creation Fund; Tectonic Ventures | $74M | Kymeta, 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 2016 | Series D | Mirai Creation Fund; Lux Capital; Bill Gates; Kresge Foundation; OUP (Osage University Partners) | $62M | Kymeta 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 2014 | Undisclosed stage | Lux Capital; Bill Gates | $20M | Kymeta, 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 2013 | Series C | Lux Capital; Bill Gates; Liberty Global; Kresge Foundation; OUP (Osage University Partners) | $50M | Kymeta 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Jun 2013 | ||
| 3 | Participant | Jun 2013 | ||
| 2 | Participant | Jan 2016 | ||
| 2 | Lead | Dec 2020 | ||
| 2 | Participant | Jun 2013 | ||
| 2 | Participant | Jun 2013 | ||
| 1 | Lead | Apr 2017 | ||
| 1 | Lead | Aug 2020 | ||
This data is available for Pro users. Sign up to see all 10 Kymeta investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions 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
| 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 Country | |
| HQ City | - |
| Deal Date | 18 Aug 2020 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Kymeta acquisitions and their M&A valuation multiples. Start Free Trial | |
Kymeta Competitors
Kymeta competitors include listed companies like EchoStar, AST SpaceMobile, Viasat and SpaceX, and private ones like ICEYE and Yuanxin Satellite.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $15B | ($16B) | $27B | 3.1x | ||
| Publicly listed | $71M | ($419M) | $19B | 148.3x | ||
| Publicly listed | $4.6B | $1.6B | $10B | 3.2x | ||
| Publicly listed | $19B | $3.9B | $2.0T | - | ||
| Private | $289M | $115M | $12B | 40.3x | ||
| Private | - | - | $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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $19B | $3.9B | 106.0x | - | 503.3x | - | |||
| $243B | $67B | 4.4x | 2.4x | 15.8x | 4.4x | |||
| $63B | $19B | 7.1x | 6.9x | 23.4x | 17.9x | |||
| $9B | $3.9B | 26.5x | 20.5x | 60.5x | 41.7x | |||
| $23B | $6.9B | 9.0x | 6.5x | 30.0x | 19.8x | |||
| $135B | $7.7B | 1.4x | 0.9x | 23.8x | 16.6x | |||
| $3.7B | $1.7B | 23.5x | 12.4x | 52.4x | 26.2x | |||
| $34B | $2.6B | 2.8x | 2.1x | 36.2x | 11.0x | |||
This data is available for Pro users. Sign up to see all Kymeta competitors and their valuation data. Start Free Trial | ||||||||
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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