Hanwha Systems to Invest $30 Million in Kymeta
Kymeta Corporation announced a $30 million equity investment from Hanwha Systems to accelerate the development of its mobile satellite-cellular connectivity solutions.
REDMOND, Washington – Kymeta Corporation, a company focused on mobile global connectivity, announced on December 28, 2020, that it has secured a $30 million equity investment from South Korea-based Hanwha Systems. The investment is intended to support the development of Kymeta's next-generation solutions, including the Kymeta u8™ antenna and Kymeta Connect™ services.
The funding aims to expand Kymeta's global market reach, accelerate product production, and enhance the company's growth trajectory. The capital injection will facilitate increased unit production, improved customer experience, and ongoing development of Kymeta's future capabilities. Hanwha Systems intends to leverage Kymeta's metamaterial-based antenna technology to gain a foothold in the expanding Low Earth Orbit (LEO) antenna market.
Following regulatory approvals, Hanwha Systems will also receive a seat on Kymeta's Board of Directors. Specific terms of the investment and potential joint ventures were not detailed in the announcement.
"The objective of our investment in Kymeta is to enter the LEO satellite antenna market early on, and diversify our technology portfolio," said Youn Chul Kim, CEO of Hanwha Systems. "With the expertise of HSC’s top-notch defense communication and radar technologies, we are joining hands with this promising U.S. satellite antenna company."
The investment follows the November 30, 2020, commercial availability of Kymeta's next-generation antenna, terminal, and services. The company provides seamless mobile satellite-cellular connectivity for moving assets and anticipates these solutions will strengthen its position in both commercial and government sectors.