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Kymeta Corporation Announces $20M Financing

Announces CEO transition as company sets stage for its next phase of growth

Kymeta Corporation,  announced today that it is closing a $20 million financing to continue on its successful growth trajectory. Existing Kymeta investors including Bill Gates and Lux Capital are participating in the financing.

Kymeta also announced that Nathan Kundtz, president, CTO and co-founder has been appointed CEO on an interim basis as the board of directors begins a search for a new permanent CEO as the company sets the stage for its next phase of growth.

“This is a very exciting time for our company,” said Kundtz. “World-class customer partnerships have guided our technology’s development since our founding. Those partnerships, along with the financial support of our investors, have positioned us well to execute on the promise of our technology.”

Vern Fotheringham, Kymeta’s current CEO, will step down at the end of the year.

“We are extremely grateful to Vern for his contributions to Kymeta and for building a foundation for growth and success,” said Bill Gates, investor and board member. “The board and I are incredibly optimistic and confident with Kymeta’s team, breakthrough technology and its market opportunities ahead.”

“We are impressed with Kymeta’s achievements and excited to further invest to fuel key technology, product and customer milestones in the years ahead,” said Lux Capital’s Josh Wolfe, director and investor of Kymeta.

“It has been a privilege to lead Kymeta from its earliest stages through its successful market introduction,” said Vern Fotheringham, current CEO of Kymeta. “The company is well positioned to dramatically transform the satellite communications industry and I am incredibly proud of everything the team has accomplished.”