Omnispace raising $60M in lastest financing round
Feb. 2, 2021
Omnispace has closed on a
round of $60 million in equity financing that
advances its development of its 5G
non-terrestrial network (NTN) and expands its 2
GHz spectrum footprint in key markets globally.
The Omnispace network will power critical global
communications, including 5G and mobile Internet
of Things (IoT) connectivity, directly from its
satellites in space to mobile devices around the
world.
Omnispace Advances the
Development of its Global 5G Hybrid Mobile
Network with $60 million in new funding
Omnispace will power
critical global 5G and IoT communications
directly from its satellites in space to mobile
devices around the world.
Led by new investor
Fortress Investment Group, the latest round
includes funding from existing investors
Columbia Capital, Greenspring Associates, TDF
Ventures and Telcom Ventures.
This funding enables the
company to build upon the investments it has
already made to validate 3GPP standards-based 5G
products and technologies, and demonstrate 5G
connectivity from space. The financing also
paves the way for Omnispace to accelerate market
access initiatives to secure 2 GHz mobile
satellite service (MSS) and complementary ground
component (CGC) spectrum globally, which will
anchor its next-generation hybrid mobile system.
Together these efforts provide the foundation
for commercial partnerships with mobile network
operators, who enable the terrestrial component
of the hybrid network, and wireless technology
and device manufacturers.
"Omnispace represents the
next evolution of mobile telecommunications. The
company recognizes that industries now require
truly global mobile connectivity without
compromise. Omnispace will be the first to power
global 5G from space to universal devices on a
single, seamless network leveraging their 2 GHz
spectrum platform," said Joshua Pack, Managing
Partner, Fortress Investment Group.
"We are forging ahead in
the delivery of truly mobile 5G connectivity
solutions from space. Our network will leverage
harmonized 2 GHz spectrum to bring the power of
5G to users and industries around the globe,"
said Ram Viswanathan, president and CEO for
Omnispace. "We're delighted Fortress Investment
Group and our investors share in our commitment
to drive innovative, mobile connectivity
solutions."
Omnispace's 'one global
network' will utilize the company's priority 2
GHz S-band spectrum rights and will be compliant
with 3GPP 5G standards, which will ensure
security and interoperability of devices all
over the world. The initial elements of the
Omnispace network will enter into service in
2022, advancing the commercial, technological,
and regulatory initiatives and ensure successful
launch of the global system.