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.”
