Tysons, Virginia-based satellite networking company Omnispace closed a $60 million equity round to further develop its 5G hybrid mobile network.
The nine-year-old company is using 5G technology to build a global hybrid network linking satellites to mobile networks. This latest funding round was led by new investor Fortress Investment Group with participation from existing investors Columbia Capital, Greenspring Associates, TDF Ventures and Telcom Ventures.
“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 Omnispace President and CEO Ram Viswanathan in a statement. “We’re delighted Fortress Investment Group and our investors share in our commitment to drive innovative, mobile connectivity solutions.”
(5G allows for faster speeds and better latency — the time between user action and response.)
This equity funding will allow Omnispace to secure its 2 GHz mobile satellite service and its network of global terrestrial base stations to anchor its hybrid mobile system. These advancements are expected to help the company form commercial partnerships with mobile network operators.
The fresh funding comes after Omnispace selected France-based Thales Alenia Space to build initial components for its Internet of Things satellite infrastructure. The company plans to launch services for its network in 2022.
With this latest funding, Omnispace has raised $106.8 million in venture capital to date.
“Omnispace represents the next evolution of mobile telecommunications. The company recognizes that industries now require truly global mobile connectivity without compromise,” said Joshua Pack, managing partner at Fortress Investment Group. “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.”