Participated · Equity · Jun 2022

Overair is developing Butterfly, an experimental eVTOL aircraft prototype intended to support FAA certification efforts. The company plans to complete the Butterfly prototype by the second half of 2023 to validate designs and mitigate technological risks. Overair says Butterfly’s propulsion system — benefiting from decades of military VTOL work at Karem Aircraft — has been proven, and the prototype will be tested for real-world weather performance, payload capacity, and low-noise operation. The startup claims a broad flight envelope and a very small sound footprint due in part to four large, slowly spinning propellers. With fresh capital the company will build out its commercialization team and go-to-market strategy, while targeting a U.S. launch first. Overair also plans to participate in South Korea’s UAM Grand Challenge and has a strategic partnership with Hanwha that includes supply of electric motors and battery packs.

Participated · Equity · Mar 2022

Kymeta produces metamaterial-based flat-panel satellite antennas, terminals, and bundled services designed for mobile high-throughput connectivity with no moving parts. Its low-power, high-bandwidth terminals support multi-orbit connectivity from LEO to GEO and are used by military, government, enterprise, and maritime customers. The company offers a complete product family and says its solutions enable hybrid satellite-cellular communications on vehicles, vessels, aircraft, and fixed platforms. Kymeta is focused on evolving its u8 product family (Ku-band) and plans to bring the product family into the Ka-band in the future, while developing second- and third-generation technologies to improve efficiency and reduce costs. The company reports strong market momentum, global partnerships, and demonstrated interoperability with LEO and GEO constellations. Kymeta is privately held and based in Redmond, Washington. Kymeta develops flat-panel, metamaterial-based satellite antennas and hybrid satellite-cellular connectivity services (Kymeta Connect) aimed at providing seamless communications on the move. Its flat-panel terminal is described as the first of its kind: lightweight, slim, high-throughput, and without mechanical components to steer toward a satellite. The company commercialized its next-generation antenna, terminal, and services on November 30, 2020, and offers solutions for vehicles, vessels, and fixed platforms. Kymeta targets both commercial and government markets and positions its LEO-upgradeable solutions for latency-sensitive and highly mobile applications. The company is privately held and based in Redmond, Washington. Kymeta announced a $30 million equity investment from Hanwha Systems to back development of its next-generation products and accelerate production and market expansion. Kymeta develops smart, powered, flat-panel antennas designed to improve satellite and cellular connection strength. Its antennas are electronically steered and require no moving parts, making them suitable for aircraft, ships, and other transportation use cases where traditional dishes are impractical. The dynamic panels can track and adjust to low Earth orbit satellite constellations, offering advantages over legacy geostationary systems. Since its debut in 2015, Kymeta has productized its technology and added a significant number of customers, particularly in defense, mobility, and public safety. The company raised $85.2 million in a new funding round led by Bill Gates. The proceeds are intended to speed product development and commercialization of its technology. Kymeta is a Redmond, WA developer of metamaterials-based, software-steered satellite antennas and terminal systems. Its core products include flat, electronically steerable Ku-band mTenna antenna subsystem modules (ASMs) and fully integrated KyWay Terminals that eliminate bulky mechanical steering. The mTenna technology provides electronic RF beam-steering with polarization selection and angle control, low power requirements, and a weather-facing flat radome. Kymeta has partnered with Intelsat since 2015 to optimize its mTenna ASMs for the Intelsat EpicNG high-throughput satellite platform. Intelsat plans to use Kymeta hardware in a separate KALO satellite service offered by-the-gigabyte and designed to move between EpicNG satellites. Commercial trials of Kymeta mTenna were slated for May. Financially, the company has received substantial venture funding, including a recent equity infusion reported in an SEC filing. Kymeta develops software-enabled metamaterials-based electronic beamforming antennas for satellite communications, commercializing its ultra-thin mTenna™ suite. The mTenna products use a holographic approach to electronically acquire, steer and lock a beam to any satellite. The company is led by CEO Dr. Nathan Kundtz and is Redmond, Wash.-based. Kymeta closed a $62m Series D financing to support product build and commercialization. The company intends to use the funds to build its smart antennas for high-volume markets. No operating metrics were disclosed in the article.

Led · Equity · Aug 2021

OneWeb is implementing a constellation of Low Earth Orbit satellites alongside a network of global gateway stations and a range of user terminals to provide high-bandwidth, low-latency communications. Its planned fleet of 648 satellites, intended to deliver global coverage in 2022, is fully funded. To date the company has launched 254 satellites, with another launch planned in August from Baikonur, Kazakhstan. Financially, Hanwha Systems agreed to make a $300m equity investment for an 8.8% share, bringing total equity investment since November 2020 to $2.7bn with no debt issuance. The investment is expected to complete in the first half of 2022, subject to regulatory approvals, and OneWeb will appoint a board director to represent Hanwha on completion. Hanwha brings defence capabilities, the latest antenna technologies, relationships to new government customers, and expanded geographical reach. OneWeb is deploying a 648-satellite Low Earth Orbit constellation to provide low-latency, high-bandwidth connectivity. The first-generation constellation is expected to deliver significant regional coverage by the end of 2021 and global coverage the following year, leveraging ITU-backed priority spectrum rights. It plans to deliver 1.1 Tbps of capacity addressing government, fixed-data and mobility markets and intends a partnership-based, profitable wholesale business model. OneWeb also plans a second-generation constellation to improve capacity, flexibility and economics. The company anticipates annual revenues of circa $1 billion within three to five years after full deployment of the constellation. OneWeb is described as almost fully funded following recent investment activity and is advancing to secure remaining funding needs. OneWeb develops a LEO satellite constellation and complementary ground infrastructure (global gateway stations and user terminals) to provide fast, low-latency broadband. The company has launched 36 satellites in December, bringing the total in orbit to 110, with more than 500 of the first-generation 648 satellites still to launch. OneWeb has streamlined its constellation and reduced its FCC market-access request from 47,884 to 6,372 satellites. Hughes is building the ground network that will work with OneWeb’s satellites. The company emerged from Chapter 11 after rescue financing from the U.K. government and Bharti and says it is focused on completing its first-generation fleet and commercialisation. Recent funding activity and strategic partners are intended to help OneWeb capitalise on demand driven by 5G, IoT and broader connectivity needs. OneWeb develops and plans to operate a large low-Earth-orbit satellite constellation to provide global internet connectivity. The company successfully launched and deployed its first six satellites and intends an initial fleet of about 650 satellites, with several hundred more planned later. OneWeb is moving to mass manufacture and finishing a dedicated satellite production facility being built with partner Airbus. Each satellite currently costs roughly $1 million, and the company says the new funds will accelerate manufacturing and deployment. Management expects to demo connections next year with a launch cadence of about 30 satellites per monthly launch and to offer limited commercial service in 2021; it has already signed its first customer, Talia (serving Africa and the Middle East). The company also cites progress toward fully securing its ITU priority spectrum position as it shifts from planning to deployment. OneWeb is developing a constellation of low‑orbit satellites to beam affordable internet worldwide, aiming to improve coverage and connect areas that are currently offline. The company plans an initial 10 test satellites in early 2018, followed by an initial fleet of 72 low‑orbit satellites six months later, with service potentially operational as soon as 2019. OneWeb intends its network to support schools (targeting universal school connectivity by 2022) and to enable emerging technologies like IoT and connected cars. The firm announced a major funding round to support rapid scaling, including construction of a high‑volume satellite production facility in Florida scheduled for completion in 2018. That facility is planned to churn out 15 satellites per week at a fraction of current manufacturing cost and to create roughly 3,000 jobs over four years. OneWeb also set a broader goal to fully bridge the digital divide by 2027.

Led · Series A · Jul 2019

Karem Aircraft’s new venture is focused exclusively on bringing the Butterfly eVTOL air taxi to market. The Butterfly is a quad tiltrotor design that combines vertical-lift capability with fixed-wing speed and uses rotors with variable RPM for improved efficiency. The spin-off targets urban air mobility and is aligned with Uber Elevate’s vehicle partnerships. The company raised a $25 million Series A led by Hanwha Systems to accelerate commercialization. Leadership of the new venture is headed by CEO Ben Tigner, while Karem Aircraft will continue serving military customers separately. Uber has said it expects to begin testing next year and aims for commercial deployments in Los Angeles, Dallas–Fort Worth/Frisco, and Melbourne in 2023.