Participated · Series A · Feb 2024

Greenerwave is a Paris-based deeptech spin-off from the Institut Langevin (ESPCI Paris/CNRS) that develops reconfigurable intelligent surfaces (RIS) and physics-derived algorithms to steer electromagnetic waves in real time. Its metasurface technology uses centimetric ‘‘pixels’’ to shape reflected waves, enabling directional beams that reduce energy use, require fewer semiconductors, and lower production costs versus conventional antennas. The company targets telecoms, terrestrial and non-terrestrial connectivity (satellites), radar imagery and IoT, and has a satellite-focused flat antenna product available for pre-order at the end of 2024. Greenerwave emphasizes passive, low-cost, easy-to-manufacture hardware that can democratize satcom for new constellations and on-the-move applications. The startup reports a workforce of 85 employees, including 50 engineers, and aims to expand its sales force and product range to meet growing market demand. The company positions its technology as contributing to reduced material use and greater industrial sovereignty by lowering dependence on semiconductors. This commercial and product roadmap is being accelerated following recent fundraising.

Led · Debt Financing · Nov 2019

BlackSky provides geospatial intelligence, satellite imaging and global monitoring services by combining high-quality satellite imagery with real-time sensor data, social media, news and other feeds. The company fuses AI/ML-powered computer vision, high-revisit-rate orbital imagery and open-source intelligence to deliver timely, actionable insights. BlackSky operates an established manufacturing capability, a mission operations center and sales channels, and currently has four 1-meter satellites in orbit with another four slated for launch in early 2020; it plans to have 16 satellites by early 2021 and has a planned 60-satellite constellation. The firm is part of Spaceflight Industries and is based in Seattle, Washington. BlackSky targets commercial and government customers for use cases including economic asset tracking, maritime monitoring and security. Recently it secured a $50 million senior secured loan from Intelsat to augment assets and alliances and to support infrastructure enhancements. BlackSky Global is developing a fleet of small satellites and a web-based platform to provide near real-time Earth imagery and one-frame-per-second video to customers. The company plans a 60-satellite constellation designed to pass over major cities and economic zones 40 to 70 times per day, enabling image delivery within a couple of hours. BlackSky aims to sell imagery for about a tenth of competitors' prices and target customers in agriculture, forestry, defense, engineering and government. The service is intended to allow customers to monitor infrastructure, crops and other assets with frequent revisit rates. BlackSky operates under parent company Spaceflight Industries, which has raised funding that will partially support the program. The company says it currently has enough funding to launch six spacecraft by the end of 2016.

Led · Equity · Nov 2017

Dejero aggregates diverse connectivity paths — including LTE and 5G cellular, satellite and broadband — using cloud-based technology to deliver enhanced reliability, expanded coverage and greater bandwidth. Its core offering blends multiple links into a managed service to improve connection resilience and capacity for users. The company recently secured a $13 million term loan commitment from Runway Growth Capital, which provides growth capital as an alternative to raising equity. Runway tailored the loan to Dejero and welcomed the company back to its portfolio, signaling continued support. Dejero’s CFO said the growth loan will infuse incremental capital to help the company grow, diversify its suite of products and services, and make them more readily available to companies who can benefit from network aggregation. Runway stated it sees Dejero as having potential to be a critical player in the future of 5G and cloud connectivity. Founded in 2008 and based in Waterloo, Dejero builds cloud-based software and hardware that aggregates LTE, 5G cellular, satellite, and broadband into a virtual "network of networks" to support mission-critical live video transport and real-time data transfer. Its customers include broadcasters, production companies, businesses, public safety organizations, and government agencies. Dejero plans to use the new funding to expand its live video and real-time data solutions in global markets. The company operates offices in the United States and the United Kingdom and maintains a global distribution network. According to Crunchbase, Dejero has raised $59.5 million to date. Dejero combines IP networks—cellular, Ku-band satellite and other IP links—into cloud-managed solutions to transport high-throughput, low-latency video and provide Internet connectivity while mobile or in remote locations. Its solutions are used by news organizations to report live from around the world and to provide Internet connectivity in remote locations. With global partners the company supplies equipment, software, connectivity services, cloud services and support to deliver required uptime and bandwidth. Dejero collaborates with Intelsat on the Dejero CellSat solution, which intelligently combines cellular connectivity from multiple mobile network providers with Ku-band satellite connectivity. The company intends to use the financing to accelerate its product development roadmap and to expand globally into the broadcast and media market. Dejero is led by CEO Bruce Anderson and is headquartered in Waterloo, Ontario, Canada. Dejero Labs develops cloud-managed solutions that simplify the transport of live video and real-time data across remote or mobile IP networks. Its LIVE+ cloud-based platform manages and bonds wired and wireless network connections to deliver broadcast-quality live video from virtually anywhere, paired with portable IP newsgathering equipment. The company serves broadcasters, media organizations, and mobile production companies and counts major North American networks as customers, including ABC, CBC, CBS, CTV/Bell Media, Fox, NBC and Rogers Media. Dejero’s equipment is positioned as a cost-effective, faster alternative to microwave or satellite trucks, enabling rapid coverage of breaking news and international events such as the Olympics. The $14 million growth financing from Wellington Financial will support continued innovation and expansion beyond news reporting into broader live broadcast media and entertainment. Dejero has been recognized on Deloitte’s Technology Fast 50 (ranked 37th in 2016), reflecting its continued growth and technological distinction. Dejero develops bonded wireless transmission solutions for the broadcasting industry from its base in Waterloo, Ontario. The company produces centrally managed LIVE+ platforms that allow video journalists to record and transmit live from the scene using wireless uplink solutions. Its technology includes a patent-pending Intelligent Connection Management system. Led by CEO Brian Cram, Dejero targets broadcasters and field video journalists with its products. The company said it will use new funding to extend sales growth and continue developing broadcasting technologies. In April 2014 Dejero raised $4.5M to support those efforts.

Participated · Equity · Apr 2017

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 · Jun 2015

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.