Wednesday, 29 June 2016
Last updated 12 hours ago
Jul 5 2011 | 1:13pm ET
Despite a run of unfavorable test results, Harbinger Capital Partners' wireless venture was able to raise hundreds of millions more as it struggles to demonstrate its system can work without disrupting global positioning systems.
The Reston, Va.-based company, in which Harbinger has invested the bulk of its assets, raised $265 million from both new and exiting investors, it said today. The venture has now raised a total of $2.3 billion, more than half of the $4 billion it may need to build its ambitious network.
The Federal Communications Commission has required that LightSquared cover 260 million people by 2016, targets the company has pledged to easily beat.
Tests on LightSquared's network shows that it may interfere with GPS receivers, sometimes significantly. The company last week proposed a solution that it claims will resolve interference for about 99.5% of GPS devices and is awaiting FCC approval.