LightSquared Nets Another $265M In Financing

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.


In Depth

FINtech Focus: Fundbase Aims To Revolutionize Access To Hedge Funds

Jan 23 2015 | 11:03am ET

Global investment in financial technology—also known as fintech—is booming....

Lifestyle

Looking For A Hedge Fund Manager? Try Davos

Jan 28 2015 | 8:48am ET

Davos, Switzerland seems to have become the hedge fund capital of the world—at...

Guest Contributor

From Switzerland With Love: Some Hard Truths About Central Banks And Risk

Jan 23 2015 | 7:54am ET

In the wake of the Swiss National Bank uncoupling the country’s currency from...

 

Editor's Note