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SmartSky Networks garners $32 million from its fundraising

(PRNewsfoto/SmartSky Networks, LLC)

SmartSky Networks reported that it had procured $32 million from its equity and debt retrieval, increasing its capital base. This amount brings more benefits to the table as the company plans on unveiling its Air-to-Ground (ATG) aviation Wi-Fi service before the end of this year. SmartSky’s WiFi connection services will meet the demands of various groups like businesses, companies dealing in aircraft services, and other operations requiring stable internet connectivity. The company offers a unique opportunity for customers to enjoy b-directional connectivity independent of satellite signal problems. The chief executive of SmartSky Networks, David Helfgott, stated that the funding is demonstrated that the company can develop and offer state-of-the-art technology.

Initially, Helfgott was the head of a satellite technology company called Phasor that went under in May last year. This situation resulted in Hanwha Systems procuring Phasor’s utilities in the month that followed. The executives left the company for SmartSky Networks in October last year, hoping to perform better than what he had done at Phasor. Currently, he is still the head of the company, and it is performing excellently due to his diligence. Moreover, the company has procured another $104 million in total, with the additions coming from the fundraising that it organized. Companies like BlackRock, Meritage Investors, WP Global, Tiget Infrastructure, and Platform Partners enabled the company to realize this amount. Some of the companies supported in terms of debt commitment, while others acted in their capacity as equity entities.

The company announced that the capital secured will help it unveil the air-to-ground Wi-Fi service on a global scale. The company’s advocacy group, Allen & Company, has been advising the company all through to what it is planning on doing. Various investors have started noticing the potential of this company to pump their resources into the company at some point. The company has gone ahead to finalize the pilot program for this project, hoping that customers can subscribe to the service when it becomes operational. The success of the program will help the aviation industry enjoy Wi-Fi services in their dealings. Experts explained that SmartSky Networks is offering real-time Wi-Fi connectivity that assures customers of high internet speeds.

Primary elements of this system are taking over the American market with the likes of 4G Long Term Evolution (LTE) and 5G technologies. These cellular network services will be available at affordable prices when the company expands its operations to meet the needs of the customers countrywide.

This post was originally published on Downey Magazine