LightSquared, a company that is developing a wholesale only, net-neutral 4G-LTE network that combines with satellite to provide nation-wide broadband wireless access, has raised $265 million in new funding.
The company says that the capital was raised from both existing investors as well as new investors in the company but declined to reveal LightSquared’s new investors in the release. Current investors include Spectrum Assets and Harbinger Capital Partners. Over the last 12 months LightSquared has raised over $2.3 billion.
LightSquared’s plans have stirred controversy because the network may cause interference with GPS systems. The FCC is currently reviewing LightSquared plans for these interference concerns. But the company says it plans to resolve any issues with interference of GPS networks.
LightSquared says it will use new funding for ‘general corporate purposes, which includes constructing its world-class 4G-LTE wholesale network.’LightSquared has disclosed that it plans commit $15 billion to build a wholesale wireless service using 40,000 base stations.