It has been reported that USA LTE network operator LightSquared has raised hundreds of millions of dollars in funding from new and existing investors.
According to recent reports the USA based LTE network operator LightSquared has raised over two hundred million in additional funding, which has been raised through its new and existing investors. The chairman and chief executive officer of LightSquared, Sanjiv Ahuja, said that this funding reflected the amount of support that the company’s model had from the financial markets.
The funding comes amidst the controversy that surrounds the LTE network following claims that it will interfere with GPS signals, which is something that is now being investigated by the Federal Communications Commission. The company has tried to address these concerns by presenting a modified spectrum use plan to the Federal Communications Commission.
Ahuja recently said: “This latest round of financing signals another endorsement by the financial markets of our business model, and LightSquared’s intent to use private capital to build out a new network to meet the growing demand across this entire nation for wireless broadband access.”
With regards to LightSquares’ claims that there will be no interference with GPS, a lobby group, Coalition to Save Our GPS, said: “Since LightSquared was completely wrong in formulating its initial deployment plans and claiming that they would not cause interference, why should the company’s reassuring technical claims about its “new” deployment plan be given credibility?”
Source – Mobile Business Briefing