Satellite startup Kymeta announces $50 million in funding from Bill Gates

It's been nearly a year since Intellectual Ventures announced its satellite communications spinoff Kymeta, but a recent round of funding from heavyweight backers is about to give the company some serious momentum. In a press release today, Kymeta announced $50 million in Series C financing from Bill Gates, Liberty Global and Lux Capital, among other high-profile investors. The company, which is developing a portable satellite broadband receiver under the mTenna brand, currently counts Gates among its board members. Though its products have yet to hit the market, Kymeta's A-list backing has generated significant interest in its tech, which utilizes metamaterials to deliver stronger broadband signals in a more affordable, energy-efficient efficient package. The company is already in talks with several service providers, and this latest influx of cash should only help expedite development agreements and a commercial launch.