4G LTE Wireless Network LightSquared Raises $265M in Funding

In another major advancement toward building out a new 4G LTE wireless broadband and satellite network, LightSquared announced today it has raised $265 million in capital.

According to company officials, the funding is being drawn from both existing and new investors in the company, and plans to use the capital for “general corporate purposes.” LightSquared is building an LTE network that will be combined with one of the largest commercial satellites ever launched, to provide coverage of the entire U.S.

Over the last 12 months LightSquared has raised over $2.3 billion, company officials said, secured in part by Harbinger Capital Partners and affiliates.

“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,” Sanjiv Ahuja, chairman and CEO of LightSquared, said in a statement.

According to the Reston, Va.-based company, the deployment and operation of LightSquared’s network represent more than $14 billion of private investment over the next eight years.

In related news, LightSquared has presented the Federal Communications Commission with a modified spectrum plan in addition to providing a solution to the GPS interference issue, MobilityTechzone reported. The plan details the groundwork for the construction of a new wireless broadband network capable of providing high quality Internet service to urban, rural and underprivileged communities within the U.S.

While its proposal is under review, LightSquared officials said the company will continue to work with the FCC, National Telecommunications and Information Administration and other federal agencies to develop and provide solutions which will help in furthering its comprehensive plan provide so-called state-of-the-art wireless broadband services to 260 million Americans by 2015.

LightSquared’s proposal outlines a three-part solution for resolving GPS interference issues involving GPS devices, which was detailed in recommendations filed at the FCC June 30.

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