SmartSky Networks secures $170 million Series B financing

Haynes Griffin

SmartSky Networks has closed over $170 million in a multi-tranche Series B financing, completing the equity funding for the deployment of its nationwide network.

The company has raised approximately a quarter of a billion dollars in equity capital. Goldman Sachs acted as exclusive placement agent on the transaction.

SmartSky is deploying the United States first 4G LTE-based broadband high speed wireless air-to-ground data network dedicated to providing airborne internet connectivity.

A nationwide network rollout is underway, with the vast majority of sites expected to be operational this fall.

“We are pleased to have accomplished the threshold technical and business milestones needed to close on this major capital formation step. As a result, we are moving rapidly with the deployment of our coast-to-coast national network to bring users fast, seamless connectivity in the air.”

Haynes Griffin, chairman and CEO of SmartSky said: “We are pleased to have accomplished the threshold technical and business milestones needed to close on this major capital formation step. As a result, we are moving rapidly with the deployment of our coast-to-coast national network to bring users fast, seamless connectivity in the air.”

“A significant number of customers joined our Early Bird waiting list to secure their spot at the head of the line. SmartSky and its partners have already begun the process of obtaining a Supplemental Type Certification (STC) needed for installation on each aircraft model type. We expect Early Bird customer installs of our patented technology to commence next quarter, immediately following completion of the first few STCs,” added Griffin.