Phoenix-based proprietary network company Mangata Networks announced the sealing of a $33 million Series A round led by Playground Global Jan. 11.
Through the new funding, which came from international investors, according to a company press release, Mangata Networks plans to initiate service for the entire Northern Hemisphere starting in 2024 with the launching of eight Highly Elliptical Orbit (HEO) satellites. The international investors who contributed to the funds include Temasek, headquartered in Singapore, ktsat from South Korea, and Scottish Enterprise in the United Kingdom, Business Wire reported.
“Somewhere in the world await the answers to some of our most pressing questions," said Juliette Neu, executive vice president and chief experience officer of Mangata Networks. "Building a platform to connect with each other, and to share each other’s ideas, can dramatically transfigure the world we live in. Our goal is to develop an organization that uses space and terrestrial systems to connect one another and draw out our unique potential, wherever we may be.”
In addition to the HEO satellites, Mangata Networks also plans to support 24 Medium Earth Orbit (MEO) satellites, the release stated. By expanding its network services to cover the Northern Hemisphere, Mangata will be able to decrease the capital expenditure needed for global connectivity while providing access to a range of services including cloud technology and 5G next-generation network connections, according to Business Wire.
"We are out to change the world and that requires visionary investors and partners," said Brian Holz, CEO of Mangata Networks. "We are really thrilled to announce this collaboration today. These investors, whose intercontinental representation reflects our own global mission, are championing a new evolution in human connectivity. We believe we have a unique combination of coverage, technology, performance, and cost that no one else can provide to their customers."