$60 Million Raised to Fund Hybrid Network
Omnispace, which is the company tasked with developing a next-generation space and ground network for the provision of 5G and the internet of things, announced the acquisition of $60 million for its project’s funding. The company, which is based in Virginia, reported that it pooled together $60 million if it was steered by Fortress Investment Group and already existing investors; Columbia Capita, TDF Ventures, Greenspring Associates and Telcom Ventures. However, the company did not disclose the total funding it had been able to raise to date.
Omnispace has been working on what is referred to as a “global hybrid system,” which can use both satellites as well as terrestrial wireless networks for the provision of the link using 5G criteria, a system expected to allow for continuous linkage for numerous IoT uses.
According to the president and chief executive officer of Omnispace, Ram Viswanathan, the company is expected to go after creativity market fragments with its systems. It would comprise of mining and energy, agriculture and shipping and logistics. He further stated that the firm was looking to avail universal connectivity resolutions to markets that currently did not have them. He explained that in urban settings, the firms could use terrestrial wireless networks, while in rural areas, they had to use satellite-based resolutions that are not integrated. He pointed out that the available technological solutions were fragmented, costing a fortune, and still less efficient.
Omnispace looks to the offering of services via the use of a segment of range in the two-gigahertz band, which was initially allotted to ICO. This company was planning to send a constellation of satellites in the medium Earth orbit before Omnispace bought its assets due to bankruptcy, including a satellite ICO launched in 2001.
A contract for the building of two smallsats was awarded to Thales Alenia Space in 2020 April by Omnispace. The two are supposed to function as the archetypes of a future constellation. Thales subsequently subcontracted a considerable chunk of the project to other firms, with NanoAvionics manufacturing the buses, Anywaves the antennas, and Syrlinks the S-band payloads.
According to Viswanathan, the two’s delivery is expected by the end of this year, with the initial launch being set for the first quarter of the year 2022. By using the satellites, Omnispace will be able to carry out tests on its overall system, which involve various use cases. The company presumes to have completed the space segment in four years as it competes with other corporations designing satellite constellations for IoT services.