Anuvu, formerly known as Global Eagle, has secured a commitment for $50m of growth capital to support its constellation plans.
The company announced that Apollo Capital Management LP, Sound Point Capital, Arbour Lane Capital Management LP and other investors have agreed to participate in the financial round. The company has also secured board authorisation for new equity to support the constellation.
The company plans to launch a constellation of eight MicroGEO satellites in partnership with Astranis. This constellation will serve aviation and maritime customers and provide a hybrid network with capacity from Telesat Lightspeed in Low-Earth Orbit (LEO) and Geostationary Orbit (GEO) satellites.
Astranis operates the spacecraft it builds, providing customers with capacity through long-term lease agreements. Its first commercial satellite Arcturus is slated to launch in early 2022 for US-based telco Pacific Dataport Inc. (PDI).
The growth capital will support the first two satellites Anuvu ordered in July from Astranis as part of a planned eight-strong constellation, building on a business that currently leases capacity from other operators to provide Wi-Fi on aircraft, boats and remote locations worldwide.
Josh Marks, CEO of Anuvu, said: “What’s really distinct and innovative about what we’re doing is our commitment to vertically integrate and control capacity in Geostationary Orbit, while leaving the door open to be able to continue to work with other satellite partners. Because we’re not making a billion-dollar bet, we have the total economic flexibility to keep working with other satellite operators with LEOs as they come to the market. That flexibility for us as an integrator is critical.”