The Committee on Foreign Investment in the United States has cleared a $30 million investment from South Korea-based Hanwha Systems to help Kymeta further develop its low-Earth orbit and geostationary orbit flat panel antenna technology and other next-generation capabilities.
“We believe this investment will be instrumental in enabling the continued innovation, advancement and commercialization of Kymeta’s connectivity solutions,” Doug Hutcheson, executive chairman of Kymeta, said in a statement published Wednesday.
Hanwha Systems will get a seat on Kymeta’s board as part of the capital investment that was first announced in December.
Kymeta will also use the investment to expand its global market presence, improve customer experience, speed up production and advance other growth initiatives.
Youn Chul Kim, CEO of Hanwha Systems, said Kymeta’s hybrid satellite and connectivity platforms will further Hanwha’s aerospace and communications capabilities for defense clients.