LightSquared snags $265M in financing, will forge ahead with network

Despite ongoing concerns over potential interference with GPS devices, LightSquared managed to secure another $265 million in capital. In total, the company has raised $2.3 billion in financing this year.

LightSquared said it will use the funds for general corporate purposes and to construct its LTE network, which it plans to begin building soon. In an interview with PC World, Martin Harriman, executive vice president of LightSquared, said that the company will start deploying its network soon. He said the company has base stations in production and that its first devices "are imminent."

Harriman said LightSquared will wait for FCC approval to use its spectrum before it actually lights up the network, but the firm believes that by having the infrastructure in place it will be able to launch services more quickly.

Last week LightSquared, along with a technical working group of GPS industry experts, submitted to the FCC its final report on potential GPS interference caused by its planned wholesale LTE network. However, a resolution on the issue is likely weeks away, if not longer.

The company also filed a separate report with the FCC outlining its proposed plan to mitigate the GPS interference concerns. The plan was first announced June 20. In that report, LightSquared placed the blame for the current state of affairs on the GPS industry, allegations the GPS industry said are false.

For more:
- see this release
- see this PC World story
- see this FierceBroadbandWireless article

Related Articles:
LightSquared blames GPS industry for interference, network remains in limbo
U.S. officials call for more LightSquared GPS testing
LightSquared plans to submit GPS interference report by June 29
LightSquared reworks network plans to avoid GPS interference
Sprint consummates LTE network-sharing deal with LightSquared
LightSquared's GPS interference plan leaves more questions than answers
LightSquared gets extension on GPS report, inks deal on Sprint network sharing

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