TYSONS, Va., Feb. 2, 2021 /PRNewswire/ -- Omnispace, the company that is reinventing mobile communications by building a global hybrid network, announced today that it closed on a round of $60 million in equity financing that advances its development of its 5G non-terrestrial network (NTN) and expands its 2 GHz spectrum footprint in key markets globally. The Omnispace network will power critical global communications, including 5G and mobile Internet of Things (IoT) connectivity, directly from its satellites in space to mobile devices around the world.
Led by new investor Fortress Investment Group, the latest round includes funding from existing investors Columbia Capital, Greenspring Associates, TDF Ventures and Telcom Ventures.
This funding enables the company to build upon the investments it has already made to validate 3GPP standards-based 5G products and technologies, and demonstrate 5G connectivity from space. The financing also paves the way for Omnispace to accelerate market access initiatives to secure 2 GHz mobile satellite service (MSS) and complementary ground component (CGC) spectrum globally, which will anchor its next-generation hybrid mobile system. Together these efforts provide the foundation for commercial partnerships with mobile network operators, who enable the terrestrial component of the hybrid network, and wireless technology and device manufacturers.
"Omnispace represents the next evolution of mobile telecommunications. The company recognizes that industries now require truly global mobile connectivity without compromise. Omnispace will be the first to power global 5G from space to universal devices on a single, seamless network leveraging their 2 GHz spectrum platform," said Joshua Pack, Managing Partner, Fortress Investment Group.
"We are forging ahead in the delivery of truly mobile 5G connectivity solutions from space. Our network will leverage harmonized 2 GHz spectrum to bring the power of 5G to users and industries around the globe," said Ram Viswanathan, president and CEO for Omnispace. "We're delighted Fortress Investment Group and our investors share in our commitment to drive innovative, mobile connectivity solutions."
Omnispace's 'one global network' will utilize the company's priority 2 GHz S-band spectrum rights and will be compliant with 3GPP 5G standards, which will ensure security and interoperability of devices all over the world. The initial elements of the Omnispace network will enter into service in 2022, advancing the commercial, technological, and regulatory initiatives and ensure successful launch of the global system.
Headquartered in the Washington D.C. area, and founded by veteran telecommunications and satellite industry executives, Omnispace is redefining mobile connectivity for the 21st century. By leveraging 5G technologies, the company is combining the global footprint of a non-geostationary satellite constellation with the mobile networks of the world's leading telecom companies to bring an interoperable "one network" connectivity to users and IoT devices anywhere on the globe.
About Fortress Investment Group LLC
Fortress Investment Group LLC is a leading, highly diversified global investment manager with approximately $49.9 billion of assets under management as of September 30, 2020. Founded in 1998, Fortress manages assets on behalf of approximately 1,800 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
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