The company's first commercial satellite. Astranis
Astranis, a San Francisco-based company with an alternative approach to providing internet access from satellites, secured new funding to ramp up production.
The company raised $250 million at a $1.4 billion valuation, Astranis CEO John Gedmark told CNBC, in a round led by BlackRock and joined by new investors Baillie Gifford, Fidelity, Koch Strategic Platforms, Monashee Investment Management and Uncorrelated Ventures.
More than a dozen existing investors, including Andreessen Horowitz and Venrock, also contributed. The new round brings Astranis' total funding to more than $350 million since its founding in 2015.
"This is our growth round. This is what allows us to scale production of our satellite platform. We've developed the satellite—we're building our first [commercial] one as we speak," Gedmark said.