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LeoSat suspends operations
Posted: Sun, Nov 17, 2019, 9:39 AM ET (1439 GMT)
Broadband satellite constellation startup LeoSat has suspended operations. Mark Rigolle, CEO of LeoSat, said the company laid off its 13 employees after earlier investors Hispasat and Sky Perfect Jsat declined to put more money into the company in order to complete a $50 million Series A funding round. LeoSat still exists as a legal entity, Rigolle said, and its founders continue to look for new funding, but otherwise the company has effectively ceased operations. LeoSat proposed a constellation of 78 to 108 satellites to provide broadband services and had commitments from potential customers worth up to $2 billion, but could not convince investors to fund the $3 billion constellation.
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