RaySat Secures $10 Million Financing For Phased-Array Antennas Production

RaySat Secures $10 Million Financing For Phased-Array Production

Mclean VA (SPX) Jun 28, 2004
RaySat, Inc., a supplier of in-motion, low-profile, phased-array satellite antennas, announced last Thursday the closing of a $10 million first round investment led by Benchmark Capital and assisted by Seed Partners.

With RaySat's first-generation TorpedoRay antennas, passengers on high-speed trains in Europe are now able to access broadband Internet while in motion. The current round of financing will help the company address the multi-billion dollar rear-seat entertainment market in the United States with its next-generation StingRay antenna. StingRay was designed to receive broadband data and live satellite TV broadcasts in moving vehicles such as minivans, SUVs, RVs, trucks and boats.

Headquartered in McLean, VA, RaySat is led by experienced entrepreneurs who have created and managed leading telecommunications companies. The company is chaired by Mr. Yoel Gat, previously the Chairman and CEO of Gilat Satellite Networks Ltd., a world leader in VSAT (Very Small Aperture Terminal) satellite communications.

Mr. Samer Salameh recently joined as President & CEO. Mr. Salameh is an industry veteran who most recently served as CEO of rStar Corporation, which provides satellite-based telephony and high-speed Internet access. Prior to that, he was President and CEO at Telmex North America Ventures, where he managed a portfolio of companies including CompUSA.

From 1997-2000, he served as Chairman and CEO of Prodigy Communications Corp. where he grew revenues from $20 million to over $300 million in two years and transformed the company into one of the largest consumer DSL Internet service providers in the US.

"We are honored to partner with Benchmark Capital and Seed Partners, and are committed to delivering satellite-based TV and high-speed Internet access to the private and public transportation markets, with rapid ROI," said Mr. Salameh.

The two entrepreneurs are joined by Mr. Liav Even-Chen, CFO, a former partner at Ernst & Young. Mr. Even-Chen gained invaluable experience in the financing of high-tech companies while working at Ernst & Young in Palo Alto, CA.

Mr. Arad Naveh, of Benchmark Capital, and Mr. Michael Eisenberg, of Seed Partners, have joined RaySat's Board of Directors.

TECH SPACE

Winegard To Form A New Mobile Internet Antennae Systems Company

Burlington IA (SPX) Jun 14, 2004
Winegard Company, an innovative and pioneering business with more than 50 years experience in the design, manufacture and development of antennae technology, has recently established Data Tech, LLC, a new company dedicated to mobile Internet antennae products.