Globes, July 13, 2004
RaySat scores $10m in first financing round
| Startup RaySat Mobile Antennas, which was founded by Gilat Satellite Networks founder Yoel Gat, has raised $10 million in its initial financing round. The company received equal investments from Israel Seed Partners and Benchmark.
|RaySat is developing flat satellite antennas for mobile platforms, such as trains, airplanes and ships.
The company has three main in-motion, low-profile, phased-array products. One is TorpedoRay, which allows WiFi Internet communications on trains and already has been installed in Europe.
The second is StingRay, a mobile satellite antenna for cars that was launched in May. StingRay receives either dish or DirecTV in the U.S. and ExpressVu in Canada, according to RaySat.
The third product is EagleRay, which is scheduled to be ready next year and is intended for television and Internet service on trains.
RaySat, founded in 1997 as SkyGate, is headquartered in McLean, Virginia, and maintains an R&D center in Bulgaria and offices in Israel. Gat serves as the chairman of the company, which employs 100 workers.