Richmond, Virginia, July 05, 2022 (GLOBE NEWSWIRE) -- Virginia Venture Partners, the equity investment program of Virginia Innovation Partnership Corporation (VIPC), today announced an investment in Lynk. Falls Church, Va.-based Lynk provides satellite broadband connectivity from directly to customers’ existing standard mobile phones; even in the most isolated areas, with no need to purchase a new device. Lynk will use this investment to accelerate the company’s initial commercial service, planned for late 2022. Lynk will provide universal connectivity everywhere in Virginia, and the rest of the world, including the most rural areas.
As reliance on mobile phones continues, users require service that ensures constant and consistent connectivity that works no matter what happens. About 15% of the world’s 5.2 billion mobile phone users are disconnected at any single point in time, meaning that billions of people lack digital access to data, information and markets that power modern digital supply chains. This lack of digital connectivity negatively impacts everything from family income to emergency communication services.
Lynk utilizes small satellites and patented technology to provide broadband coverage to every location in the world, providing connectivity to receive critical and life-saving communications, such as 911 or emergency alerts. Lynk also provides instant backup in the event of a natural disaster, such as tornados, or hurricanes. With Lynk, the phone in your pocket — with no modifications — will stay connected everywhere.
“Six years ago, most people thought it was impossible to use satellites to connect with existing mobile phones. Today it is proven technology. Lynk has connected thousands of standard mobile phones here on the east coast of the United States, including Virginia,” says Charles Miller, CEO and co-founder of Lynk. “A lack of reliable connectivity remains a barrier to many, not only around the world, but in remote and rural parts of Virginia. We are proud of what Lynk has achieved to date on the journey to broadband connectivity for every human on earth. We thank VIPC’s Virginia Venture Partners for the investment to help continue our growth and mission to solve the problem of universal connectivity by leveraging the American entrepreneurial spirit.
Lack of connectivity results in fewer opportunities for burgeoning entrepreneurs to access the banks and credit needed to grow their businesses. Lynk’s affordable universal mobile connectivity can also jump-start economic growth and boost innovation and entrepreneurship for people without access to a reliable global communication network.
“At a time when the mobile phone is one of the most important devices to billions of people worldwide, reliable connectivity is still not available to everyone. Lynk’s team of professionals in the aerospace and wireless service industry is dedicated to providing accessible cell coverage for all,” says Tom Weithman, VIPC Chief Investment Officer and Managing Director of Virginia Venture Partners. “Providing universal connectivity allows all people, even in rural and remote communities, to connect and thrive by participating in local and global economies. We are thrilled to be a partner for Lynk’s growth and continued success, and are confident that their impact will be felt in communities across Virginia as well as throughout the world.”
About Lynk
In 2022, Lynk will provide the world’s first commercial satellite direct-to-mobile-phone service, enabling affordable, reliable mobile phone connectivity to everyone, everywhere across the globe. Founded in 2017 by veteran space and telecoms leaders, the Lynk team invented, patented, and proved that a satellite could serve as a “cell tower in space” and connect directly to a standard mobile phone on Earth – a technological feat verified by independent third parties. Today, Lynk is the only company in the world to have successfully sent text messages to and from space via unmodified mobile devices. By partnering with Lynk via a simple roaming agreement, a mobile network operator opens the door to untapped markets, gives subscribers peace of mind with ubiquitous connectivity, and provides a pathway to economic prosperity for billions of the world’s citizens. For more information, visit www.lynk.world, or follow Lynk on Twitter or LinkedIn.
About Virginia Venture Partners
Virginia Venture Partners is the equity investment program of VIPC that makes seed-stage equity investments in Virginia-based technology, clean energy, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, Virginia Venture Partners has deployed $32.4 million in capital across more than 250 portfolio companies, including 17 companies in designated Opportunity Zones. Virginia Venture Partners’ investment decisions are guided by the Virginia Venture Partners Investment Advisory Board (IAB). This independent, third-party panel has drawn from the expertise of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.virginiaipc.org/vvp.
About Virginia Innovation Partnership Corporation (VIPC)
Connecting innovators with opportunities. The nonprofit operations arm of the Virginia Innovation Partnership Authority (VIPA), VIPC is the commercialization and seed stage economic development driver in the Commonwealth that leads funding, infrastructure, and policy initiatives to support Virginia's innovators, entrepreneurs, startups, and market development strategies. VIPC collaborates with local, regional, state, and federal partners to support the expansion and diversification of Virginia’s economy.
Programs include: Virginia Venture Partners (VVP) | Virginia Founders Fund (VFF) |Commonwealth Commercialization Fund (CCF) | Smart Communities | Unmanned Systems | Entrepreneurial Ecosystems | Regional Innovation Fund (RIF) | Federal Funding Assistance Program (FFAP) for SBIR & STTR | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.VirginiaIPC.org. Follow VIPC on Twitter, LinkedIn, and Facebook.
Attachments
- VIPC’s Virginia Venture Partners Invests in Lynk to Provide Reliable Cellular Coverage via Satellites
- VIPC’s Virginia Venture Partners Invests in Lynk to Provide Reliable Cellular Coverage via Satellites
