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LightSquared Secures Funds For Wireless Net

Could consumers soon have access to a wholesale, net-neutral 4G-LTE network, which combines with satellite to provide nation-wide broadband wireless access? To make that dream a reality -- and help accelerate the wireless Web revolution -- a company by the name of LightSquared just raised $265 million, reports TechCrunch.

"The company says that the capital was raised from both existing investors as well as new investors in the company but declined to reveal ... new investors," it writes. Current investors include Spectrum Assets and Harbinger Capital Partners, which, over the last 12 months, have helped LightSquared raised over $2.3 billion.

Yet, "LightSquared's plans have stirred controversy because the network may cause interference with GPS systems," according to TechCrunch. "The FCC is currently reviewing LightSquared plans for these interference concerns." The company, however, says it plans to resolve any issues with interference of GPS networks Going forward, LightSquared says it plans to commit $15 billion to build a wholesale wireless service using 40,000 base stations.

Read the whole story at TechCrunch »

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