VIPC’s Virginia Venture Partners invests in Lynk to deliver

RICHMOND, Va., July 05, 2022 (GLOBE NEWSWIRE) — Virginia Venture Partnersthe participation program Virginia Innovation Partnership Corporation (VIPC), today announced an investment in Lynch. Lynk, based in Falls Church, Virginia, provides satellite broadband connectivity directly from customers’ existing standard cell phones; even in the most remote areas without having to buy a new device. Lynk will use this investment to accelerate the company’s first commercial service, which is planned for late 2022. Lynk will provide universal connectivity throughout Virginia and the rest of the world, including the most rural areas.

As cell phone dependency continues, users need a service that ensures constant and consistent connectivity that works no matter what. Around 15% of the world’s 5.2 billion mobile phone users are disconnected at some point, meaning billions of people lack digital access to the data, information and markets that power modern digital supply chains. This lack of digital connectivity negatively impacts everything from family income to emergency communications services.

Lynk uses small satellites and patented technology to provide broadband coverage anywhere in the world and provide connectivity to receive critical and life-saving communications such as 911 or emergency calls. Lynk also provides instant backup in the event of a natural disaster such as a tornado or hurricane. With Lynk, the phone in your pocket stays connected—no changes—anywhere.

“Six years ago, most people thought it was impossible to connect to existing cell phones via satellite. Today it is proven technology. Lynk has connected thousands of standard cell phones here on the East Coast of the United States, including Virginia,” said Charles Miller, CEO and co-founder of Lynk. “A lack of reliable connectivity remains an obstacle for many, not only around the world but also in remote and rural parts of Virginia. We’re proud of what Lynk has achieved so far in the journey of bringing broadband connectivity to every person on the planet. We thank VIPC’s Virginia Venture Partners for investing to continue our growth and mission to solve the problem of universal connectivity by harnessing the American entrepreneurial spirit.

A lack of connectivity means that aspiring entrepreneurs have fewer opportunities to access banks and credit needed to grow their business. Lynk’s affordable universal mobile connectivity can also fuel economic growth and foster innovation and entrepreneurship for those without access to a reliable global communications network.

“At a time when mobile is one of the most important devices for billions of people worldwide, reliable connectivity is still not available to everyone. Lynk’s team of aerospace and wireless industry professionals is dedicated to providing accessible wireless coverage for all,” said Tom Weithman, VIPC chief investment officer and managing director of Virginia Venture Partners. “Providing universal connectivity enables all people, even in rural and remote communities, to connect and thrive by participating in the local and global economy. We are excited to be a partner in Lynk’s growth and continued success, and are confident that its impact will be felt in communities throughout Virginia and around the world.”

About Lynk

In 2022, Lynk will deliver the world’s first commercial satellite direct-to-cellular service, bringing affordable and reliable cellular connectivity to anyone, anywhere. Founded in 2017 by veteran space and telecom leaders, the Lynk team invented, patented and proved that a satellite could serve as a “transmission tower in space” and connect directly to a standard cellular phone on Earth – a technological feat pioneered by independent third parties has been confirmed. Today, Lynk is the only company in the world that has succeeded in sending text messages to and from space using unmodified mobile devices. By partnering with Lynk through a simple roaming agreement, a mobile network operator opens the door to untapped markets, offers subscribers security through ubiquitous connectivity, and provides a path to economic prosperity for billions of people around the world. For more information, visit www.lynk.world or follow Lynk on Twitter or LinkedIn.

About Virginia Venture Partners

Virginia Venture Partners is VIPC’s venture capital program that makes seed-stage equity investments in Virginia-based technology, clean energy and life science companies that have high potential for rapid growth and the generation of significant economic returns for… Entrepreneurs and co-investors have , and the Commonwealth of Virginia. Since its inception in 2005, Virginia Venture Partners has committed $32.4 million in capital to 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, outside body draws on the expertise of leading regional entrepreneurs, business angels and strategic investors, as well as venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners, HIG Ventures, Edison Ventures and In-Q-Tel , Intersouth Partners, SJF Ventures , Carilion Health Systems, Johnson & Johnson, General Electric and Alpha Natural Resources. For more information, visit www.virginiaipc.org/vvp.

About Virginia Innovation Partnership Corporation (VIPC)

Connecting innovators to opportunity. VIPC, the nonprofit operating arm of the Virginia Innovation Partnership Authority (VIPA), is the engine of commercialization and seed-stage economic development in the Commonwealth, directing funding, infrastructure and policy initiatives to empower Virginia’s innovators, entrepreneurs, startups and… support market development strategies. VIPC works 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 program (FFAP) for SBIR & STTR | University partnerships | Mentoring and engagement for startup companies. Visit www.VirginiaIPC.org for more information. Follow VIPC on Twitter, LinkedIn and Facebook.

  • VIPC’s Virginia Venture Partners invests in Lynk to provide reliable cellular satellite coverage

  • VIPC’s Virginia Venture Partners invests in Lynk to provide reliable cellular satellite coverage


        

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