First close initiated by SmartSky Networks after raising 13% of its $4 million target


wi-skyOne investor bought $537,000 worth of mezzanine securities from SmartSky Networks today. According to the data disclosed, the company expects to raise a total of $4 million via this non-brokered financing. An additional $3.46 million in funding is to be raised until the offering draws to a close in June 2015. Two previous unregistered financing rounds raised an estimated $7 million.

SmartSky Networks commercializes a high speed air-to-ground broadband connectivity technology. The company’s licensed technology is aimed at providing broadband data communication capabilities for in-flight aircraft via a network that may include multiple terrestrial transmission stations that are located within overlapping communications range and a mobile receiver station. The terrestrial transmission stations provide a continuous and uninterrupted high speed data communications link with the mobile receiver station employing a wireless radio access network protocol. The company has worldwide rights to be a wireless internet service provider for aircraft in flight, using Wi-SKY Network LLC’s patented technology.

The company, headquartered in Charlotte NC, is led by Ryan M Stone (President). Revenues were not reported.
The executive team includes Andrew P Caplan, Blane E Rockafellow, Claude Alan Goodnight, David A Claassen, Douglas A Hyslop, E S Eskridge, Eric L Legvold, Haynes G Griffin, Michael Dodson and Paul C Sameit.
The board of directors includes Reed E Hundt.

The company has raised an estimated total of $7.54 million via private unregistered security offerings.

Offering recap
Status: First close
Company: SmartSky Networks
Industry: Telecommunications
Amount offered: $4 million
Amount placed: $537,000
First sale: 06-02-2014
Data as of: 06-02-2014

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