Aircell LLC, a global provider of mobile broadband network for commercial and business aviation, completed the private placement of equity securities totaling $176m to new and existing investors.
The new funds will be mainly used to accelarate growth through network expansion. Over the past year, the company has steadily increased the daily number of airplanes deployed with Gogo, its inflight portal, which delivers Internet connectivity on board.
Aircell today provides service on more than 700 commercial aircraft, with commitments from a total of nine airlines.
Commenting on the round, Ron LeMay, President and CEO of the company, was reported as saying: “We are proud to have the support of our existing investors and to be able to add new investors in the midst of the challenging global financing market.
“This substantial capital raise is a strong endorsement of our business achievements to date.
“Aircell is well positioned to continue its ongoing aircraft deployment and rapid acceleration in customer adoption of Gogo throughout 2010 and beyond”.
The company operates facilities in Broomfield, Colorado, and Itasca, Illinois.