Globes, June 15, 2005
Mobile satellite antenna co RaySat raising $27m
|Sources inform ''Globes'' that start-up RaySat, formerly SkyGate, is about to close a $27 million second round of funding. Apex Venture Partners will lead the round, along with previous investors Israel Seed Partners and Benchmark Capital.
RaySat develops satellite antennas for the commercial, railway, OEM and aftermarket automotive industries.
The company was established as SkyGate in 1997 by Yoel Gat, former CEO of Gilat Satellite Networks. However, the company did not take off.
According to research company IVC, in early 2004, RaySat reorganized, changed its name, raised $10 million, and found new investors, including Benchmark and Israel Seed.
Gat, who is RaySat's founder and chairman, is among the founders of Gilat Satellite Networks, and served as CEO until Gilat's demise. He is considered part of the satellite industry elite, with 17 years of experience in the field.
Sources close to RaySate confirmed the funding round, which is intended to be the company's last before a planned public offering on Nasdaq in 2006.