CHARLOTTE — SmartSky Networks, a Charlotte-based in-flight internet provider, raised $17.4 million in private equity, according to a Securities and Exchange Commission filing.
SmartSky filed the Form D on Sept. 27. According to the filing, the company wants to raise $127.6 million more to sell its total offering amount. It did not specify how SmartSky intends to use the proceeds.
SmartSky specializes in providing high-speed wireless internet to business and commercial airlines through cell phone towers.
SmartSky
Earlier this year, the Federal Aviation Administration approved the SmartSky 4G LTE system. SmartSky claims the technology will make in-flight internet faster while lowering costs.
In 2016, SmartSky, previously Jetpool Ventures, entered into a strategic partnership with Avidyne Corp, a company specializing in computer network and safety systems for aircraft.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
The form can be found here.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
