Tachyon, a promoter of satellite based Internet services, said today it had raised $30 million from institutional investors for a summer rollout of its service, Tachyon Net.
Tachyon is a San Diego, California, based company with European headquarters in Amsterdam. Its Net corporate service will offer Internet connections within the footprints of satellites over Europe and North America.
Wim Vink, managing director, said: "We are ready to go via Eutelsat satellites once we have national licenses across Europe. The two way, high speed connections are aimed at the automobile and oil industries, but also small and medium sized companies and professional people."
Vink formerly headed up Eunet, the Amsterdam based pioneer of corporate Internet services that was bought last year for $154 million by Qwest Communications of Denver, Colorado.
"Tachyon Net's coverage will be global by mid 2001", said Tachyon president and chief executive John Koehler, formerly chief executive of Hughes Communications and Hughes Asia Pacific.
The global market for broadband communications could exceed $300 billion by 2006, according to some industry estimates. Tachyon's $30 million funding, arranged by bankers CEAM, follows an earlier $8 million finance round.
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