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GigaBeam Secures Funds

Wed, 02/28/2007 - 9:02pm
Susan Rush

GigaBeam Corporation landed $18.9 million in private placement financing. The company also attracted a new customer for its WiFiber solution.

The $18.9 million was raised from preferred stock and common stock purchase warrants. The conversion price of the preferred stock and the exercise price of the warrants were roughly $7.62 and $7.98, respectively.

The company's WiFiber line, which operates in the 71-76 GHz and 81-86 GHz spectrum bands, currently offers speeds of one Gigabit per second. The company is working on new products that support 10 Gigabits per second.

In other GigaBeam news, the company announced it booked an order from Memphis Networx for six of its WiFiber Wireless Fiber links. Memphis Networx owns and operates a fiber optic network in the metropolitan Memphis and Shelby County, Tenn., area. Terms of the agreement were not disclosed.

GigaBeam recently signed an agreement with Eaton and Associates for the sale of 20 WiFiber wireless fiber links. Eaton and Associates is a partner of Xtech, a reseller and installer of GigaBeam's WiFiber products.

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