12 Nov ProtoStar Secures Series B Funding
Excerpt of press release by Protostar
ProtoStar Ltd., a Bermuda corporation with its primary operations based in San Francisco, has received a commitment for a $40 million Series B round of financing from an impressive venture capital syndicate that together manages more than $10.3 billion in committed capital. VantagePoint Venture Partners of San Bruno, California led the round with participation from existing equity investors, New Enterprise Associates (NEA) and RedShift Ventures.
Concurrent with the financing, ProtoStar appointed current Director Mr. Steven D. Dorfman as Chairman of the Board of Directors and announced that VantagePoint Venture Partners’ Managing Director, Mr. Duncan Davidson, joined the company’s Board of Directors. Mr. Dorfman, formerly Vice Chairman of Hughes Electronics, is recognized as a leader and visionary in the satellite telecommunications industry.
ProtoStar is developing a satellite constellation of high-powered geostationary (“GEO”) satellites that will provide a satellite network serving direct-to-home (“DTH”) service providers in Asia. The Company’s initial plan is to create a three-satellite constellation with coverage of South Asia, Southeast Asia and China, an area containing more than three billion people.
Atlas Advisors acted as financial advisor to ProtoStar in connection with this transaction.
Atlas Advisors is the marketing name for Atlas Advisors, LLC and Atlas Strategic Advisors, LLC. Atlas Strategic Advisors, LLC provides financial advisory services in connection with mergers, acquisitions and other similar transactions. Atlas Strategic Advisors, LLC is a wholly owned subsidiary of Atlas Advisors, LLC and a member of the FINRA.
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