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RealTime IT News

Satellite Internet Firm Gets $121 Million Investment

Satellite company Teledesic LLC Monday received a $121 million investment that will help the firm bring its high-speed Internet services to the Middle East.

Teledesic is a licensed satellite communications network that is working to enable affordable, worldwide access to advanced telecommunications services such as computer networking, broadband Internet access and interactive multimedia.

The investment, raised by the Abu Dhabi Investment Co., is from several contributors including Gulf Cooperation Council member countries in the Middle East. With the current investment, Teledesic said it so far has raised approximately $1.5 billion. Other investors include Bill Gates and telecommunications professional Craig McCaw, as well as Motorola, Saudi Prince Alwaleed Bin Talal and The Boeing Co.

"We are extremely honored to have the strategic counsel and assistance of the Abu Dhabi Investment Co.," said Bill Owens, co-chief executive officer of Teledesic. "As one of the premier investment companies in the Middle East, ADIC will help us advance our goal of bringing high-quality, broadband services to the Middle East -- and to the world."