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Satellites - Wednesday, January 4, 2006

$110M for Space Bird Company

Pacific Corporate Group has led an equity financing round totaling more than $110Mfor ORBCOMM, a Virginia-based provider of satellite services. This move is the biggest sign yet that investors have growing interest for machine to machine sattelite services. A reseller of ORBCOMM's services - MobiApps in India - recently raised $10M.

La Jolla, CA-based Pacific Corporate committed to purchase $60M for a minority stake in ORBCOMM. Other investors participating in the financing round include MH Equity Investors, Northwood Ventures, OHB Technology AG, Ridgewood Capital, Torch Hill Capital, and members of ORBCOMM's senior management.

ORBCOMM sells sattellite services that enable companies to better track the transport of their goods. It is developing several new applications in areas such as homeland security that enhance the ability to track ships and hazardous cargoes, including a pilot program with the US Coast Guard. Proceeds from the financing round will be used primarily to fund ORBCOMM's plans to replenish the existing 30 satellites in it's low-earth orbit constellation.