"LightSquared, the satellite-Internet venture backed by hedge fund billionaire Philip Falcone, said it raised $265 million from new and existing investors.
LightSquared aims to craft a nationwide wireless-Internet service using satellites. While the startup recently scored a network-sharing deal with Sprint, it has faced complaints about its interference with GPS devices. LightSquared also has become a bigger and bigger chunk of Falcone’s Harbinger hedge funds.
LightSquared in a statement said it will use the newly raised funds to build out its network and for other corporate purposes. LightSquared said it has raised more than $2.3 billion in the last year."
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