SAN FRANCISCO (Astranis PR)–Astranis, the company building the next generation of telecommunication satellites, today announced a $250 million Series C financing round, valuing the company at $1.4 billion.

SAN FRANCISCO, Feb. 13, 2020 (Astranis PR) — Astranis, the company building the next generation of telecommunication satellites, today announced a $90 million financing round to launch its first commercial satellite and build the foundation for the internet infrastructure of the future. The round was led by Venrock, with significant participation from existing investor Andreessen Horowitz.

Astranis aims to solve a problem in the modern space race that hasn’t been cracked: bringing the next four billion people online with low-cost, reliable internet. The $120 billion market is growing quickly – demand for internet is rising 40% per year, every year – but until now, there has been no practical, cost-effective solution for bringing internet access to remote parts of the world. Astranis is singularly focused on solving this problem.