27 October 2010

Modesat Communications raised EUR 1,85M in series A funding

Tallinn, Estonia - October 27, 2010 – Ambient Sound Investments, Estonian Development Fund and Bellus invested altogether 1,85 million Euros into ASI’s portfolio company Modesat.

Additional funds were raised to finance the company’s market entry activities. The proceeds will be primarily used for covering costs related to sales negotiations with telecom equipment manufacturers and integration projects in which Modesat’s technology is integrated into the clients’ products. 

Modesat is targeting telecommunication, satellite communications and military communication system industries and is currently in negotiations with the worlds leading communication system equipment manufacturers that cover 98% of total wireless radio link market. After finalizing the core technology development the company started the first integration projects with customers in 2010.

About Modesat Communications

Modesat Communications is a developer of new modem technologies for wireless and wired communication systems. The company is headquartered in Tallinn, Estonia with part of the R&D departments located in Gomel, Belarus.

For more information, please visit www.modesat.com, or contact:

Peep Põldsamm – CEO of Modesat Communications