Rivada raising funds to build a multibillion-dollar satellite constellation made up of hundreds of low-earth orbit satellites
Declan Ganley's Rivada is in the midst of raising funds to build a multibillion-dollar satellite constellation made up of hundreds of low-earth orbit satellites in order to deliver a kind of private, unhackable internet.
Neither Rivada nor Terran has given precise figures on how much has been paid to date, though Terran’s latest annual report shows that “the amount of revenue recognised under the Rivada Agreement was $6.9 million during 2023″.Rivada has made further payments since then, according to Terran’s stock exchange filings, which disclosed that it received a further payment in January as part of the contract “for the completion of a program milestone”.
Rivada has remained tight-lipped about how much it has raised for the OuterNet project, and from whom. A spokesman for the company declined to give any details to The Irish Times when asked. However, Terran’s chief executive, Marc Bell, has made several public comments about the progress of Mr Ganley’s fundraising efforts.
Subsequent to that, one of Rivada’s Irish subsidiaries, Rivada Networks Limited, published a number of company filings which made reference to a note purchase agreement which was dated December 28th, 2023. That filing listed an entity called Dukhan Investment Company as the lead investor, and cited several other investors as part of the fundraising.
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