LeoSat Enterprises, a new space company based in the USA, has reportedly had to suspend operations after failing to raise enough interest in its US$50 million Series A round of funding. LeoSat was planning to launch a 100-strong constellation of interconnected, Ka-band satellites for B2B and secure messaging services. The company is understood to have garnered around US$2 billion in customer commitment letters. It had also received some small investment from FSS operators Sky Perfect JSAT, of Japan, and Hispasat, of Spain. However, JSAT and Hispasat were unwilling to provide further funding to the project.

The full story was originally reported by Peter B. de Selding, at SpaceIntelReport.

LeoSat logo. Courtesy of LeoSat Enterprises.