Lockheed Martin’s space division has entered a strategic interest agreement with startup Omnispace to jointly explore a 5G satellite network, according to CNBC.
- Lockheed Martin executive vice president Rick Ambrose said discussions have been ongoing for a year. The agreement will cement the partnership toward a hybrid network known as a constellation in the industry.
- Ambrose expressed openness to investments in Omnispace, as both companies will explore multiple options moving forward.
- Omnispace chief executive officer Ram Viswanathan said the partnership stems from a common vision of a 5G global network that will enable users to transition between the satellite and terrestrial network.
- Omnispace will benefit from Lockheed Martin’s expertise in a variety of markets, with a customer base including the Department of Defense.
- Omnispace offers a “direct to device capability” that compares with ground terminals that are required for users to connect to other space-based networks.
- Omnispace in February raised fresh funding from investors such as the Fortress Investment Group with $60 million. It raised $140 million since its founding in 2012.