MIDDLETOWN, R.I., Jan. 2 -- KVH Industries, developer and manufacturer of sensor-based mobile satellite communications systems and navigation products, has completed a private placement of 800,000 common shares priced at $6.25 per share. The State of Wisconsin Investment Board, a current KVH shareholder, purchased all 800,000 shares. The funds will go towards the research and development of projects involving photonic fiber and mobile broadband solutions.
During the past year, KVH completed initial work on two exciting R&D projects that currently show great promise, said Martin Kits van Heyningen, the company's president and CEO.
With mobile broadband, KVH will develop solutions that give moving automobiles high-speed Internet service and satellite television. The company's photonic fiber project will create new products aimed at high-speed optical networking applications.