In-flight Wi-Fi company takes off with $176m

Proceeds of the financing will be used for network expansion and operating needs.

Over the past year, Aircell has steadily increased the daily number of airplanes deployed with its Gogo product, and is now providing service on more than 700 commercial aircraft, with commitments from a total of nine airlines, the company said.

Ron LeMay, Aircell president and CEO, said, “We are proud to have the support of our existing investors and to be able to add new investors in the midst of the challenging global financing market. This substantial capital raise is a strong endorsement of our business achievements to date. Aircell is well positioned to continue its ongoing aircraft deployment and rapid acceleration in customer adoption of Gogo throughout 2010 and beyond.”

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