Vern Fortheringham, chairman and CEO, Kymeta. Photo: Kymeta

[Via Satellite 12-16-2014] Vern Fotheringham, CEO of Kymeta, is stepping down at the end of the year. In his place, Nathan Kundtz, president, CTO and co-founder will serve as CEO on an interim basis while the board of directors initializes a search for a new CEO.

“We are extremely grateful to Vern for his contributions to Kymeta and for building a foundation for growth and success,” said Bill Gates, investor and board member. “The board and I are incredibly optimistic and confident with Kymeta’s team, breakthrough technology and its market opportunities ahead.”

Kymeta simultaneously announced that Bill Gates, Lux Capital and other existing investors have participated in a $20 million financing the company closed today. Kymeta plans to use the funding to continue on its growth trajectory with its metamaterials-based antenna.