Aircell, which is implementing its Gogo Wi-Fi solution on the aircraft of major North American airlines, picked up $176 million in equity financing from new and existing investors.
Aircell stated that the proceeds will go "for capital investments for network expansion and operating needs during this rapid growth phase of the business."
The company says it has installed its Wi-Fi service on more than 700 commercial aircraft and has commitments from nine airlines. Among them are Air Canada, AirTran, American Airlines, Delta Air Lines, United Airlines, Virgin America and US Airways.
Aircell didn't identify the parties involved in this latest investment round.
In 2008, Aircell secured equity and debt financing worth $265 million from Scotia Capital, Goldman Sachs, Credit Suisse, Ripplewood Holdings, Blumenstein/Thorne Information Partners and investment entities associated with investor Oakleigh Thorne.
The New York Times reports that Aircell's business model has evolved since last year, when it footed the costs for installing the Wi-Fi systems, but now airlines are responsible for these costs, which run up to around $100,000 per aircraft.