WASHINGTON, May 16 (Reuters) - Three Silicon Valley venture capital firms are backing a project to grab a slice of valuable U.S. wireless airwaves to offer nationwide high-speed Internet service, according to a recent regulatory filing.
M2Z is trying to capitalize on President George W. Bush's call to have universal access to high-speed Internet, known as broadband, by 2007. The United States recently fell to 16th in world rankings for broadband penetration.
"M2Z's ultimate goal, through its own service, is to drive development of the broadband marketplace so that access is affordable and future penetration levels are near-ubiquitous throughout the country," the company said in a filing with the Federal Communications Commission.
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