World’s market leader in WiMAX services, Clearwire which is a joint venture between Sprint and other players such as Comcast, Intel, Time Warner Cable, Bright House and Google is set to receive $ 1.5 billion fresh funds.

Sprint alone will infuse $ one billion while a group including Comcast Corp., Intel, Time Warner Cable and Bright House Networks will collectively add another $ 500 million. Sprint will make use of its cash reserves or take the debt route to arrange the funds.

The new fund raising exercise follows the $ 3.2 billion put by the JV partners while restructuring Clearwire last year.

Clearwire is witnessing slower than expected growth for its WiMAX services with subscriber base just over half a million. For quarter ended June 30, 2009 the company had posted a loss of $ 241.4 million.

Moreover it is faced with competition from HSPA-based mobile service providers like AT&T and Verizon who are offering mobile data services coupled with appealing handsets such as iPhone, Palm and RIM.

Clearwire aims to expand its presence in many more markets of the USA.