Sprint the No. 3 U.S. mobile service and Clearwire's 51 percent owner has been struggling to stem customers losses from its own network, but it is banking on Clearwire's network for its next generation of wireless data offerings.

Cable operators Comcast Corp and Time Warner Cable will invest $196 million and $103 million respectively. These companies rent space on Clearwire's network to offer high-speed wireless services. Chip maker Intel Corp's contribution to Clearwire will be $50 million.

Soleil/Nelson Alpha Research analyst Michael Nelson said the funding was good news for Clearwire but noted that it was less than half of a total $3.4 billion in funding that he estimates the company will need by 2013.

Nelson said in a research note that he has "significant concerns regarding Clearwire's business model and cash burn in the face of a weak macro environment."

Clearwire said it would get about $1.057 billion in cash from equity financing within five business days and $440 million by year-end, with the remaining $66 million to be funded during the first quarter of 2010.

Clearwire also said it would launch an offer of a minimum of $1.45 billion in senior secured notes and to use net proceeds to pay off its existing $1.40 billion credit facility.

In the latest funding round, Craig McCaw's investment firm Eagle River Holdings will also give Clearwire $20 million in new funding and Bright House Networks will contribute $19 million. All the participants will get newly issued shares priced at $7.33 per share in exchange for their investments.

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