OneWeb Raises USD 1.25 Billion For Global Satellite Network
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OneWeb has raised another USD 1.25 billion to further its project to create a global satellite internet network.
Its largest fundraising round to date brings the total funds raised to USD 3.4 billion.
This round was led by SoftBank Group, Grupo Salinas, Qualcomm Technologies and the government of Rwanda.
OneWeb launched its first satellites this month, and the company said the new funds will help accelerate the roll-out of its network to 2021.
The company's aim is to deliver high speed, low latency broadband access, everywhere on Earth.
OneWeb’s satellites, produced through its joint venture with Airbus, will ramp-up production this spring at its facility in Exploration Park, Florida.
Starting in Q4, OneWeb will begin monthly launches of more than 30 satellites at a time, creating an initial constellation of 650 satellites to enable full global coverage.
After this first phase, OneWeb plans to add more satellites to its constellation as demand grows.
This is the second investment by Softbank and Qualcomm in the company, after participating in the series A round.
Other investors in OneWeb include Intelsat, Bharti Enterprises and the Virgin Group.