London comms company secures £293m funding for new satellite network
A London communications company has announced that it has secured £293m of new funding as it aims to launch new satellites.
OneWeb, which aims to deliver broadband connectivity worldwide, has secured the additional funding from SoftBank Group Corp and Hughes Network Systems.
The figure brings OneWeb’s total funding to $1.4bn, positioning it to be ready to develop its 648 satellite fleet by the end of 2022.
Based out of London, OneWeb is a global communications company that aims to deliver broadband connectivity worldwide to bridge the global digital divide.
Sunil Bharti Mittal, executive chairman of OneWeb, commented: “We are delighted to welcome the investment from SoftBank and Hughes.
“Both are deeply familiar with our business, share our vision for the future, and their commitment allows us to capitalise on the significant growth opportunity ahead for OneWeb.
“We gain from their experience and capabilities, as we deliver a unique LEO network for the world.”
Masayoshi Son, representative director, corporate officer, chairman and CEO of SoftBank, said: “We are excited to support OneWeb as it increases capacity and accelerates towards commercialisation.
“We are thrilled to continue our partnership with Bharti, the UK Government, and Hughes to help OneWeb deliver on its mission to transform internet access around the world.”
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