OneWeb secures funding to launch internet satellites into orbit

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OneWeb secures funding to launch internet satellites into orbit

It is safe to say satellite internet startup OneWeb had quite a rough 2020, as the company was forced to declare Chapter 11 bankruptcy. Thankfully, it looks like 2021 is off to a much better start, as OneWeb has secured a massive $400 million investment from SoftBank and Hughes Network Systems.

Thanks to the latest investment, OneWeb will be able to launch its entire first-generation of 648 constellation satellites by the end of 2022. At the moment, OneWeb’s fleet consists of 110 craft. This means the company will need to build and launch an additional 500 satellites in the span of two years if it wants to meet its 2022 goal, and this investment will go a long way in making that a reality.

According to Sunil Bharti Mittal, Executive Chairman of OneWeb, “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.”

OneWeb’s mission is to deliver broadband connectivity worldwide to bridge the global Digital Divide by offering everyone, everywhere access including to the Internet of Things (IoT) future and a pathway to 5G.

OneWeb’s Low Earth Orbit [LEO] satellite system includes a network of global gateway stations and a range of user terminals for different customer markets capable of delivering affordable, fast, high-bandwidth and low-latency communications services

Picture: Twitter/@OneWeb

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