OneWeb, the Low Earth Orbit (LEO) satellite communications company jointly owned by the UK Government and Bharti Global, has secured $400 million in additional funding from SoftBank Group and Hughes Network Systems, bringing OneWeb's total funding to $1.4 billion, announced OneWeb recently.
The capital raised to date positions the Company to be fully funded for its first-generation satellite fleet, totaling 648 satellites, by the end of 2022.
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 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.
In December 2020, OneWeb launched 36 new satellites, built at its Airbus Joint Venture assembly plant in Florida, USA, bringing the Company's total fleet to 110 satellites, all fully-functioning and benefitting from International Telecommunication Union spectrum priority.
Masayoshi Son, Representative Director, Corporate Officer, Chairman & CEO of SoftBank
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.
Pradman Kaul, President of Hughes
The investments made today by Hughes and SoftBank will help realise the full potential of OneWeb in connecting enterprise, government and mobility customers, especially with multi-transport services that complement our own geostationary offerings in meeting and accelerating demand for broadband around the world.
