OneWeb, a London, UK-based global communications company, raised $1.25 billion in funding.
This round, which brought total funds raised to $3.4 billion, was led by SoftBank Group Corp., Grupo Salinas, Qualcomm Technologies Inc., and the Government of Rwanda.
The company intends to use the new funds to accelerate the development of its global communications network by 2021.
Led by Adrian Steckel, CEO, and Greg Wyler, Chairman and Founder, OneWeb aims to enable Internet access for everyone, everywhere, via a communications network with a constellation of Low Earth Orbit satellites that will provide connectivity around the world.
The company is creating business solutions for Broadband, Government and Cellular Backhaul.
Following the successful launch of satellites on February 27th, OneWeb will embark on a large satellite launch campaign. Starting in Q4, the company 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 will add more satellites to its constellation to meet growing demands.
The company now has offices in Virginia, London, Florida, California.