OneWeb, the London-based Low Earth Orbit (LEO) satellite communications company jointly owned by the UK Government and Bharti Global, secured additional funding from SoftBank Group Corp. and Hughes Network Systems LLC, which brings total funding to $1.4 billion.
In connection with the investment, SoftBank will gain a seat on the OneWeb Board of Directors.
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.
Led by Sunil Bharti Mittal, Executive Chairman, and Neil Masterson, CEO, OneWeb aims 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.
The company’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.