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Investors commit another $1.25 billion to fund OneWeb’s internet satellite system

18 Mar 2019, 17:49 UTC
Investors commit another $1.25 billion to fund OneWeb’s internet satellite system
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An artist’s conception shows a OneWeb satellite in orbit. (OneWeb Illustration)
The international OneWeb consortium says it’s raised another $1.25 billion in funding for its internet satellite constellation, ensuring a ramp-up in its production and launch campaign with the aim of offering high-speed global access by 2021.
OneWeb says its new capital infusion is coming from Japan-based SoftBank Group, Mexico-based Grupo Salinas, Qualcomm Technologies and the Rwandan government — and will bring total investment to $3.4 billion.
“This latest funding round, our largest to date, makes OneWeb’s service inevitable and is a vote of confidence from our core investor base in our business model and the OneWeb value proposition,” OneWeb CEO Adrian Steckel said today in a news release.
OneWeb’s first six satellites were launched last month from Arianespace’s spaceport in French Guiana, atop a Russian-built Soyuz rocket. OneWeb Satellites, a joint venture with Airbus, is rampling up satellite production in Florida, and the company aims to start launching 30 satellites at a time by the end of this year.
The goal is to have more than 600 satellites in low Earth orbit to make high-bandwidth, low-latency data services to the estimated 4 billion people around the world who are ...

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