The move came after the satellite wifi service developer reportedly failed to raise $2bn from investors including existing backer SoftBank Vision Fund.
UK-based satellite internet service developer OneWeb filed for bankruptcy on Friday after investors including internet and telecommunications group SoftBank’s Vision Fund failed to provide additional funding, TechCrunch reported.
OneWeb is looking to create an intergalactic internet system that would utilise a constellation of 650 satellites to provide wifi coverage in remote areas for private sector and governmental customers. It had 74 satellites in the sky as of earlier this month.
The company has so far raised a total of…
