SoftBank invested $1bn to lead the satellite operator's latest round, which will support construction of a large-scale satellite production facility.
Telecommunications and internet group SoftBank agreed yesterday to invest $1bn in US-based satellite operator OneWeb as part of a $1.2bn round that included several other corporates, all existing investors in the company.
Mobile chipmaker Qualcomm, aerospace group Airbus, beverage producer Coca-Cola Company, conglomerates Virgin Group and Bharti Enterprises, cable and internet service provider Totalplay, and satellite services companies Hughes Network Systems and Intelsat also participated in the round.
Founded in 2012, OneWeb is building a network of 720 low earth orbit satellites that will provide internet coverage across the world. OneWeb claims its service will boast “industry- leading speed and performance” as well as lower latency, at an affordable price.
The capital will be used for technology development and will also support construction of a manufacturing facility in Florida capable of producing 15 satellites a week at what OneWeb claims will be a significantly lower cost than any currently operational plant.
Masayoshi Son, chairman and chief executive of SoftBank, said: “SoftBank has a long history of investing in disruptive, foundational technologies that promise to help us realise the future sooner.
“OneWeb is a tremendously exciting company poised to transform internet access around the world from their manufacturing facility in Florida.”
Airbus, Virgin, Bharti, Qualcomm, Coca-Cola, Intelsat, Hughes Network and Totalplay previously invested $500m in OneWeb in June 2015, after Virgin and Qualcomm had supplied the company’s initial funding.
– Image courtesy of OneWeb Ltd.
