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O3b raises $460m

O3b Networks has announced that it has closed $460 million in financing to support the company’s growth and to assist in expanding the total number of satellites in O3b’s constellation from twelve to twenty.

{mprestriction ids="1,2"}O3b began full commercial operations in September 2014 and today supports connectivity for approximately 40 customers worldwide. The company says that more than half of those customers have already upgraded their service commitments during the first year of commercial operation.

“This is an incredibly exciting time for O3b and its customers. Our constellation is highly scalable and can be grown in direct response to market demand. In only a little over a year from our full commercial launch, we can already see the need for substantially more capacity in orbit to serve our customers,” said Steve Collar, CEO of O3b Networks.

“We are the number one operator in the Pacific and, together with Royal Caribbean, we have revolutionised the cruise connectivity market. Our Telco customers are expanding their service offerings and growing their markets on the back of O3b’s performance and capability.”

“With our Energy and Government businesses set to grow during 2016, these additional satellites will ensure that we have enough capacity to service the demand and to provide the very best combination of performance and value in the market. Our ability to attract close to half a billion dollars of incremental investment so soon after commercial launch demonstrates tremendous confidence in O3b’s business and reflects the success that we have already achieved.”{/mprestriction}

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