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OneWeb Secures $1.25bn in new funding

The launch of OneWeb's first six broadband satellites from the Guiana Space Center in Kourou, French Guiana The launch of OneWeb's first six broadband satellites from the Guiana Space Center in Kourou, French Guiana

Communications company OneWeb has secured $1.25 billion in new capital to accelerate the development of a global communications network by 2021.

{mprestriction ids="1,2"}OneWeb’s satellite system will deliver high speed, low latency, seamless broadband access, to all locations on Earth. The satellites are produced through One Web’s joint venture with Airbus, with the purpose of delivering one of the largest satellite launch campaigns ever.

The latest funding, led by SoftBank Group Corp., Grupo Salinas, Qualcomm Technologies Inc., and the Government of Rwanda brings the total raised to $3.4 billion. The funding follows successful launch of OneWeb’s satellites on February 27th.

Starting in Q4, OneWeb will begin monthly launches of more than 30 satellites at a time, creating an initial constellation of 650 satellites to enable full global coverage. After this first phase, OneWeb will add more satellites to its constellation to meet growing demands.

Adrian Steckel, CEO, OneWeb, commented: "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.”

“With the recent successful launch of our first six satellites, near-completion of our innovative satellite manufacturing facility with our partner Airbus, progress towards fully securing our ITU priority spectrum position, and the signing of our first customer contracts, OneWeb is moving from the planning and development stage to deployment of our full constellation. Our success is made possible thanks to the backing of our investors and the cooperation of our world class commercial partners including Arianespace, Airbus, Qualcomm Technologies Inc., Virgin, and Hughes.”

“Greg Wyler, chairman and founder, OneWeb, added: “We are committed to bridging the digital divide, and this funding helps ensure our globally shared dream will soon become a reality. We look forward to continuing our work with the many supportive and forward-looking Governments, ISP’s, and Telecom Operators to help them broaden the reach of connectivity to connect people everywhere.”

To support the deployment of the system, OneWeb relies on high-tech satellite operation centres in both Virginia and in London, and has installed ground stations in Italy, Norway, and Canada, with more on the way. {/mprestriction}

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