Low Earth Orbit Satellite company OneWeb secured new Investment from SoftBank


OneWeb has now revealed that it has acquired additional funding from Hughes Network Systems and SoftBank Group.

OneWeb is working on building a space-based global communications network that delivers high speed and low latency internet access. The company is jointly owned by the UK Government and Bharti Global. The company intends to leverage the Internet of Things (IoT) future and a pathway to 5G to deliver broadband connectivity.

Executive Opinion

Masayoshi Son, Representative Director, Corporate Officer, Chairman & CEO of SoftBank, said, "We are excited to support OneWeb as it increases capacity and accelerates towards commercialization. We are thrilled to continue our partnership with Bharti, the UK Government and Hughes to help OneWeb deliver on its mission to transform internet access around the world."

Pradman Kaul, President of Hughes, said, "OneWeb continues to inspire the industry and attract the best players in the business to come together to bring its LEO constellation to fruition. The investments made today by Hughes and SoftBank will help realise the full potential of OneWeb in connecting enterprise, government, and mobility customers, especially with multi-transport services that complement our own geostationary offerings in meeting and accelerating demand for broadband around the world."

OneWeb's Latest Funding

The latest funding brings the total amount raised for the broadband satellite communications company to $1.4 billion.

The new capital will help to strongly position OneWeb to be fully funded for its first-generation satellite fleet, which totals 648 satellites by the end of 2022, notes the announcement.

The company also revealed that it is on track to provide global services to customers from late 2021 starting with Alaska, Iceland, Greenland, Northern Europe, UK, Canada, and Arctic Seas with the global services in 2022. The company aims to provide high-speed internet from OneWeb satellites in India by the mid of 2022.
PC: Unsplash

Note: We at TechSutram take our ethics very seriously. More information about it can be found here.
Udit Agarwal Opinions expressed by techsutram contributors are their own. More details

Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

No comments:

Post a Comment

    Your valuable comments are welcome. (Moderated)