NEW DELHI: Bharti Group-backed UK-based OneWeb<\/a> on Friday said it has received additional funding from SoftBank<\/a> Group Corp. and Hughes Network<\/a> Systems LLC, bringing its total funding to $1.4 billion, and helping it move one step closer to its aim of launching a first-generation satellite fleet, totaling 648 satellites, by the end of 2022.
Furthermore, SoftBank will be one of the members of the OneWeb Board of Directors.
OneWeb’s LEO satellite system includes a network of global gateway stations and a range of user terminals for different customer markets capable of delivering affordable, fast, high-bandwidth, and low-latency communications services.
In December 2020, OneWeb launched 36 new satellites, built at its Airbus Joint Venture assembly plant in Florida, USA, bringing the Company’s total fleet to 110 satellites, all fully-functioning and benefiting from International Telecommunication Union<\/a> spectrum priority.
“We are delighted to welcome the investment from SoftBank and Hughes. Both are deeply familiar with our business, share our vision for the future, and their commitment allows us to capitalize on the significant growth opportunity ahead for OneWeb. We gain from their experience and capabilities, as we deliver a unique LEO network for the world,” said Sunil Bharti Mittal, Executive Chairman of OneWeb.
“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,” said Masayoshi Son<\/a>, Representative Director, Corporate Officer, Chairman & CEO of SoftBank.
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