Satellite operator OneWeb, fresh from the recent successful completion of the first launch in its planned initial constellation of 650 satellites, has completed a new fundraising round to raise $1.25 billion in capital to support the introduction of its global connectivity network.
This additional funding brings the total money raised by the firm since its inception to $3.4 billion. The most recent funding round was led by SoftBank Group, Grupo Salinas, Qualcomm Technologies, and the Government of Rwanda.
“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,” said Adrian Steckel, CEO of OneWeb.
“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.”
OneWeb’s satellites, produced through its joint venture with Airbus, will ramp-up production this spring at its new manufacturing facility in Exploration Park, Florida.
Following the company’s successful launch on February 27th, OneWeb will now embark on the largest satellite launch campaign in history, with monthly launches of more than 30 satellites at a time planned from Q4 this year.
OneWeb will manage the network from satellite operation centres in both the US and UK, and has installed ground stations in Italy, Norway, and Canada, with more planned to follow in the future.