SoftBank Group, Hughes invest in British satellite communications firm OneWeb

FILE PHOTO: A Soyuz-2.1b rocket booster carrying the satellites of British firm OneWeb blasts off from a launch pad at the Vostochny Cosmodrome in Amur Region, Russia December 18, 2020. Russian space agency Roscosmos/Handout via REUTERS

(Reuters) - Britain's OneWeb said on Friday that SoftBank Group Corp and Hughes Network Systems LLC had invested in the satellite communications company, bringing its total funding to $1.4 billion.

Founded by entrepreneur Greg Wyler in 2014, OneWeb aims to provide high-speed broadband internet services globally using low earth orbit satellites, taking on a similar offering by Elon Musk's SpaceX.

The funding would allow OneWeb to cover the costs for its network of 648 satellites, expected to be ready by the end of 2022.

SoftBank Group, a former investor in OneWeb, had pulled the plug on funding earlier, forcing OneWeb to file for bankruptcy protection in March.

The company emerged from Chapter 11 bankruptcy protection in November as a consortium comprising the UK government and India's Bharti Enterprises invested $1 billion in the company and took its ownership.

(Reporting by Chavi Mehta in Bengaluru; Editing by Vinay Dwivedi)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3


Did you find this article insightful?


Next In Tech News

Chinese ride-sharing giant Didi plans entry into Europe
Reddit recovers from hour-long outage amid heavy trading in GameStop
Australian parliament passes news media bargaining code
Humans vs animals: Are we really more intelligent?
Britain's GCHQ cyber spies embrace the AI revolution
Nvidia forecasts sales above estimates as gaming chip sales surge
GameStop stock doubles in afternoon; even Reddit is surprised
ByteDance names new global head of R&D at TikTok - sources
Lyft focuses on aged citizens with feature to book rides by call
India plans new social media controls after Twitter face-off

Stories You'll Enjoy