ReutersJan 16, 2021 12:16:26 AM
(Reuters) – UK company OneWeb announced Friday that SoftBank Group Corp and Hughes Network Systems LLC have invested in the satellite communications company, increasing total funding to $ 1.4 billion.
Founded in 2014 by entrepreneur Greg Wyler, OneWeb aims to deliver high-speed broadband Internet services worldwide using low-earth orbit satellites, with a similar offering being acquired by Elon Musk’s SpaceX.
The funding would allow OneWeb to cover the cost of its network of 648 satellites, which is expected to be ready by the end of 2022.
SoftBank Group, a former investor in OneWeb, had previously stopped funding and forced OneWeb to file for bankruptcy protection in March.
The company emerged from Chapter 11 bankruptcy protection in November when a consortium made up of the UK government and India’s Bharti Enterprises invested $ 1 billion in and took ownership of the company.
(Reporting by Chavi Mehta in Bengaluru; editing by Vinay Dwivedi)
This story was not edited by Firstpost staff and is generated by automatic feed.
