OneWeb raises $1.25 billion
Posted: Sat, Mar 23, 2019, 6:34 PM ET (2234 GMT)
OneWeb announced Monday it has raised $1.25 billion in its latest funding round. The company said that SoftBank Group Corp., Grupo Salinas, Qualcomm Technologies Inc., and the Government of Rwanda led this latest round, which brings the total raised to date by OneWeb to $3.4 billion. The funding comes less than three weeks after the company launched its first six satellites that will serve as in-orbit demonstrations of the hundreds of spacecraft that will comprise the company's full constellation. With the new funding in place, OneWeb says it will start monthly launches of the rest of the system in the fourth quarter of this year, with more than 30 satellites per launch. The company will build those satellites at a new factory in Florida, with production slated to ramp up this spring.
OneWeb announced Monday it has raised $1.25 billion in its latest funding round. The company said that SoftBank Group Corp., Grupo Salinas, Qualcomm Technologies Inc., and the Government of Rwanda led this latest round, which brings the total raised to date by OneWeb to $3.4 billion. The funding comes less than three weeks after the company launched its first six satellites that will serve as in-orbit demonstrations of the hundreds of spacecraft that will comprise the company's full constellation. With the new funding in place, OneWeb says it will start monthly launches of the rest of the system in the fourth quarter of this year, with more than 30 satellites per launch. The company will build those satellites at a new factory in Florida, with production slated to ramp up this spring.
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