ReutersJanuary 16, 2021 12:16:26 am
(Reuters) – Britain’s OneWeb stated on Friday that SoftBank Group Corp and Hughes Community Programs LLC had invested within the satellite tv for pc communications firm, elevating their whole funding to $ 1.four billion.
Based by entrepreneur Greg Wyler in 2014, OneWeb goals to supply high-speed broadband web companies globally utilizing low Earth orbit satellites, taking up an analogous providing from Elon Musk’s SpaceX.
The funding would enable OneWeb to cowl the prices of its community of 648 satellites, which is predicted to be prepared by the top of 2022.
SoftBank Group, a former investor in OneWeb, had beforehand canceled the funding, forcing OneWeb to file for chapter safety in March.
The corporate emerged from Chapter 11 chapter safety in November as a consortium made up of the UK authorities and India’s Bharti Enterprises, which invested $ 1 billion within the firm and took over its possession.
(Reporting by Chavi Mehta in Bengaluru; Edited by Vinay Dwivedi)
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