OneWeb has announced closing of its latest round of financing at $1.25 billion. Investors include Softbank Group Corp., Qualcomm Technologies Inc., Grupo Salinas, and the Government of Rwanda.
OneWeb plans to use the funds to build out its constellation of 720 low earth orbit satellites. OneWeb has contracted with Arianespace for 20 launches using Soyuz rockets.
“This latest funding round 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, in a statement accompanying the announcement.
OneWeb plans to begin regional service in 2020 and full global service in 2021.