After a yr through which it needed to declare Chapter 11 bankruptcy, 2021 is off to a significantly better begin for satellite tv for pc web startup OneWeb. Two weeks into the brand new yr, the corporate has secured a $400 million investment from SoftBank and Hughes Community Methods, bringing its complete funding so far to $1.4 billion. With that new infusion of money, OnWeb says it has every little thing it must launch its whole first-generation of 648 constellation satellites by the tip of 2022.
OneWeb is one of several companies that wish to ship broadband web to underserved areas utilizing a community of low orbit satellites. In the intervening time, its fleet consists of 110 craft. So which means it might want to manufacture and launch greater than 500 extra satellites within the span of two years to satisfy its purpose. Nonetheless, it’s in a significantly better place at the moment than it was precisely one yr in the past. After OneWeb declared chapter in late March, the UK and India’s Bharti bought a 45 percent stake within the firm. By December, it was in a position to put 36 new satellites in low Earth orbit.