Bharti Group-backed OneWeb has received additional funding from SoftBank Group and Hughes Network Systems LLC, bringing its total funding to $1.4 billion.
As part of this deal, SoftBank will be one of the members of the OneWeb Board of Directors.
This fresh round of funding will enable OneWeb to achieve its goal of launching a first-generation satellite fleet, totalling 648 satellites, by the end of 2022.
Earlier in December 2020, OneWeb had launched 36 new satellites taking its total fleet to 110 satellites, all fully-functioning and benefiting from International Telecommunication Union spectrum priority.
On a related note, following the recent round of funding, OneWeb has said that it will foray into the space business market through its existing local partners and will not have its own retail arm.
