OneWeb raised $1.2 billion from Softbank and other investors to establish a production line for hundreds of internet satellites

According to the plan, OneWeb will produce 720 low-orbit satellites in the first phase, the largest number in satellite history, to provide high-speed, ultra-low-latency Internet coverage, as well as improving satellite launch and maintenance costs

OneWeb announced that it has secured funding of $1.2 billion, of which $XNUMX billion is from the Japanese telecommunications company Sovetbank and the rest from existing investors. The fundraising round is intended to support the technological development of OneWeb and the establishment of the world's only mass production line for satellites.

The new facility to be built in Exploration Park in Florida will have a production capacity of 15 satellites per week at a fraction of the cost of current manufacturers and thus it will be able to manufacture, launch and operate its communications network. The investment is expected to create approximately 3,000 jobs for engineers, production and support personnel in the US over the next four years.

The investment will also make it possible to develop global access to high-speed Internet services for everyone, including many schools around the world that are not yet connected - by 2022. In addition, OneWeb technology will be used in other markets such as consumer bandwidth, connected cars, infrastructure for the cellular network and the Internet of Things. OneWeb will begin production at the new plant in 2018.

The company was founded in 2012 with the vision of providing affordable internet access for everyone. Among the existing investors in the company - Qualcomm, Airbus, Bharti, Hughes Network, Echostar, Intelsat, Coca Cola, Virgin and Total Pay.

According to the plan, OneWeb will produce 720 low-orbit satellites in the first phase, the largest number in the history of satellites, to provide high-speed Internet coverage, with very low latency, as well as an improvement in the costs of launching and maintaining the satellites due to the unique production method.

The network avenue will have a bandwidth of 10 terabits per second, and the end terminals that will contain a combination of LTE, 2G, 3G and Wifi will expand the networks of the cellular operators and Internet providers to new areas at low costs for health education and business needs.

"Softbank has a long history of investing in basic and disruptive technologies that promise to help us realize the future as quickly as possible. OneWeb is a particularly interesting company that will change internet access worldwide with the help of the manufacturing plant in Florida" says Masayoshi Son, Chairman and CEO of Softbank.