OneWeb raises $500 million to create a satellite broadband network

A satellite broadband service that wants to bridge the digital divide by beaming the internet from space has announced $500m in funding. OneWeb said it has raised funds from companies including Airbus Group, Bharti Enterprises, Hughes Network Systems, Intelsat, Qualcomm, Coca-Cola, the Virgin Group, and Totalplay. It said the money will allow it to develop technologies to offer affordable broadband for rural and poorly served locations. The company said the network, delivered from 648 orbiting micro-satellites, will also provide high speed, low latency access to ships, planes, trains, and oil platforms. “The dream of fully bridging the digital divide is on track to be a reality in 2019,” said Greg Wyler, founder of OneWeb. “We are committed to solving one of the world’s biggest problems – enabling affordable broadband internet access for everyone.” Currently two-thirds of the world’s population does not have internet access. Earlier this month, OneWeb revealed a deal with Airbus to design and manufacture 900 microsatellites, and has now confirmed it has 65 rocket launches planned, including 21 Soyuz launches from Arianespace and 39 launches from Virgin Galactic’s LauncherOne.