OneWeb raises $500m funding
June 26, 2015
In addition to announcing a strategic partnership with Intelsat and agreeing satellite launch contracts with Arianespace, OneWeb has raised $500 million of funding from a group of leading international companies, including Airbus Group, Bharti Enterprises, Hughes Network Systems, (Hughes), a subsidiary of EchoStar Corp., Intelsat, Qualcomm Incorporated, The Coca-Cola Company, the Virgin Group, and Totalplay, a Grupo Salinas Company, owned by Ricardo B. Salinas.
This funding allows OneWeb further to develop key technologies to enable affordable broadband for rural and underdeveloped locations.
Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises and Tom Enders, CEO of Airbus Group, will be joining Sir Richard Branson, founder of the Virgin Group, Dr. Paul Jacobs, Executive Chairman of Qualcomm Incorporated, and Greg Wyler, founder of OneWeb, on the Board of Directors. Each of the other founding shareholders, who will also be Board observers, will continue to advise the company and support the programme directly through provision of technical and manufacturing expertise, launch capabilities, and enabling access to potential customers.
“The dream of fully bridging the digital divide is on track to be a reality in 2019,” said Wyler, founder of OneWeb. “Together with our committed and visionary founding shareholders we have the key elements in place: regulatory, technology, launches, satellites, as well as commercial operators in over 50 countries and territories. We are committed to solving one of the world’s biggest problems – enabling affordable broadband Internet access for everyone. We are excited about the next phase, which will involve working with countries, telecom operators and aid organisations to help them realize their goals of open and ubiquitous access.”
“Our vision is to make the Internet affordable for everyone, connecting remote areas to rest of the world and helping to raise living standards and prosperity in some of the poorest regions today,” said Sir Richard Branson, founder of the Virgin Group. “We believe that OneWeb, together with Virgin Galactic’s LauncherOne satellite launch system, has the capability to make this a reality.”