The Richard Branson-backed OneWeb satellite constellation, which is looking to put 650 small satellites into orbit, is seeking $2.5 billion of fresh funding for the project. It has already raised $500 million in cash in June from the likes of Virgin Group, Airbus Group, Intelsat, Qualcomm, Coca-Cola and Bharti Group.
It is being reported that OneWeb, which is based in the Channel Islands, needs to build and establish the constellation speedily. However, Sky News is reporting that despite claims that the June cash-raising exercise not all of the $500 million said to have been raised has actually been funded into the scheme.
OneWeb, formerly known as WorldVu, was founded by Greg Wyler and intends using frequencies that have to be brought into use between 2019 and mid-2020, otherwise the approvals lapse.
Google was at one time backing Wyler’s scheme but pulled out last year.