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The competition heats up: OneWeb, in its effort to build a constellation of 900 satellites to provide internet services worldwide, has raised $1.2 billion.
Japan-based SoftBank invested $1 billion of the total $1.2 billion, and has also become a strategic partner, with one of its directors, Ronald Fisher, joining OneWeb’s board of directors. Combined with the $500 million OneWeb raised in June 2015, the total amount gathered now stands at $1.7 billion out of an expected total cost of $2.5 billion to $3.5 billion for the full constellation of 900 small satellites. OneWeb Founder Greg Wyler told SpaceNews that thanks to SoftBank, the company has raised more from investors than originally anticipated, allowing OneWeb to forgo a third investment round.
They plan to build a factory in Florida capable of building 15 satellites per week.