OneWeb strikes a $500 million deal to provide internet globally via satellite

OneWeb has closed a $500 million funding round to build a satellite system that it says will provide affordable broadband services across the globe. The company has attracted investment from Airbus, Bharti Enterprises, Qualcomm, Coca-Cola, Virgin Group and others. It will use the funds to develop key technologies required to enable internet access for undeveloped locations. The announcement comes just days after Airbus confirmed it will be building 900 satellites for OneWeb’s project. 648 of those will be launched into orbit to provide broadband globally, while the rest will remain on the ground as spares. OneWeb plans over 65 launches…

This story continues at The Next Web

from The Next Web http://ift.tt/1GMUtly
via IFTTT