Softbank has invested another $350 million in oneweb, a satellite start-up that filed for bankruptcy last year

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Sina science and technology news on the evening of January 15, Beijing time, it is reported that Softbank has invested $350 million in oneweb, a satellite internet start-up, and won a board seat in oneweb.
In addition to Softbank, Charlie Ergen’s Hughes network systems has invested another $50 million. Hughes network systems, an original investor in oneweb, invested $50 million in oneweb last year.
The latest round of financing brings oneweb’s total financing to $1.4 billion, which means that the company needs to raise another $1 billion from new investors or through debt to complete a satellite network of 648 LEO satellites to provide Internet services to the most remote areas on earth.
Masayoshi son, chairman of Softbank, said: “we are very happy to support oneweb, which is expanding its capacity and accelerating its commercialization. We are also pleased to continue to work with Bharti, the UK government and Hughes networks to help oneweb achieve its mission of transforming Internet access around the world. ”
At the same time, oneweb’s ambitions are shrinking to help control funding needs. Recently, the company asked regulators to reduce its number of satellites from 48000 previously planned to 6372. A person close to oneweb said that the number of satellites in the next generation of satellite networks could be further reduced.
Oneweb is a satellite Internet company, headquartered in London, but with a large number of operations in the United States. In March last year, oneweb filed for bankruptcy. In July, the British government and Sunil Mittal, an Indian telecoms tycoon, won an auction of oneweb, with one person familiar with the matter saying that the British government and Mittal would each take a 45 per cent stake in oneweb, while oneweb’s current investors would retain a 10 per cent stake.
Oneweb has been building a low earth orbit satellite network to provide Internet services to remote areas outside the city. Currently, oneweb has 110 satellites in orbit. According to the original plan, oneweb will complete the deployment of 648 satellites in 2021, and eventually achieve global coverage of more than 1980 satellites.