OneWeb: Closes After SoftBank Fund Raise Fails
- The lack of funding includes any new investment from its biggest backer, SoftBank
- CEO Adrian Steckel blamed the turmoil on COVID-19, the disease caused by the coronavirus
- OneWeb has been building a truly global communications network to provide high-speed low latency broadband everywhere
- Before the pandemic, OneWeb was discussing with SoftBank the possibility of raising another $2B in a funding round
- OneWeb had previously raised funds from investors including Airbus, Sir Richard Branson’s Virgin Group, Qualcomm
- Elon Musk’s SpaceX and Amazon’s Project Kuiper were other similar satellite companies with goals of trying to expand satellite internet capabilities
