OneWeb picks up $1.4B more from SoftBank and Hughes to help fund its first satellite fleet

After a troubled year that saw broadband satellite operator OneWeb file for bankruptcy, get rescue finance from the UK government and Bharti, and then emerge out of that with a launch of part of its fleet last month, the London-based company today announced that it’s closed $1.4 billion in funding — money that it says will be enough to (finally) get the rest of its first-generation fleet of 648 satellites off the ground.

The news comes about a month after OneWeb launched 36 satellites, its third launch to put more of its fleet into orbit.

SoftBank and Hughes are both past backers and partners in OneWeb, so this is something of an insurance policy to make sure that its previous investment doesn’t go completely to waste.

(At least some of it has already been written down: SoftBank years ago posted an eye-watering loss of $24 billion due in part to that OneWeb bet.).

Originally, Hughes had planned for the first services to start running in 2019 — although that was when OneWeb and its fleet of LEO (low-earth orbit) satellites was still a very shiny idea, backed by $1.7 billion in venture funding.

“We are excited to support OneWeb as it increases capacity and accelerates towards commercialisation,” said Masayoshi Son, Representative Director, Corporate Officer, Chairman & CEO of SoftBank, in a statement

“We are thrilled to continue our partnership with Bharti, the UK Government and Hughes to help OneWeb deliver on its mission to transform internet access around the world.”

The investments made today by Hughes and SoftBank will help realise the full potential of OneWeb in connecting enterprise, government and mobility customers, especially with multi-transport services that complement our own geostationary offerings in meeting and accelerating demand for broadband around the world.”