OneWeb has raised $500m in funding from a group of global firms to support its plans of bringing broadband to billions of people through satellites.
The latest round of investors include Airbus Group, Bharti Enterprises, Hughes Network Systems, Intelsat, Qualcomm, Coca-Cola, Virgin Group and Totalplay.
OneWeb will use the funding to further develop key technologies for allowing affordable broadband in rural and underdeveloped locations.
The company is building a communications network with a constellation of low earth orbit satellites that will provide connectivity to people across the world.
It will increase the networks of mobile operators and ISP’s to serve new coverage areas with over 10 terabits per second of new capacity.
OneWeb founder Greg Wyler said: "The dream of fully bridging the digital divide is on track to be a reality in 2019.
"Together with our committed and visionary founding shareholders we have the key elements in place: regulatory, technology, launches, satellites, as well as commercial operators in over 50 countries and territories."
Earlier this month, OneWeb has awarded a contract to Airbus Defence and Space for building 900 900 telecom class microsatellites.
A network of 648 small satellites will be placed into orbit for global internet connectivity.
The next phase of the project will include working with countries, telecom operators and assist organisations in helping them realise their open access plans.
