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OneWeb picks has now raised $1.4B, with $400M 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 36 new satellites OneWeb launched in December brought the total number in orbit to 110 satellites. This means there are still more than 500 left to launch in the first generation.
The company is continuing to whittle down its ambitions. Earlier this week, OneWeb announced that it had “streamlined its constellation” and as a result was reducing the request it was making to the U.S. regulators for licenses. Originally OneWeb had applied to the FCC for market access for 47,884 satellites; now the figure is down to 6,372.
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