OneWeb gets $1.2B investment to ramp-up satellite production in Florida

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    OneWeb LLC plans to kick-off satellite production at its manufacturing plant in Florida this spring, thanks to its largest funding round to date.

    The Arlington, Virginia-based company announced March 18 that it secured a $1.25 billion funding round led by Tokyo-based multitrillion-dollar conglomerate Softbank Group Corp., Qualcomm Technologies Inc. and more. Founded in 2012, OneWeb has gotten $3.4 billion in investments to date.

    “This latest funding round makes OneWeb’s service inevitable and is a vote of confidence from our core investor base in our business model and the OneWeb value proposition,” said Adrian Steckel, CEO of OneWeb, in a prepared statement.