SoftBank-Backed Satellite Startup Files for Bankruptcy

Elvera Bartels

Satellite web startup OneWeb submitted for individual bankruptcy and diminished its workforce following it could not obtain new funding from traders thanks to the monetary effect of the COVID-19 pandemic.

Right before the pandemic, the business was in talks with SoftBank, its biggest backer, about quite possibly elevating a different $two billion in a funding spherical. SoftBank Group fell as substantially as ten% following the business submitted for individual bankruptcy.

“Since the beginning of the calendar year, OneWeb had been engaged in state-of-the-art negotiations pertaining to expenditure that would entirely fund the business by its deployment and commercial launch,” stated the business in a assertion. “While the business was shut to acquiring funding, the method did not development because of the monetary effect and current market turbulence similar to the spread of COVID-19.”

The U.K.-based business formerly elevated $3.4 billion from traders, together with Qualcomm, Airbus, and Virgin Group.

OneWeb

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