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.