Japanese investment firm Softbank has invested $1 billion into OneWeb, a startup that aims to provide global Internet connectivity using a series of 648 satellites, reports Wall Street Journal. Existing investors have also pitched close to $200 million in the new round, while Softbank is poised to own 40% stake in OneWeb after the investment goes through, added the report. Current investors in OneWeb include Airbus, Bharti, Coca-Cola, Hughes, Intelsat, MDA, and Virgin. The company’s valuation will shoot up to $2.5 billion after the new round of investment, according to the report. OneWeb will use the fresh funds to extend worldwide Internet access via its satellites by 2027, and to bring connectivity to “every unconnected” school by 2022, according Greg Wyler, the company’s Founder and Chairman. Wyley said that the company will launch initial 10 satellites which will carry out detailed…
