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SoftBank to invest $847.9 million in U.S. satellite startup OneWeb

Staff Writer |
SoftBank Group will invest some ¥100 billion ($847.9 million) in OneWeb, a U.S. startup that is planning to build a global satellite telecommunications network.

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The move is part of SoftBank’s strategy to expand its overseas presence to increase profits, the sources said Saturday, informed sources said, Jiji reports.

At a meeting with U.S. President-elect Donald Trump last month, SoftBank chief Masayoshi Son announced a plan to invest a total of $50 billion in the United States over the next four years.

Set up in 2012, OneWeb plans to create a high-speed telecom network that covers the entire globe by launching more than 600 small satellites into low orbit.

The envisioned network will allow users to communicate with others even when ground-based infrastructure is damaged, such as in a disaster.

It will also benefit people in developing countries, where the communications environment is generally poor, the sources said.

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