Briefing Venture

The Briefing: OneWeb Raises Big New Round, Tiger Global Eyes $3.5B Fund, And More

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OneWeb raises SoftBank-backed round for satellite network

OneWeb, the heavily funded developer of low earth orbiting communications satellites, announced that it has secured additional funding from SoftBank and Hughes Network Systems.

The Financial Times reports that SoftBank invested a further $350 million into OneWeb. The financing comes after the satellite internet company went into bankruptcy last year after being unable to secure an urgent funding round.

OneWeb’s mission is to deliver broadband connectivity worldwide. In December 2020, it launched 36 new satellites, bringing its total fleet to 110 satellites. The company says the capital raised to date positions it to be fully funded for its first-generation satellite fleet, totaling 648 satellites, by the end of 2022.

New funds

  • Tiger Global reportedly raising $3.5B: Startup and growth-stage investment firm Tiger Global Management is reportedly seeking to raise $3.5 billion for a fund called Tiger Private Investment Partners XIV that it expects to close in March.

Funding rounds

  • Oqton raises over $40M in Series A: Oqton, a startup based in Belgium and San Francisco that develops AI-driven software for the manufacturing industry, announced that it has has secured more than $40 million in a Series A funding round led by Fortino Capital, PMV and multinational engineering group Sandvik.
  • Solstice heats up residential power with $3.1M: Solstice Power Technologies, headquartered in Cambridge, Massachusetts, closed on an oversubscribed $3.1 million funding round led by Total Carbon Neutrality Ventures. The software and customer management company is developing residential solar power capabilities.

Illustration: Dom Guzman

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