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SoftBank leads $1.25B funding round for OneWeb

Internet satellite startup OneWeb LLC raised $1.25 billion in its latest funding round, led by Japanese conglomerate SoftBank Group Corp.

Grupo Salinas, Qualcomm Technologies Inc. and the Government of Rwanda also participated in the latest financing, which brings OneWeb's total funding to $3.4 billion, according to a March 18 news release.

The funding round follows the first launch of OneWeb's satellites on Feb. 27. OneWeb, which was founded in 2012, said March 18 that the investment will help the company accelerate the development of a global communications network by 2021.

OneWeb is producing the satellites through a joint venture with Airbus Group Ventures called OneWeb Satellites.