Softbank backed satellite startup OneWeb files for bankruptcy
In this blog, we discuss Softbank backed satellite startup OneWeb files for bankruptcy. OneWeb — which for years chased a multibillion-dollar dream of beaming cheap, high-speed Internet from space — filed for bankruptcy on Friday.
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The company said it plans to “pursue a sale of its business to maximize the value of the company.” OneWeb filed for Chapter 11 protection in U.S. Bankruptcy Court for the Southern District of New York. The company said it laid off about 85% of its 531 employees before filing for bankruptcy. Its assets include 74 internet satellites that launched into orbit over the past few months as it began building a constellation of more than 600 devices that the company hoped would blanket the entire planet in internet connectivity. Softbank backed satellite startup OneWeb files for bankruptcy.
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OneWeb raised more than $3 million, mostly from high-profile investors including Softbank, Airbus (EADSF), Richard Branson’s Virgin Group, Coca-Cola (KO)and Qualcomm (QCOM). Softbank, having already invested roughly $2 billion in OneWeb, decided it was the “responsible decision” not to invest further given the startup’s high cash needs, compounded by the global financial instability caused by the coronavirus, one source said. But it faced stiff competition. Elon Musk’s SpaceX, which brings in revenue from its rocket launch business and raised more than a billion dollars last year, is the clear leader. The company’s Internet constellation, dubbed Starlink, already consists of more than 300 satellites.You can also learn about this from Easyshiksha.
Other satellite ventures pursuing high-speed internet constellations include Amazon (AMZN), Canada’s Telesat, and, reportedly, Apple.It’s not clear, however, if any of these plans will be successful.
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Several ventures, including one backed by Microsoft (MSFT) multibillionaire Bill Gates, attempted to build similar satellite-internet constellations in decades past. All of them either folded, filed for bankrupt, or drastically restructured their business plans.
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