Monday, 30 March 2020
OneWeb, the satellite startup once pegged as the leader in the race to beam high-speed internet from space, has filed for bankruptcy and blamed the coronavirus (COVID-19) pandemic for its collapse. The London-based firm announced it had let go most of its staff after talks to secure additional funding fell through. The Financial Times noted OneWeb had previously sought up to $2 billion to see it through its commercial launch — before COVID-19 impacted economies worldwide. [Read: 5G isn’t going to save you from cable broadband anytime soon] “While [OneWeb] was close to obtaining financing, the process did not progress because of…
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