O3B Satellite Networks Raises £700 Million In Funding

O3B Satellite Networks has raised £700 million in its first round of funding to help launch the first 8 satellites that allow ISPs and mobile phones companies to offer super-fast broadband connections to Africa and other emerging markets.

Other 3 Billion, or O3B, is aiming to connect the remaining 3 billion people that don't have access to fibre-based broadband, with a massive network of satellites that will be used by ISPs and mobile phone companies to bring their services to emerging markets in Asia, Africa and Europe.

According to Bloomberg, the Jersey-based company has managed to raise $1.2 billion in funding from SES, Google and investment banks John Malone’s Liberty Global Inc., Allen & Co., North Bridge Venture Partners and HSBC Principal Investments.

The first 8 satellites, currently under being constructed by Thales Alenia Space at its Cannes manufacturing plant, are hoped to be ready to launch in the first half of 2013 from the new Sinamary spaceport in French Guiana.