O3b Networks announces $460M to expand its constellation and support customer growth
O3b Networks recently announced that it has closed $460 million in incremental financing to support the company’s extraordinary growth. The funds from this financing round will be used to expand the total number of satellites in O3b’s constellation from twelve to twenty, a much needed increase to accommodate the growing demand for high throughput, high performance connectivity.
O3b began full commercial operations in September 2014 and has since become the fastest growing satellite operator in history. Today, O3b supports connectivity for more than 40 customers worldwide, with more than 50% of those customers having already upgraded their service commitments to O3b during the first year of commercial operation.
“This is an incredibly exciting time for O3b and its customers. Our constellation is highly scalable and can be grown in direct response to market demand. In only a little over a year from our full commercial launch, we can already see the need for substantially more capacity in orbit to serve our customers. We are the No.1 operator in the Pacific and, together with Royal Caribbean, we have revolutionized the cruise connectivity market. Our Telco customers are expanding their service offerings and growing their markets on the back of O3b’s performance and capability” said Steve Collar, CEO of O3b Networks.
“With our Energy and Government businesses set to grow during 2016, these additional satellites will ensure that we have enough capacity to service the demand and to provide the very best combination of performance and value in the market. Our ability to attract close to half a billion dollars of incremental investment so soon after commercial launch demonstrates tremendous confidence in O3b’s business and reflects the success that we have already achieved.”