Google-backed O3b Networks snares USD1.2bn

Tue Nov 30 2010, 17:27 PM

Internet satellite firm O3b Networks has raised USD1.2bn in a final round of funding from a combination of banks and investors including Google. O3b says the funding enables it to launch its satellite system by 2013. The company describes its system as a new fibre-quality, satellite-based global internet “backbone” that aims to provide 70% of the world with internet access.

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