14 DAY TRIAL // O3b has raised $1.2 billion for its plans to launch a global network of satellites to provide fast internet access to remote regions. The Google-backed company has now finished raising the funds needed for its initial plans to have eight mid-orbit satellites launched by 2013.
"O3b Networks announced today that it has secured its final funding round before service launch. O3b Networks is the developer of a new fiber-quality, satellite-based global internet backbone," O3b announced.
"Google’s mission is to organize the world’s information and make it universally accessible and useful, and so we were early supporters of O3b. We’re glad that O3b is now fully funded to build, launch, and operate its first satellites," Google, which was one of the company's early investors, said.
O3b, which stands for the "other three billion," the half of the world which doesn't have access to fast, reliable internet connections, was created three years ago with the goal of creating a global network of satellites to provide a backbone for telecommunication companies and ISPs wanting to offer cheaper voice and internet services in remote regions where fiber optics may not be a viable or affordable option.
The initial plans were to have 10 satellites in orbit by 2010, but the economic downturn made it hard to secure funding. Now, with a slightly revised plan of having eight satellites launched by 2013, the company is ready to go.
The satellites will orbit at 8,000 km, about four times lower than regular geo-stationary satellites. This will ensure faster speeds and lower latencies for consumers making high speed satellite internet a reality.
Local or global IPS will lease the bandwidth available and be able to offer their own services based on the satellite backbone. O3b will cover 150 countries. It remains to be seen is O3b can deliver on its plans and will be able to offer its services at a competing price but, considering that for many places there are no alternatives, the future of the project looks promising.