Funding for broadband satellites secured

Broadband infrastructure provider O3b Networks has raised $1.2 billion (£700 million) to fund its development of high-speed global internet connectivity via satellite.

The company claimed it can now finance the project right through to the launch of its first constellation of spacecraft, which it hopes will provide super-fast connectivity between developing and established internet markets.

O3b revealed the satellites will orbit the earth at a height of 8,000 kilometres and provide internet access to 70 per cent of the world's population.

Equity providers include online search company Google and multi-national bank HSBC.

Dr Hamadoun Toure, secretary general of the International Telecommunication Union, remarked the plans offer an "exciting" solution that could bridge the broadband divide between rich and poor countries.

Chairman of O3b Networks John Dick said: "The backing of the world's leaders in internet, banking, cable and satellite underlines O3b's significant role in connecting all the world's people."

Earlier this month, the European Space Agency launched the continent's first satellite dedicated to broadband provision in an attempt to provide internet services to its most remote areas.