Satellite internet startup OneWeb Ltd. Monday said it has raised $1.2 billion in private equity in a round led by Japanese telecommunications firm Softbank Group Corp.

Founded in 2012, OneWeb has set its sights on the lofty goal of deploying a constellation of micro-satellites to provide ubiquitous low-latency, high-speed global internet access. The company is developing its own satellites using what it describes as innovative technologies to enable faster, cheaper and higher-volume production.

Once off the ground, so to speak, OneWeb plans to build then deploy an initial 720 low earth orbit satellites in order to provide global internet coverage delivering 10 terabits per second of new capacity complete with User Terminals that contain embedded LTE, 3G, 2G and Wifi. The system promises to extend the networks of mobile operators and internet service providers to serve new coverage areas at a lower cost.

“SoftBank has a long history of investing in disruptive, foundational technologies that promise to help us realize the future sooner,” SoftBank Chairman and Chief Executive Officer Masayoshi Son said in a statement. “OneWeb is a tremendously exciting company poised to transform internet access around the world from their manufacturing facility in Florida.”

OneWeb’s system will go head-to-head with a rival proposal from Elon Musk’s SpaceX, which is currently planning to deploy 4,425 LEO satellites to provide global Internet coverage. It also could compete with experimental systems fielded by Google Inc. and Facebook Inc.

The investment by Softbank, which totaled $1 billion of the $1.2 billion raised in the new round, was cited as being part of a commitment Son gave in early December to President-elect Donald Trump to invest $50 billion into innovation in the U.S. “America has always been at the forefront of innovation and technological development and we are thrilled to be playing a part in continuing to drive that growth as we work to create a truly globally connected ecosystem,” Son noted.

Despite the company having its head office in the U.K., OneWeb is developing the satellites via its various locations in the United States, including an office in Silicon Valley.

Including the new round, OneWeb has raised at least $1.7 billion to date. Qualcomm Inc. and Virgin Group, which both participated in the new round, were original investors in the company. Airbus Group also joined the round.

Image courtesy of OneWeb