Led · Equity · Apr 2021

OneWeb is implementing a constellation of Low Earth Orbit satellites alongside a network of global gateway stations and a range of user terminals to provide high-bandwidth, low-latency communications. Its planned fleet of 648 satellites, intended to deliver global coverage in 2022, is fully funded. To date the company has launched 254 satellites, with another launch planned in August from Baikonur, Kazakhstan. Financially, Hanwha Systems agreed to make a $300m equity investment for an 8.8% share, bringing total equity investment since November 2020 to $2.7bn with no debt issuance. The investment is expected to complete in the first half of 2022, subject to regulatory approvals, and OneWeb will appoint a board director to represent Hanwha on completion. Hanwha brings defence capabilities, the latest antenna technologies, relationships to new government customers, and expanded geographical reach. OneWeb is deploying a 648-satellite Low Earth Orbit constellation to provide low-latency, high-bandwidth connectivity. The first-generation constellation is expected to deliver significant regional coverage by the end of 2021 and global coverage the following year, leveraging ITU-backed priority spectrum rights. It plans to deliver 1.1 Tbps of capacity addressing government, fixed-data and mobility markets and intends a partnership-based, profitable wholesale business model. OneWeb also plans a second-generation constellation to improve capacity, flexibility and economics. The company anticipates annual revenues of circa $1 billion within three to five years after full deployment of the constellation. OneWeb is described as almost fully funded following recent investment activity and is advancing to secure remaining funding needs. OneWeb develops a LEO satellite constellation and complementary ground infrastructure (global gateway stations and user terminals) to provide fast, low-latency broadband. The company has launched 36 satellites in December, bringing the total in orbit to 110, with more than 500 of the first-generation 648 satellites still to launch. OneWeb has streamlined its constellation and reduced its FCC market-access request from 47,884 to 6,372 satellites. Hughes is building the ground network that will work with OneWeb’s satellites. The company emerged from Chapter 11 after rescue financing from the U.K. government and Bharti and says it is focused on completing its first-generation fleet and commercialisation. Recent funding activity and strategic partners are intended to help OneWeb capitalise on demand driven by 5G, IoT and broader connectivity needs. OneWeb develops and plans to operate a large low-Earth-orbit satellite constellation to provide global internet connectivity. The company successfully launched and deployed its first six satellites and intends an initial fleet of about 650 satellites, with several hundred more planned later. OneWeb is moving to mass manufacture and finishing a dedicated satellite production facility being built with partner Airbus. Each satellite currently costs roughly $1 million, and the company says the new funds will accelerate manufacturing and deployment. Management expects to demo connections next year with a launch cadence of about 30 satellites per monthly launch and to offer limited commercial service in 2021; it has already signed its first customer, Talia (serving Africa and the Middle East). The company also cites progress toward fully securing its ITU priority spectrum position as it shifts from planning to deployment. OneWeb is developing a constellation of low‑orbit satellites to beam affordable internet worldwide, aiming to improve coverage and connect areas that are currently offline. The company plans an initial 10 test satellites in early 2018, followed by an initial fleet of 72 low‑orbit satellites six months later, with service potentially operational as soon as 2019. OneWeb intends its network to support schools (targeting universal school connectivity by 2022) and to enable emerging technologies like IoT and connected cars. The firm announced a major funding round to support rapid scaling, including construction of a high‑volume satellite production facility in Florida scheduled for completion in 2018. That facility is planned to churn out 15 satellites per week at a fraction of current manufacturing cost and to create roughly 3,000 jobs over four years. OneWeb also set a broader goal to fully bridge the digital divide by 2027.

Led · Equity · Jul 2019

Broadpeak designs and manufactures video delivery components and systems for content providers and network service providers across telecom, cable, satellite, OTT, and mobile services. Its solutions power delivery of movies, television programming, and other video content over managed networks and the Internet for viewing on any device. The company says its systems help operators increase market share and improve subscriber loyalty by delivering superior quality of experience. Broadpeak supports customers worldwide, from small installations to large delivery systems reaching capacities of several million simultaneous streams, and is headquartered in Cesson‑Sévigné, France. Going forward it plans to expand its turnkey video delivery offerings and deepen integration of satellite into IP ecosystems, including collaboration on projects targeting satellite integration into 5G mobile networks. Management says the recent strategic investment will strengthen the team and finance the company’s strong growth while enabling joint development of next‑generation services to deliver, optimize, and monetize high‑quality video experiences.

Participated · Equity · Feb 2015

Sigfox is a French IoT company building a dedicated global radio network to connect, monitor and control a wide range of devices. Its network is operational in regions across 26 countries, covering 1.35 million square kilometers and 358 million people, and it reports about 10 million devices registered. Pricing starts at €1 per device per month with a sliding scale based on volume. The company aims to expand its footprint to 60 countries by 2018, sees opportunities in China and India, and has completed a recent 100-city U.S. deployment. It plans to integrate with Salesforce’s IoT Cloud to sell solutions to clients already using Salesforce for IoT management. Sources place Sigfox's valuation at around €600 million, and the company has raised just over $300 million to date. SIGFOX provides an Internet of Things (IoT) network protocol built on Ultra Narrow Band (UNB) technology that delivers scalable, long-range, two-way connectivity with high capacity. The company's UNB approach is positioned as a cost-effective, energy-efficient option suited for small-message IoT devices. SIGFOX operates its network in more than a dozen countries and major cities and runs a SIGFOX Ready™ program to certify compatible devices and promote them in a global solutions catalogue. The company’s protocol has been integrated into Samsung’s ARTIK platform, enabling ARTIK-based devices to become SIGFOX Ready™ and connect where the SIGFOX network is available. That integration allows developers to activate the SIGFOX network via a simple cloud connectivity subscription. Samsung Ventures has invested in SIGFOX as part of this strategic relationship; the articles state the investment terms were not disclosed. SIGFOX operates a dedicated Low-Power Wide-Area (LPWA) cellular network that delivers economical, energy-efficient two-way transmission of small quantities of data for IoT and M2M devices. The company positions its network as complementary to high-bandwidth systems, aiming to unify efficient connectivity across energy and throughput dimensions. Deployments are already live in France, Spain, the United Kingdom and the Netherlands, with expansion plans into the United States and broader roll-outs across Europe, Asia and the Americas. SIGFOX reports more than 2 million square kilometers of network coverage through its SIGFOX Network Operator partnership program. The firm says its technology extends battery and service life of connected devices and lowers barriers to large-scale IoT implementation. Incorporated in 2009, SIGFOX is headquartered in Labège, France, with offices in Mountain View, California and Madrid, Spain. Sigfox provides global cellular connectivity for the Internet of Things, fully dedicated to low-throughput communications. Its solution is based on an antenna and base station infrastructure that is completely independent of existing telecommunications networks. The company was co-founded by Ludovic Le Moan (CEO) and Christophe Fourtet (CSO) and has offices in Labège, Paris, Madrid and San Francisco. In March 2014 Sigfox raised €15m in venture capital funding. The company said it will use the funds to accelerate growth, support international deployment and hire new people. Backers in the round included Idinvest Partners, FSN PME, Fonds Ambition Numérique, Elaia Partners, Intel Capital, Ixo Private Equity and Partech. SIGFOX is a Toulouse, France-based operator of a cellular network fully dedicated to Machine-to-Machine (M2M) and Internet of Things communications. Led by CEO Ludovic Le Moan, the company leverages its patented UNB technology, SIGFOX, to enable large-scale connection of objects. It operates a very low throughput network aimed at wide-area, low-bandwidth IoT/M2M use cases. SIGFOX closed a €10m Series B funding round led by Intel Capital, with participation from existing investors Elaia Partners, Partech Ventures International and iXO Private Equity. The company intends to use the capital to deploy its network across the whole of France and into several foreign countries.