London-based OneWeb, which is building a satellite constellation to deliver internet connections, has received a major investment from Eutelsat.
The Paris-based company is putting $550m (£400m) into OneWeb, for a 24% equity stake.
This will be seen as a big vote of confidence in the OneWeb project.
Eutelsat is one of the top three satellite-telecommunications operators for “fixed services”, such as direct-to-home TV, phone and data connections.
OneWeb was bought out of bankruptcy last year by the British government and Indian conglomerate Bharti Global, with which Eutelsat will now share similar governance rights.
The investment also closes the gap in funding necessary for OneWeb to complete its mega-constellation in the sky.
On Sunday, it put up another 36 spacecraft, taking its total in-orbit network to 182.
But to provide internet connections around the globe, it will require, initially, 648.
At the start of the year, the London company, based in the BBC’s old buildings in White City, estimated that about $1bn was needed to finish construction.
On Tuesday, new chief executive Neil Masterson said: “We are delighted with the investment from Eutelsat, which validates our strategy, technology and commercial approach.