Loon, the Alphabet subsidiary developing high-altitude internet connectivity systems, has raised $125m from SoftBank-backed joint venture HapsMobile.

Loon, a US-based subsidiary of technology conglomerate Alphabet that uses balloons to connect users in remote places to the internet, secured $125m today from HapsMobile, a high-altitude telecommunications infrastructure developer. The investment forms the basis of a collaboration agreement that also gives Loon the right to invest $125m in HapsMobile, a joint venture formed by…

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