Mobile chipmaker Qualcomm and Richard Bransons Virgin Group are both set to invest in OneWeb, a company that aims to build a constellation of satellites that will provide internet access to billions.

OneWeb hopes to launch 648 lightweight, low-orbit and low-lag satellites which will connect with mobile providers on the ground to enable high-speed internet connections in areas that struggle to access the internet through conventional means.

“We are excited by OneWebs bold vision to launch this major satellite constellation and be one of its key early investors,” said Branson. “Imagine the possibilities for the three billion people in hard to reach areas who are currently not connected.”

The financial terms of the deal have not been disclosed, but Greg Wyler, founder of OneWeb, has estimated that the services launch will cost between $1.5bn and $2bn (£990m and £1.3bn).

Virgin will be aiding in the companys efforts by using its Virgin Galactic branch to launch the satellites, and is currently actively hiring for its LauncherOne program that will enable this. Both Branson and Paul Jacobs, executive chairman of Qualcomm, will be joining the board of directors at OneWeb.

Both Google and Facebook have experimented with bringing internet access to remote areas, with Googles Project Loon using a series of stratospheric balloons to relay signals, and Facebook using remote-controlled drones to spread signal to distant areas.