WorldVu Satellites, operating as OneWeb, announced plans to create, launch and operate a low Earth orbit constellation of satellites to help in bringing high-speed Internet and telephone communications to people around the globe.

Qualcomm and the Virgin Group are the initial investors of the project, but the financial details of the deal were not revealed. OneWeb will still look to attract more investors for the funding of the project's construction, launching and operations.

Paul Jacobs, executive chairman of Qualcomm, and Richard Branson, founder of the Virgin Group, will join Greg Wyler, founder of OneWeb, on the board of directors of the company.

At the end of last year, over half of the population of the world still did not have access to the Internet, according to the International Telecommunications Union.

OneWeb, which was founded back in 2012 as WorldVu, is looking to bring Internet access to underserved locations through the OneWeb system of satellites, which features the first telecommunications-class micro satellites.

The fleet of micro satellites in the OneWeb system, projected to number a total of 648, will provide an Internet connection through small user terminals located all over the globe.

In addition to providing Internet services over a wider location, the OneWeb system looks to extend the networks of wireless telecommunications operators all over the world, allowing the companies to expand their coverage to include remote and rural regions. Previously, it was not feasible economically to connect such areas using networks based on land.

The terminals will function as small cells within the OneWeb system to provide surrounding areas with Internet access through LTE, Wi-Fi, 3G or 2G connections on the licensed spectrum of a partner operator or through LTE or Wi-Fi on unlicensed spectrum.

Aside from providing Internet access to consumers, OneWeb will also allow global emergency teams and first responders to gain Internet access during disasters, while in refugee camps and other situations.

OneWeb also revealed that Virgin Galactic's LauncherOne vehicle has been selected as the first satellite launcher for the OneWeb system.

"We're excited for the opportunity for Virgin Galactic's LauncherOne program to help make it possible through low-cost, reliable and frequent satellite launches," said Branson, adding that the system could lead to revolutionary improvements in accessing education, employment, financial systems and health care.

Jacobs said that the Virgin Group is looking forward to assisting the funding of initial technical feasibility studies for the OneWeb system.