TAMPA, Fla. — French startup Univity has raised around $32 million to deploy a pair of 5G demonstrators into very low Earth orbit next year, ahead of plans for at least 1,600 VLEO satellites to help telecom operators extend 5G coverage from space.

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Jason Rainbow writes about satellite telecom, finance and commercial markets for SpaceNews. He has spent more than a decade covering the global space industry as a business journalist. Previously, he was Group Editor-in-Chief for Finance Information Group,...