[mikeyouse]

Google Ventures' budget is reportedly nearer $300-$500M/year so I would imagine this is something different. There were rumblings of Satellite internet coming out of GoogleX but this seems to fit with their new Energy / Access group (Where Project Loon ended up) too. So my answer is that it definitely won't maybe end up in Google Ventures.

[zalzally]

Google Inc. does direct investments from time to time. Also they have their growth investment arm, Google Capital, which has invested some large sums recently in Glassdoor, etc. (but surely not $1B in one company unless they acquired that company). Perhaps Google Inc. is leading the investment with the round consisting of many undisclosed players across private equity, etc.