Planet Labs satellite imagery and data startup has announced plans to go public through a special purpose acquisition company (SPAC) as part of a $ 2.8 billion deal. Under the deal, Planet will merge with dMY Technology Group IV, a New York-listed SPAC company. Planet will raise $ 434 million through the transaction, including $ 200 million through private equity investment.
Founded in 2010, Planet was founded by former engineers from the U.S. National Aeronautics and Space Agency and is a small, installs satellites that collect image information about the planet. At the start of its operations in 2013, the company launched 28 nanosatellites. Since then, 366 satellites have been successfully deployed, of which more than 150 are currently in orbit and transmitting wide coverage and high-frequency data to Planet’s customers. provides unprecedented access that was previously impossible or costly to obtain. Planet designs, builds and operates satellites and offers online software, tools and analytics that allow users to access the data.
According to the company, their database is from anywhere in the world 1300 contains an image that the company says is an unprecedented set of data, and its satellites provide new images from every location almost daily. The recordings can be fed into a variety of workflows for commercial and humanitarian applications.
“Planet is designed to help life on Earth from space. We have this huge new set of data (a new “We make data collected from the Earth through a Bloomberg-like terminal, making it easy to consume and potentially reach millions of users in dozens of vertical areas,” said Will Marshall, co-founder and CEO of the company.
Planet intends to use the proceeds of the exchange transaction to expand its operations and services “to enable the achievement of a more sustainable and secure planet”. Approaching the SPAC merger, Planet Labs has raised nearly $ 400 million, according to Crunchbase.
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