US-based satellite imaging company Skybox Imaging agreed on Tuesday to a $500m acquisition by internet company Google, granting an exit to Wells Fargo-backed venture firm Norwest Venture Partners.
Founded in 2009, Skybox’s technology is capable of providing high-definition satellite images and video of the earth. It has also launched what it claims is the world’s smallest high-resolution imaging satellite.
Skybox had raised $91m in financing across three rounds, most recently a $70m series C round led by Norwest and Canaan Partners, which also featured Khosla Ventures and Bessemer Venture Partners. Other backers include Draper Associates and Youniversity Ventures.
“Skybox’s satellites will help keep Google Maps accurate with up-to-date imagery,” Google said in a statement. “Over time, we also hope that Skybox’s team and technology will be able to help improve Internet access and disaster relief – areas Google has long been interested in.”
Although the acquisition will represent an exit for the company’s investors, the mooted price is still below that predicted in initial reports, which put the value of the deal at around $1bn.