Planet Labs, the US-based orbital data provider backed by media company O’Reilly, agreed a reverse takeover with special purpose acquisition company DMY Technology Group IV yesterday.
The deal will be supported by $200m in private investment in public equity (PIPE) financing led by funds and accounts managed by BlackRock and backed by Koch Strategic Platforms – part of chemical and industrial group Koch – as well as internet technology provider Google and VC firm Time Ventures.
The PIPE values the company at $2.8bn post-transaction, and it will inherit the New York Stock Exchange listing taken by DMY Technology Group IV in a $300m initial public offering in March this year.
Founded in 2010, Planet provides detailed geographic data obtained by a fleet of satellites which capture some 3 million images each day. The proceeds from the deal will go to growth in new and existing markets along with the launch of new products.
The company said it had raised a total of $384m as of the close of its $168m series D round, funded by undisclosed investors, in 2018.
O’Reilly’s corporate venturing unit, OATV, joined DFJ, Capricorn Investment Management, Founders Fund, Innovation Endeavors, Data Collective and First Round to provide $13m in series A funding for the company in June 2013.
All the series A investors returned for a $52m series B round six months later alongside AME Cloud Ventures, Industry Ventures, Felicis Ventures, Lux Capital, Yuri Milner and Ray Rothrock.
International Finance Corporation, Data Collective and unnamed new and existing backers provided the equity portion of a $118m round for Planet in 2015 that included a $25m debt facility from Western Technology Investment.
Will Marshall, co-founder and CEO of Planet, said: “As the world shifts to a more sustainable economy and more companies and governments set their sustainability and [environmental, social and governance] goals, the first step in achieving these objectives is measurement.
“Planet’s daily, global data is foundational to making that transition. We’re excited to reach this important milestone of taking Planet public to significantly accelerate our mission, and to be doing so with DMY and other great investors.”
