Satellogic, a Uruguay-headquartered satellite imagery analytics provider backed by internet group Tencent, agreed a reverse takeover yesterday with special purpose acquisition company CF Acquisition Corp V.
The merged entity will take the Nasdaq Capital Market listing held by CF Acquisition Corp V since it went public in a $288m initial public offering in January 2021, and will have a pro forma enterprise valuation of $850m.
Internet and telecommunications firm SoftBank’s Latin America-focused SBLA Advisers Corp subsidiary is co-leading a $100m private investment in public equity financing deal with institutional investors including Cantor Fitzgerald, which sponsors CF Acquisition Corp V, supporting the transaction.
Founded in 2010, Satellogic has developed a low-Earth-orbit satellite constellation that sends high-resolution geospatial images intended to help public and enterprise users analyse geographic data.
The company last received funding in late 2019, in a $50m round featuring Tencent, IDB Lab, Pitanga Fund and unspecified returning backers.
Tencent had led a $27m series B round for Satellogic two years before, investing alongside Pitanga Fund, Tuesday Capital (then called CrunchFund) and unnamed others. Tencent and Pitanga Fund had already backed a series A round of undisclosed size in 2015 along with Valor Capital Group and Endeavor Catalyst.
Emiliano Kargieman, Satellogic’s co-founder and chief executive, said: “The merger will allow us to continue building out our constellation of satellites and maintain our position as a global leader in sub-meter imagery.
“Satellogic is poised to be the only company capable of remapping the world daily at the sub-meter resolution necessary to address commercial applications affordably. We are grateful to our talented and ambitious team who have developed best-in-class technology, a strong track record of delivering satellites to orbit and the ability to scale at near-zero marginal cost.”
