Start-up Earth imaging operator Planet Labs has raised US$52m through a second round of financing.
New investors joining the round included technology investor Yuri Milner, Industry Ventures, Felicis Ventures, Lux Capital, and Ray Rothrock. Planet…
Start-up Earth imaging operator Planet Labs has raised US$52m through a second round of financing.
New investors joining the round included technology investor Yuri Milner, Industry Ventures, Felicis Ventures, Lux Capital, and Ray Rothrock. Planet Labs’ existing investors, including its largest investor venture capital firm Draper Fisher Jurvetson (DFJ), also participated in the round.
Milner, who is the founder of Russian internet investor Digital Sky Technologies, commented: “Planet Labs is revolutionizing the spacecraft sector. Its team is utilizing elegant science and sophisticated technology in pushing the boundaries of what was thought to be possible in satellite manufacturing and deployment.”
Proceeds will partially be used to fund the imminent launch of the company’s 28 microsatellite constellation, Flock 1. The Earth imaging satellites are currently awaiting launch from the NASA Wallops Flight Facility.
Just prior to the financing, the US Federal Communications Commission granted Planet Labs authority to launch and operate Flock 1.
In a public notice issued on 6 December, the regulator stated that Planet Labs has been given permission to operate “28 non-geostationary-orbit remote-sensing satellites that transmit image and telemetry data to fixed earth stations in the 8025-8400MHz frequency band and receive command signals in the 2025-2110MHz band.
In addition, the company has licence to use the 401-402MHz and 449.75-450.25MHz bands for early-phase and emergency-backup telemetry, tracking, and command operations.”
Planet Labs’ third and fourth self-built satellites, Dove 3 and 4, were successfully launched aboard an International Space Company (ISC) Kosmotras operated Dnepr rocket on 21 November.
The launch of the satellite, which was a secondary payload on the rocket, was arranged by small spacecraft launch services provider Spaceflight Inc. That company also arranged the launch of Dove 1 aboard an Orbital Sciences Antares rocket on 21 April 2013, and Dove 2 as a secondary payload on a Soyuz rocket on 19 April.
Planet Labs was founded in San Francisco in 2010 by ex-NASA physicists and entrepreneurs Robbie Schingler, William Marshall and Chris Boshuizenby. The three previously worked on developing small scientific satellites at Nasa Ames.
The private company intends to use the ‘always-on’ platform to provide frequently updated imagery and open access data that will be utilised for both humanitarian and commercial purposes.
Since its inception Planet Labs had raised a total of US$65.1m in venture funding, predominantly led by DFJ. Other early stage investors include Capricorn, O’Reilly Alpha Tech Ventures (OATV), Founders Fund, First Round Capital, Innovation Endeavors, Data Collective and AME Cloud Ventures.
Commenting on the company’s development, Steve Jurvetson, DFJ managing director and Planet Labs board member, said: “It’s remarkable that Planet Labs has secured more customer bookings for 2014 than they have raised from investors so far.”
