[Via Satellite 01-21-2015] Planet Labs, operator of a constellation of 73 small Earth observation satellites, has completed the first closing of the majority of its $70 million Series C round which, led by Data Collective, garnered support from both new and existing investors. In tandem with the closing of a $25 million debt facility from Western Technology Investment, the complete financing round amounts to $95 million.
Planet Labs also opened a new office this month in San Francisco and announced that Data Collective’s co-Managing Partner Zachary Bogue will join the company’s board of directors. Tom Barton, COO of Planet Labs said the company is delivering data to customers, such as Woolpert and Geoplex, and is actively seeking new partnerships. Following the destruction of 26 satellites in the Oct. 28, 2014 Antares launch failure, the company quickly manifested two more satellites aboard the SpaceX CRS-5 mission through NanoRacks.
“Planet Labs is on its way to becoming the next great commercial space company,” said Steve Jurvetson, partner at Draper Fisher Jurvetson (DFJ) and board member of Planet Labs, SpaceX, and Tesla. “Leveraging the lower cost of access to space, businesses like Planet Labs are redefining space as the new frontier of innovation.”