April 13, 2015: Planet Labs, a San Francisco based startup which plans to cover the Earth in tiny satellites, announced the close of $118 million in Series C funding today. The round is led by a International Finance Corporation (IFC), a division of the World Bank. The first $70 million funding from that round came from Data Collective, with participation from existing investors.
The funding came in the wake of their successfull launch of 73 satellites. This is what one of the investor thinks: "We're proud that Planet will be our first investment in the DCVC Oppurtunity Fund, which supports the truly exceptional growth-stage companies in DCVC's portfolio. The planet team has driven their company from a brilliant idea in a garage to one of the world's top ten overall space powers in less than three years, with customers, revenue, and the technological advantage commensurate with that position," says Matt Ocko, co-managing Partner of Data Collective.
Founded in 2010, Planet labs is an American company that aims to create an Earth-imaging satellite network with open data access. They design and build network of satellites they call it 'Doves'. In January 14, they have delivered Flock 1, which is world's largest Earth-imaging satellite made up of 28 doves.
Source: TechCrunch, Image by Planet Labs
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