- Press Release
- September 24, 2022
Planet Labs Raises $95 Million Financing
Planet Labs today announced a first closing of the majority of its $70 million Series C round led by Data Collective, with participation from new investors, as well as support from existing investors. Zachary Bogue, Data Collective’s co-Managing Partner, will join the board of Planet Labs. Planet Labs also closed a debt facility of $25 million from Western Technology Investment, bringing total financing this round to $95 million.
This financing comes in the wake of Planet Labs’ successful launch of 73 satellites into space, customers actively using the data, and the recent hiring of Tom Barton as its Chief Operating Officer. Mr. Barton was formerly CEO of Rackable Systems (now SGI) and boasts over 25 years of experience managing and advising hardware and software companies.
“Data Collective and Planet Labs have tremendous mission alignment,” says Will Marshall, CEO of Planet Labs. “We’ve gotten to know Matt and Zack well and they’re adding a lot of value. We are thrilled that they’ve stepped up to lead our Series C.”
“We’re proud that Planet Labs will be our first investment in the DCVC Opportunity Fund, which supports the truly exceptional growth-stage companies in DCVC’s portfolio,” said Matt Ocko, co-Managing Partner of Data Collective. “The Planet Labs 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 technological advantage commensurate with that position.”
Planet Labs provides leading global companies with access to its unique data. “I am excited to join this talented team that is revolutionizing image availability,” said Tom Barton, COO of Planet Labs. “We’re now delivering data to customers, such as Woolpert, Geoplex, and others, and are actively seeking new partnerships.”
Planet Labs launched two more satellites into space on January 10 on board a SpaceX rocket. “Planet Labs is on its way to becoming the next great commercial space company,” said Steve Jurvetson, partner at 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.”
Planet Labs started 2015 in a new office in the heart of San Francisco’s SOMA neighborhood.
About Planet Labs
Planet Labs collects information about our changing planet using a fleet of compact, highly capable Earth-imaging satellites. Planet’s mission is to image the entire Earth, every day. The broad coverage and high frequency of Planet Labs’ satellite imagery will grant customers unprecedented access to global and local insights that currently are either impossible or cost-prohibitive to obtain. Previous funding rounds total $65 million from leading venture capital investors, including Draper Fisher Jurvetson (DFJ), Yuri Milner, Capricorn Investment Management, O’Reilly Alpha Tech Ventures (OATV), Data Collective, Founders Fund Angel, First Round Capital, and Innovation Endeavors. Learn more at www.planet.com and @planetlabs.
About Data Collective
Data Collective is a venture capital fund that invests in entrepreneurs building Big Data companies. Data Collective and its principals have backed brilliant people changing global-scale industries for over twenty years, helping create tens of billions of dollars of wealth for these entrepreneurs while also making the world a markedly better place. DCVC brings to bear a unique model that unites a team of experienced venture capitalists with more than 35 technology executives and experts (CTOs, CIOs, Chief Scientists, Principal Engineers, Professors at Stanford and Berkeley) with significant tenures at top 100 technology companies and research institutions worldwide. DCVC focuses on seed, Series A, and growth stage companies that apply deep compute, big data and IT infrastructure technologies to transform giant industries. Learn more at www.dcvc.com and at @dcvc.
About Draper Fisher Jurvetson
DFJ is a venture capital firm that partners with extraordinary entrepreneurs who set out to change the world. Since 1985, DFJ’s core funds have raised $4B, which has been deployed in more than 300 portfolio investments, including AdMob, Baidu, Box, Foursquare, Skype, Hotmail, SpaceX, Tesla Motors, SolarCity, Twitter, Tumblr and Yammer. DFJ works with companies at seed, early and growth stages, with the goal of creating iconic and lasting businesses. DFJ pioneers investing in emerging markets including consumer and enterprise information technology, digital media, and disruptive technologies. Learn more at dfj.com and at @DFJvc.
Trevor Hammond, 916-607-0685