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Planet Labs to Close New Funding Round

Satellite maker Planet Labs is planning to complete a new fundraising round shortly, said a person familiar with the matter. The round values the firm at more than $1.4 billion before counting new shares, the person said, and could top $2 billion if the maximum amount is raised, according to an analysis of public filings. The previous round valued the firm at nearly $900 million, according to PitchBook.

The Series D round has been open since April of last year, when the company authorized $575 million in new shares, though the final amount raised couldn’t be learned. The share price of $71.88 was 56% higher than the price of Series C shares in 2015, according to the filing, a copy of which was provided by research firm Lagniappe Labs.

Founded in 2010, Planet Labs makes small, lower-cost satellites that travel in lower orbit than conventional satellites, and sells the images they take to customers. The company said it doubled its sales last year. Among the shareholders in Planet Labs is Google, which became a major investor following Planet’s acquisition last year of Terra Bella, Google’s satellite business.

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