EDBI, the investment arm of Singapore’s Economic Development Board (EDB), has pumped in an undisclosed amount in Planet, marking its first investment in a spacetech company.
Founded in 2010 by two former NASA employees, Planet is a US-based satellite imaging company that collates information about our planet. The company has offices in the US, Germany, Canada where it delivers geospatial images to clients in over 100 countries.
EDBI’s latest investment brings Planet’s total financing to over $400 million, up from $384 million in February this year.
It had raised $168 million in a Series D funding round in February that saw participation of a slew of investors – their names, however, were not disclosed.
Other backers of the company include Google, IFC Venture Capital Group, DFJ Venture Capital, Data Collective DCVC, Space Angels and Founders’ Fund.
According to a statement issued by the company, the current round of capital will be used to accelerate Planet’s business in high and medium-resolution data markets. It will also be used to develop Planet’s core data analytics products. Besides, a part of the funding will also be used to increase its sales and marketing efforts in Singapore and Asia.
Robbie Schingler, co-founder and Chief Strategy Officer of Planet said: “Asia is an important market for Planet and we look forward to working with EDBI to build partnerships that help both Planet and the local geospatial information sector.”
Schingler added that EDBI will be introducing Planet to potential customers and partners including government and industry players in maritime, infrastructure monitoring and agriculture.