Planet goes public, acquires VanderSat to advance its position in agriculture market

By Planet

On 8 December 2021, satellite data provider Planet Labs Inc began trading publicly on the New York Stock Exchange under the ticker “PL”. The company has gone public by merging with the SPAC, dMY Technology Group, Inc – now renamed Planet Labs PBC.

In the process of going public, Planet received gross proceeds of over $590 million, including proceeds from the dMY IV trust account and the previously announced private placement. The capital will be used to fund Planet’s operations and support new and existing growth initiatives.

The private placement had participation from CPP Investments, Koch Strategic Platforms, Marc Benioff’s TIME Ventures, and existing Planet investor, Google, among others.

Planet’s management team, led by co-founders Will Marshall and Robbie Schingler, CFO and COO Ashley Johnson, and president of product and business Kevin Weil, will continue to lead the public company. The public company’s board of directors consists of Will Marshall, Robbie Schingler, Heidi Roizen, Niccolo de Masi, Vijaya Gadde, Carl Bass and Ita Brennan.

Shortly after its public listing, Planet announced the completion of its acquisition of advanced earth data and analytics provider, VanderSat, for approximately $28 million.

The purchase strengthens the Planet’s position in the agriculture market by incorporating new talent and helping customers measure and understand water management and crop health in major markets. The companies will combine their product portfolios.