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Planet Labs raises $52m ahead of Flock 1 launch

18 Dec 2013

sub-orbital-spacecraftSatellite startup Planet Labs has raised a massive $52m Series B round from new and existing investors.

New investors Yuri Milner, Industry Ventures, Felicis Ventures, Lux Capital and Ray Rothrock participated in the round alongside existing backers DFJ, Capricorn, O’Reilly Alpha Tech Ventures, Founders Fund, First Round Capital, Innovation Endeavors, Data Collective, and AME Cloud Ventures.

The company is currently preparing for the commercial launch of launch of the  Flock 1 fleet of 28 satellites at NASA Wallops Flight Facility.

Planet Labs has launched four satellites on three rockets so far this year.

DFJ managing director Steve Jurvetson said, “It’s remarkable that Planet Labs has secured more customer bookings for 2014 than they have raised from investors so far. I have rarely seen a team perform so well.”

Milner, a Russian entrepreneur and venture capital investor, backed Chinese software company Kingsoft Cloud Group with a $20m investment in August this year.

He previously participated in investments via Group and DST Global in companies such as Facebook, Zynga, Twitter and Spotify.

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