International Finance Corporation
(IFC) has invested $20 million (N3,971,000,000) in Planet Labs, a San
Francisco-based company that deploys small, low-orbiting satellites to
photograph remote and emerging parts of the world to help with disaster
response, agriculture and urban planning, ITRealms reports.
IFC is a member of the World Bank
Group with interest in Venture Capital thus providing equity financing to early
and growth-stage companies across technology-focused sectors including consumer
internet, resource efficiency, and healthcare and education technologies.
Planet Labs’ fleet of nano
satellites, called “doves,” could be deployed in clusters to capture earth
imagery faster and less expensively than traditional satellites, whose
data-rich images are often inaccessible to communities and businesses in
developing countries.
Nikunj Jinsi, Global Head of Venture
Capital at IFC, informed ITRealms,“Satellite
imagery is an important tool for economic development and disaster risk
response, and Planet Labs’ data sets can help bridge the information gap many
emerging markets now face. IFC’s investment will help ensure more companies and
communities in developing countries have the information they need to grow in a
smart and sustainable way.”
Up-to-date satellite imagery can
inform strategic decisions about how to manage forests, water resources,
coastal zones and farmlands, including choices about crop use. Planet Labs’ earth snapshots can also track pollution and enable fast, targeted responses to
both man-made and natural disasters.
ITRealms learnt that IFC’s equity stake is part of a $118 million, about N23,428,900,000 fundraising effort for Planet Labs, which has also secured funds from Data Collective VC, DFJ, Capricorn Investment Group and others. Just as the proceeds will be used to finance manufacturing and deployment of satellites, ground stations and technical equipment, and to support business growth and sales.
Cyriacus Nnaji /GEE
ITRealms learnt that IFC’s equity stake is part of a $118 million, about N23,428,900,000 fundraising effort for Planet Labs, which has also secured funds from Data Collective VC, DFJ, Capricorn Investment Group and others. Just as the proceeds will be used to finance manufacturing and deployment of satellites, ground stations and technical equipment, and to support business growth and sales.
Cyriacus Nnaji /GEE
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