A C-level executive at Planet Labs said the San Francisco-based company expects to raise $600 million from its upcoming public offering and plans to use the capital to expand data offerings, close more acquisitions and engage additional customers, The Wall Street Journal reported Monday.
Ashley Johnson, chief financial officer at Planet Labs, shared that the satellite-imaging services provider will merge with a special-purpose acquisition company and go public in a move that aims to gain better access to investors.
“Now we’re putting the capital behind scaling our commercial infrastructure,” she said.
Johnson added that Planet Labs seeks to enhance its data delivery capability in support of customer companies and data analysts. “That type of analytic capability on top of our data opens up more market opportunities to us and more wallet share with our existing customers.”
Following a Dec. 3 shareholder vote on the merger, Planet Labs plans to debut as Planet Labs Public Benefit Corp. on the New York Stock Exchange.