Satellite Operator and Data Analytics Company Spire Global Goes Public With SPAC Merger

By James White Tuesday, March 2, 2021

Space startups are going public this week, including aerospace company Rocket Lab and space-based data analytics company Spire Global, which recently announced that its business entered into a SPAC merger with NavSight Holdings. The newly formed business will trade under the NYSE symbol “SPIR” after the transaction’s expected closure later this year.

“Spire was founded nearly a decade ago to help lead, inspire, and create the business of space-based data,” said Peter Platzer, founder and CEO of the startup company. “Today, our proprietary data and solutions help customers solve some of earth’s greatest challenges, including Net Zero and Climate Change adaptation. It has been immensely inspiring to see customers from all over the world turn to Spire’s solutions to help them make decisions about their business with confidence and speed and we are excited about the continued growth ahead. This transaction funds these growth plans and allows us to pursue, on a more aggressive timetable, this massive and growing long-term opportunity ahead of us.”

Under the terms of the merger, the startup company will receive $475 million in proceeds, with slightly over half of the funds coming from a common stock private investment in equity (PIPE) backed by Tiger Global Management, BlackRock Advisors, Hedosophia, and others. Previously, the data analytics startup business garnered over $222 million from investors, including RRE Ventures, Promus Ventures, European Investment Bank, and more.

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A Constellation of Information

Platzer founded the startup company, alongside entrepreneurs Joel Spark and Jeroen Cappaert, in 2012 with a mission to provide “comprehensive data and analytics that protect our environment and our communities, transform global logistics, contribute to economic stability, and put moonshot goals within reach.” Today, the startup data business boasts an impressive array of over 100 data-gathering nanosatellites.

Data collected by the constellation of satellites is diverse, and the startup company offers services to a number of businesses across different industries, including the aviation, agriculture, and maritime sectors. Services are offered as a subscription to those interested in tapping into one of the data streams.

Satellite Data Industry Insights

The use of satellite imagery and data gathering is utilized by numerous economic sectors and companies. The information is often used to inform climate protection strategies as well as improve production and yields within the agricultural industry. Market research expects the global satellite data service market to reach $36.9 billion by 2027. Spire’s technology provides a much-needed service for many businesses and organizations and will likely find continued support from investors as the company goes public.

About the Author

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James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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