The merger with Osprey Know-how Acquisition Corp. will convey a $450 million money infusion to BlackSky.
WASHINGTON — BlackSky, a supplier of satellite tv for pc imagery and geospatial intelligence, introduced Feb. 18 it has signed a deal to go public by means of a merger with Osprey Technology Acquisition Corp.
Osprey is a particular function acquisition firm. SPACs increase cash from buyers, merge with a privately held firm that then turns into publicly traded.
Brian O’Toole, CEO of BlackSky, instructed SpaceNews that the transaction is anticipated to shut in July. As soon as the deal clears regulatory opinions, BlackSky can be listed on the New York Inventory Change with the ticker image “BKSY.”
The merger with Osprey will convey a $450 million money infusion to BlackSky, he mentioned. As soon as the corporate goes public, its estimated worth can be about $1.5 billion. When the deal is accomplished, O’Toole mentioned, Osprey will personal a portion of the corporate however present BlackSky shareholders will proceed to carry majority possession.
BlackSky is the newest participant within the area trade to leap on the SPAC bandwagon. These offers present personal firms a neater path to go public and provides them entry to funding comparatively shortly.
O’Toole mentioned BlackSky began on the lookout for a SPAC alternative final yr and settled on Osprey as essentially the most engaging choice. “We determined as a part of our financing technique to enter the method of taking a look at a SPAC transaction,” he mentioned. “Osprey was one of many SPACs that we have been launched to as a part of that course of.”
Primarily based in Seattle and in Herndon, Virginia, BlackSky was based in 2014 as a world monitoring firm. It operates a constellation of small imaging satellites that circle the Earth at excessive revisit charges. It additionally collects knowledge from different organizations’ satellites and from open sources of data. The corporate makes use of synthetic intelligence and machine studying software program to show the information into actionable insights.
Its satellites are manufactured by LeoStella, three way partnership with Thales Alenia House. BlackSky has 5 satellites in orbit and plans to deploy 25 extra over the following a number of years. The extra satellites will enable 30-minute revisit cycles. BlackSky is also creating a brand new satellite tv for pc that can present increased decision imagery.
O’Toole mentioned the brand new funding can be used to broaden the corporate’s software program platform, develop AI and machine studying capabilities, and manufacture new satellites. BlackSky has been rising its U.S. authorities enterprise within the protection and intelligence sectors, and the investments from the SPAC merger will place the agency to seize extra industrial work in sectors like power, mining and transportation, mentioned O’Toole. “There’s numerous alternative there, and this transaction goes to allow us to to deal with three to 5 of those giant vertical markets, and begin engaged on getting a foothold in these areas within the subsequent a number of years.”