BlackSky, a supplier of Earth imagery and geospatial data, reported on March 25 that it had reached a deal with Rocket Lab to deploy eight satellites by the end of 2021. Since 2019, BlackSky has partnered with Rocket Lab. A BlackSky satellite was launched into space earlier this week on the Rocket Lab’s Electron vehicle in the rideshare flight from New Zealand. BlackSky plans to have a record of 14 satellites in service since the arrival of eight more later this year.
According to Brian O’Toole, Chief executive of BlackSky, the 8 satellites were initially expected to deploy in 2022, but the organization wanted to hurry it forward. He explained, “We had a chance to combine our satellite output with Rocket Lab’s development.” “Everything comes together, and we were able to speed up our deployment.” The organization is currently deploying Gen 2 satellites and is designing a Gen 3 platform of 50-centimetre resolution as well as short-wave infrared for the low-light and nighttime photography. According to O’Toole, the organization plans to have a network of 30 satellites in a few years.
BlackSky 7 was released on March 22 by Rocket Lab. Within 24 hours of deployment, the satellite began gathering photographs, according to O’Toole. To interpret pictures and other results, the organization employs machine learning and artificial intelligence. Spaceflight is in control of BlackSky’s launches. LeoStella, a sister corporation, designs its satellites. According to O’Toole, the organization will not be relying solely on Rocket Lab and will also utilize other launch suppliers. “Overall, we consider the economics of who will bring us where we intend to go where we would like to go.”
Last month, BlackSky revealed intentions to go public in a partnership with Osprey Technology Acquisition Corporation, a special purpose acquisition firm. BlackSky will be classified on New York Stock Exchange under the ticker symbol “BKSY” after the transaction ends in July.
BlackSky, a supplier of satellite imagery as well as geospatial data, reported on February 18 that it had decided to combine with Osprey Technology Acquisition Corporation to go public. Osprey is a specialized acquisition firm. SPACs collect funds from customers before combining with a privately owned firm and becoming public.
The deal is scheduled to close in July, according to Brian O’Toole, CEO of BlackSky. BlackSky will be classified on New York Stock Exchange under the ticker symbol “BKSY” until regulatory approval is received.
According to him, the deal with Osprey would provide BlackSky with a $450 million cash injection. The company’s projected valuation as it becomes public is $1.5 billion. Osprey will acquire a part of the business when the transaction is done, but existing BlackSky shareholders will maintain controlling control, according to O’Toole. The space corporation BlackSky is the most recent to join the SPAC bandwagon. These agreements make it possible for private businesses to go public as well as provide them with financing more easily.
This post was originally published on Downey Magazine