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Earth Data company Planet Labs is going public thru dMY Technology IV (DMYQ) via a SPAC transaction. Founder and CEO Will Marshall, CFO Ashley Fieglein Johnson, and dMY CEO Niccolo de Masi join us on the podcast to discuss Planet's prospects and the SPAC transaction.
** Listen on Apple / Spotify **
Apple: Is Planet Labs (PL) Ready for Primetime as it Goes Public via DMYQ?
Spotify: Is Planet Labs (PL) Ready for Primetime as it Goes Public via DMYQ?
Planet touts itself as the only company in the world that has the ability to do full daily earth scans, sometimes even twice a day. One can think of Planet as the "Bloomberg Terminal" for Earth data - allowing the consumer to consume their satellite imagery via their own computers. Planet serves numerous industry verticals and has aims for much more, and operates on a data subscription business model.
- Not a "satellite company" --> Planet owns the raw satellite data that enables Planet and customers to create value-add data/analytics/services on top
- De-risked technology (i.e. launched 200 satellites) and product-market fit (i.e. $100m revenue / +700 customers)
- Subscription data business w/ strong renewal rates and account growth
- Google partnership -- Google outsources to them, sold their satellites to Planet, and now sells a bundle of Planet + Google Cloud
- Capital raised will enable sales and marketing -- team believes this is the key limiter on growth at this point
- Product led by Kevin Weil --> previously at Facebook, Instagram, and Twitter
- Strong, serial sponsor in dMY Technology
Have a listen to hear about the prospects for Planet, and why the team believes this company is in a class of their own. Planet / DMYQ shareholder vote is set for December 3rd.
- Background on Will Marshall, Planet founding
- Bloomberg Terminal for Earth data
- Customer stickiness and recurring revenue
- Plans to expand sales and marketing efforts with the cash
- 4 new verticals to expand to including finance and energy
- TAM and Planet's competition
- Risks including regulatory concerns and/or privacy issues
- Transitioning from private to public and investor communication
- Planet's leadership team
- Why SPAC or why now vs traditional capital markets
- Any chance for IONQ / Quantum to tie into Planet?
- Final words ahead of shareholder vote
Sponsor Review: dMY Technology
dMY Technology group, led by Harry You and Niccolo de Masi, have jolted themselves into upper echelon of SPAC sponsors having priced 5 SPACs in the last 2 years, with a 6th on file with the SEC. Three of their SPACs have successfully completed de-SPAC transactions into Rush Street Interactive, Genius Sports, and IonQ Planet Labs will likely close in a few weeks time.
Total SPACs: 6
Avg. Return Since IPO (de-SPACs): 80%
dMY Technology SPACs
Announced - dMY Technology Group, Inc. IV (DMYQ)
Target: Planet Labs Inc.
Unit: $ 12.34
Common: $ 11.41
Warrant: $ 3.97
De-SPAC - dMY Technology Group, Inc. II (DMYD)
Target: Genius Sports Ltd
Common: $ 10.19
De-SPAC - dMY Technology Group Inc III (DMYI)
Target: ionQ, Inc. (IONQ)
Common: $ 24.96
Warrant: $ 13.44
De-SPAC - dMY Technology Group, Inc. (DMYT)
Target: Rush Street Interactive (RSI)
Common: $ 18.85
Pre-Deal - dMY Technology Group, Inc. VI (DMYS)
Target: no deal announced
Unit: $ 10.94
Common: $ 10.12
Warrant: $ 1.72
Pre-IPO - AdMY Technology Group, Inc.
Planet Labs Team
About Will Marshall
Will Marshall is the Co-Founder and CEO of Planet. He leads the overall company strategy and direction. Prior to Planet, Will was a Scientist at NASA/USRA where he was a systems engineer on lunar orbiter mission “LADEE”, a member of the science team for the lunar impactor mission “LCROSS”, served as Co-Principal Investigator on PhoneSat, and was the technical lead on research projects in space debris remediation. Will received his Ph.D. in Physics from the University of Oxford and his Masters in Physics with Space Science and Technology from the University of Leicester. Will was a Postdoctoral Fellow at George Washington University and Harvard.
About Ashley Fieglein Johnson
Ashley Fieglein Johnson is Planet's Chief Financial and Operating Officer. She is an expert in corporate strategy, business development and finance, and has extensive experience building and leading executive teams in the technology space at both public and private companies. Prior to joining Planet, Ashley was the Chief Operating Officer and Chief Financial Officer of Wealthfront, a next-generation banking service that helps young professionals manage their savings. She is multilingual, including fluency in Spanish and German, proficiency in Japanese and French and beginner Swedish. She also earned a bachelor's degree in International Relations and a master's degree in International Policy from Stanford University.
About Niccolo de Masi
Niccolo de Masi is an experienced public company chief executive officer and board member with deep expertise in mobile, deep tech, and creating software and hardware ecosystems.
He serves or will serve on the Board of all three dMY Technology SPAC-IPOs post close: Rush Street Interactive, Genius Sports Group, and IonQ.
Over the course of his career, Mr. de Masi has consummated over 25 mergers and acquisitions and has raised approximately $3 billion in equity to support public and private companies he has led. He has held leadership positions in five mobile companies: Glu Mobile, Inc. (Nasdaq: GLUU) (“Glu”), Essential Products, Inc. (“Essential”), Xura, Inc. (formerly Nasdaq: MESG) (“Xura”), Hands-On Mobile and Monstermob Group PLC (formerly LSE: MOB) (“Monstermob”). Mr. de Masi became Chief Executive Officer of Glu and of Monstermob before the age of 30.