Skybox Imaging Raises $70 Million in New Financing

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Skybox Imaging, an early-stage provider of satellite imagery, video, and big data analytics, today announced that it has raised $70 million in Series C financing led by Canaan Partners and Norwest Venture Partners. They join existing investors Khosla Ventures and Bessemer Venture Partners, bringing the total amount raised to date to $91 million.

“We will also use this capital to expand strategic alliances, position Skybox for initial commercial operations, and to accelerate the development path towards the full constellation of microsatellites”

Skybox plans to use the capital to complete development and launch of its first two high-resolution imaging microsatellites, SkySat-1 and SkySat-2. It will also use the funds to grow its team of software engineers and data scientists. SkySat-1 is slated to launch in fourth quarter of 2012 aboard an International Space Company (ISC) Kosmotras Dnepr rocket.

“We will also use this capital to expand strategic alliances, position Skybox for initial commercial operations, and to accelerate the development path towards the full constellation of microsatellites,” said Skybox CEO Tom Ingersoll. “Canaan Partners’ and Norwest Venture Partners’ commitment to the Skybox vision gets us one step closer to reaching all of these milestones.”

Current satellite systems sporadically capture still images of various regions of the earth. The Skybox constellation will enable much more frequent monitoring of an increased portion of the planet’s surface. Skybox is the first to offer high-definition video, as well as still imagery, and will utilize Hadoop to build a combined hardware and software chain capable of processing, extracting, and interpreting large amounts of pixel and derived data. The value of capturing repeat images and video, coupled with the power to mine that data for trends, gives industries unprecedented information to support decision-making. There are numerous practical applications, spanning sectors from business intelligence and financial trading to disaster response and humanitarian relief.

“Imaging satellites have the potential to deeply impact the day-to-day experiences of both businesses and consumers,” said Deepak Kamra, general partner, Canaan Partners, who will be joining the Skybox board. “Until now, only governments and militaries have been able to use the valuable data gained from analyzing these images. With this analytic capability now becoming available and affordable to mainstream users, we can expect to see a dramatic and permanent shift in how business and consumers operate,” he added.

About Skybox Imaging

Skybox Imaging (Skybox) is a commercial, remote sensing start-up revolutionizing access to information that describes daily activity on our planet. Founded in 2009 and backed by leading venture firms, the company is designing, manufacturing, and operating the world’s first coordinated constellation of high-resolution microsatellites. With its constellation, Skybox will deliver timely, global imagery and video as well as an analytics platform capable of creating new sources of value from such data. Skybox is headquartered in Mountain View, California, and was named to MIT Technology Review’s “Top 50 Most Innovative Companies” for 2012. For more information, visit www.skyboximaging.com and follow Skybox Imaging on Twitter.

About Canaan Partners

Canaan Partners invests in entrepreneurs and works alongside them to turn visionary ideas into valuable companies. Since 1987, the firm has catalyzed the growth of disruptive technology startups and healthcare companies revolutionizing the practice of medicine. With $3.5 billion under management and more than 85 acquisitions and 53 IPOs to date, Canaan has funded technology companies such as SuccessFactors (NASDAQ: SFSF), DoubleClick (acquired by Google), Match.com (acquired by IAC), Acme Packet (NASDAQ: APKT), Active Network (NYSE: ACTV) and SandForce (acquired by LSI), as well as notable healthcare companies such as Advanced BioHealing (acquired by Shire); Advance PCS (acquired by Caremark), BiPar Sciences (acquired by Sanofi); Calixa Therapeutics (acquired by Cubist); Cerexa Pharmaceuticals (acquired by Forest Labs) and Peninsula Pharmaceuticals (acquired by Johnson & Johnson). Current technology investments include Tremor Video, KABAM, Lending Club, blip.tv, Zoosk and Blurb in the US; BharatMatrimony, LoyaltyRewardz, Naaptol and UnitedLex in India; and PrimeSense, LiveU and N-trig in Israel. The Canaan healthcare portfolio includes emerging leaders such as Liquidia Technologies, Theraclone Sciences, Durata, Civitas Therapeutics, Elevation Pharmaceuticals and DICOM Grid. Canaan maintains a presence in the global innovation hubs of New York, SiliconValley, India and Israel . For more information visit www.canaan.com or www.facebook.com/canaanpartners.