Satellite data company Planet Labs and dMY Technology IV today announced that they have received a commitment for a $50 million investment from Canada Pension Plan Investment Board. Together with CPP Investments, Cypress Point Investment Management participated in a co-investment.
The commitments by CPP Investments and Cypress Point are on similar terms as the $200 million PIPE announced in July in support of the business combination. The new commitments bring the PIPE proceeds to over $250 million, which will satisfy the minimum cash closing condition on the deal. Those proceeds, along with over $345 million in dMY IV’s trust account (assuming no redemptions), will be used to fund Planet’s operations and support new and existing growth initiatives. Read more.
