WASHINGTON — After years of delays, PlanetiQ says its constellation of commercial weather satellites will be ready to start launching in January thanks to $18.7 million in new capital.
A redesign that right-sized its satellites while increasing the overall constellation number from 12 to 20 helped make the system more affordable, PlanetiQ Founder and Chairman Chris McCormick said in an interview.
Denver, Colorado-based PlanetiQ announced the completion of its $18.7 million Series B on July 19. Two venture capital firms, New Science Ventures and AV8 Ventures, led the round, with participation from eight other firms (Valo Ventures, Kodem Growth Partners, Access Venture Partners, Hemisphere Ventures, Service Provider Capital, Earth Investments, the Virginia Tech Carilion Innovation Fund and Moonshots Capital). An anonymous Kansas City-based family office also contributed to the round, PlanetiQ said.
PlanetiQ had previously hoped to launch 12 small satellites in 2016 and 2017, while simultaneously raising capital. That funding took longer than expected to materialize, McCormick said, but now enables the company to accelerate its launch plans.
“It’s a little later start than we would have liked, but we are funded, we hired everybody, we bought all our parts, we are putting everything together ...