Satellogic started its tour of the New York Stock Exchange with a market valuation of over US$800 millionwhich placed her very close of the threshold of US$1,000 million that is taken as a reference to be considered “unicorn”. However, the drop in the share price over the past month has momentarily moved it away from this goal. Yesterday its market capitalization hit a floor of US$353.7 million.
The arrival of Liberty Strategic Capital to the satellite company took place in early January of this yearwhen the investment of US$150 million was announced and at the same time the the addition to the board of financier Steven Mnuchin, president of the fund. Mnuchin served as Treasury Secretary to former US President Donald Trump. He is now joined by General Joseph F. Dunford, Jr., who also coincided during part of the Trump administration in his functions on the Joint Chiefs of Staff.
True to its origin, Satellogic debuted with the space launch of nano satellites with names that refer to icons of Argentine culture. Among others, captain beto (for the character of the song by Luis Alberto Espinetta), aunt (by the actress and tango singer Tita Merello) and Manolito (like the character from the strip Mafalda).
The company is dedicated to providing high-resolution imaging services that are used by the oil, mining, and agricultural industries.among others, to access high-resolution satellite geographic surveys through a system that resulted in a marked reduction in costs. A Satellogic nano satellite can capture up to 10 times more data than any other similar device for observing the Earth’s surface. Each satellite collects approximately 300,000 square kilometers of data per day, significantly more than any competitor, and produces full-motion video up to two minutes long.
Satellogic has operations in Spain, Israel, the United States and China. It took a big leap in quality last year when signed an agreement with SpaceX (the space company of Elon Musk, owner of Tesla) for a multiple launch of 300 nano satellites that will allow the deployment of its own constellation that will be complete in 2025. This will allow it to be the first company of its kind with ability to make a complete mapping of the planet with very high resolution images.
On the occasion of announcing the investment of Liberty Strategic Capital, Mnuchin highlighted: “As Satellogic builds its network to provide daily maps of the Earth’s surface at low cost, we believe the company is well positioned to provide governments and businesses with the information they need to make decisions better and more informed regarding a host of pressing problems.”
“We are pleased to announce that Former Secretary Steven Mnuchin’s Liberty Strategic Capital to invest $150 million in Satellogic, further positioning our company to reallocate the entirety of the Earth’s surface daily by 2025,” Satellogic reported on its Twitter account. Yesterday he used the birdie’s social network again to celebrate the appointment of General Dunford as the new director, inform that the investment of the Liberty fund had been completed and launch the own shares repurchase strategy.
Source: Ambito
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