Google Inc (GOOG) acquires Skybox for $500 million
Google Inc (NASDAQ:GOOG) has acquired Skybox Imaging for $500 million in cash. Skybox is a company that provides high-resolution photos using satellites. Skybox offers sub-meter images and 90-second videos from its small satellites. It also points them at specific spots to collect analytics about how that area changes over time.
“Skybox’s satellites will help keep Google Maps accurate with up-to-date imagery. Over time, we also hope that Skybox’s team and technology will be able to help improve Internet access and disaster relief — areas Google has long been interested in,” said Google in a statement.
Skybox is commonly used for monitoring agriculture to identify pest infestations and for modeling insurance purposes. It also informs commodity traders with updates about oil storage. Ships and containers are tracked by Skybox to provide assistance with supply chain models.
Venture capital firms like Khosla Ventures, Bessemer Venture Partners, Asset Management Ventures, CrunchFund, Canaan Partners and Norwest Venture Partners have put around $91 million into Skybox Imaging. The deal price is subject to adjustments and the acquisition will require regulatory approval.