Benzinga | Sep 16, 2021 06:04AM EDT

dMY Technology Group IV, Planet Labs Report Upsized Private Placement Investment From CPP Investments: Companies Will Receive Added $50M From CPP Investments For Total Commitments Now Over $250M

New commitments bring total raised from PIPE from $200 million to more than $250 million

Fully committed PIPE transaction is in conjunction with Planet's agreement to become a publicly traded company through merger with dMY IV

SAN FRANCISCO & TORONTO--(BUSINESS WIRE)-- Planet Labs Inc. ("Planet"), a leading provider of daily data and insights about Earth, and dMY Technology Group, Inc. IV (NYSE:DMYQ) ("dMY IV"), a special purpose acquisition company, today announced that they have received a commitment for a US$50 million investment in dMY IV from Canada Pension Plan Investment Board ("CPP Investments"). Together with CPP Investments, Cypress Point Investment Management ("Cypress Point") participated in a co-investment.

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Planet recently entered into a definitive Merger Agreement (as defined below) with dMY IV to become a publicly traded company later this year (the "Business Combination"). The commitments by CPP Investments and Cypress Point are on substantially similar terms as the $200 million private placement ("PIPE") investment initially announced on July 7, 2021, in conjunction with the Business Combination. The new commitments bring proceeds raised in the PIPE transaction to over $250 million, which will satisfy the minimum cash closing condition of the Business Combination. These 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.

"CPP Investments has actively focused on identifying companies with technologies or business models that help mitigate or adapt to climate change," said Leon Pederson, Head of Thematic Investing, CPP Investments. "Planet's environmental use cases make it a good fit for our Climate Change Opportunities portfolio and we look forward to the company's continued innovation and growth."

"At Planet, our mission is to use space to help life on Earth by providing customers with actionable data and solutions that help create positive change," said Will Marshall, Planet's co-founder and CEO. "The commitment by CPP Investments is aligned with our goal to build a strong business that simultaneously helps people and our planet. We're excited about this new partnership and look forward to driving Planet's continued success as we prepare to become a public company."

Planet's fleet of nearly 200 earth imaging satellites images the whole Earth's land mass daily. The company leads the earth observation industry with the highest frequency satellite data commercially available.

CPP Investments joins several other leading investors committed to participate in the Business Combination by purchasing shares of dMY IV's Class A common stock in the PIPE. The PIPE investment is led by funds and accounts managed by BlackRock, with participation from Marc Benioff's TIME Ventures and Google, among others.

dMY IV intends to file with the U.S. Securities and Exchange Commission (the "SEC") an amendment to its Registration Statement on Form S-4 (the "Registration Statement") in the coming days, which, when available, will contain Planet's financial statements for the six months ended July 31, 2021, and can be viewed at the SEC's website at www.sec.gov once filed.

The merger transaction, which has been unanimously approved by dMY IV's Board of Directors and Planet's Board of Directors, is expected to close later this year, subject to approval by dMY IV's and Planet's stockholders and other customary closing conditions.