Planet Labs inks deal for Google's satellite business

Planet will receive seven high-resolution satellites that Terra Bella currently has in orbit

Planet Labs, a start-up that launches small satellites into orbit and sells the imagery, is acquiring the Terra Bella satellite business of Alphabet Inc. in a bid to take on larger industry incumbents.

In return, Alphabet’s Google is taking a stake in the start-up. Google has also agreed to purchase satellite images captured by Planet in a multiyear deal. The companies declined to share financial terms.

“It’s a big deal,” said Will Marshall, Planet’s chief executive officer. “What this enables us to do is tap into new markets, like certain aspects of the financial markets, insurance and disaster relief.”

With the deal, Planet