Francisco Partners has agreed to provide a $70 million term loan to Spire Global, a provider of space-based data and analytics. The capital infusion will be used to accelerate development of services ahead of its upcoming going public-merger with NavSight Holdings Inc.
April 22, 2021 07:00 AM EDT SAN FRANCISCO & RESTON, Va.– Spire Global, Inc. (“Spire” or the “Company”), a leading global provider of space-based data and analytics, announced today the recent signing of a growth financing deal consisting of a $70 million convertible term loan with Francisco Partners, a leading global investment firm that specializes in partnering with technology businesses.1 In connection with providing the term loan, which is subject to customary closing conditions, including the payoff of Spire’s existing debt, Francisco Partners will also receive a stock grant to become a shareholder in Spire. Spire also recently announced to go public via a planned business combination with NavSight Holdings, Inc. (“NavSight”) (NYSE: NSH).
“We are proud to work with Francisco Partners to support Spire’s rapid growth,” said Spire CEO, Peter Platzer. “We expect this financing will help us accelerate the roll-out of intersatellite links, cutting edge technology that reduces data latency for customers. We expect this to be especially impactful for aviation customers where globally consistent, timely information is critical for unlocking a number of impactful use cases. We expect this new technology will allow us to continue signing new customers and expanding the business relationships we have with our current customers to build on our 2020 successes.”
“We are thrilled to partner with Spire through this financing,” said Scott Eisenberg, Head of Credit and Structured Solutions at Francisco Partners. “The team there has built an industry leading geospatial analytics platform and we look forward to supporting the Company’s continued growth and leadership in the new space economy.”
About Spire Global, Inc.
Spire is a global provider of space-based data and analytics that offers unique datasets and powerful insights about Earth from the ultimate vantage point so organizations can make decisions with confidence, accuracy, and speed. Spire uses a multi-purpose satellite constellation to source hard to acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in San Francisco, CA, Boulder, CO, Washington DC, Glasgow, Luxembourg, and Singapore. To learn more, visit http://www.spire.com.