Google buying Skybox satellite company to boost maps
Google is buying Skybox Imaging, a satellite imaging company that could improve the Internet giant's maps.
Google said it is buying Skybox for $500 million in cash. The deal could also help improve Internet access and disaster relief.
Skybox captures very detailed landscape pictures and video and offers analytics with satellites it designed from scratch.
"We've agreed to acquire Skybox Imaging, and we look forward to welcoming them," Google said in an e-mailed statement. "Their satellites will help keep our 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."
The deal, which has been rumored for weeks, comes as Google and Facebook are racing to buy satellite and drone companies that can extend their reach around the globe.
In April Google acquired Titan Aerospace, which makes solar-powered drones. Google also launched Project Loon, a small network of balloons to deliver Internet access in underdeveloped parts of the world.
Facebook said in March that it has a "Connectivity lab" that is working on satellites, drones and other technology that can deliver Internet access.
Skybox says it has built and launched the world's smallest high-resolution imaging satellite "which collects beautiful and useful images and video every day."
"The time is right to join a company who can challenge us to think even bigger and bolder, and who can support us in accelerating our ambitious vision," the 100-person company said in a blog post.
"Skybox and Google share more than just a ZIP code. We both believe in making information (especially accurate geospatial information) accessible and useful."
Skybox's images are so detailed that they can get down to less than a meter. It has targeted such industries as agriculture, mining and insurance.
Skybox's investors include Khosla Ventures, Bessemer Venture Partners, Canaan Partners and Norwest Ventures Partners. It has raised more than $85 million.