Big Law

SpaceX Acquires the Satellite Data Start-up Swarm

SpaceX is acquiring satellite data start-up Swarm Technologies, in a rare deal by Elon Musk’s space company that expands the team — and possibly the technological capabilities — of its growing Starlink internet service.

Swarm, which has 120 of its tiny SpaceBEE satellites in orbit, reached an agreement with SpaceX on July 16 to merge, according to an Aug. 6 filing with the Federal Communications Commission.

The company will become “a direct wholly-owned subsidiary of SpaceX upon consummation of the Proposed Transaction,” Swarm wrote in the filing.

Terms and financial details about the deal were not disclosed. SpaceX and Swarm did not respond to CNBC’s requests for comment. Swarm last completed a fundraising round in January 2019 at a $85 million valuation, according to Pitchbook.

Read the source article at cnbc.com

Leave a Review or Comment

Back to top button