Google-backed Planet Labs to Go Public in $2.8 bln SPAC Deal

This photo taken on August 23, 2018 shows the Google logo on display at the Smart China Expo at Chongqing International Expo Center in southwest China's Chongqing. (Photo by STR / AFP) / China OUT (Photo credit should read STR/AFP/Getty Images) | STR/AFP/Getty Images
This photo taken on August 23, 2018 shows the Google logo on display at the Smart China Expo at Chongqing International Expo Center in southwest China's Chongqing. (Photo by STR / AFP) / China OUT (Photo credit should read STR/AFP/Getty Images) | STR/AFP/Getty Images
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Google-backed Planet Labs to Go Public in $2.8 bln SPAC Deal

This photo taken on August 23, 2018 shows the Google logo on display at the Smart China Expo at Chongqing International Expo Center in southwest China's Chongqing. (Photo by STR / AFP) / China OUT (Photo credit should read STR/AFP/Getty Images) | STR/AFP/Getty Images
This photo taken on August 23, 2018 shows the Google logo on display at the Smart China Expo at Chongqing International Expo Center in southwest China's Chongqing. (Photo by STR / AFP) / China OUT (Photo credit should read STR/AFP/Getty Images) | STR/AFP/Getty Images

Earth data and analytics company Planet Labs Inc, which is backed by Alphabet Inc's Google, will go public through a merger with a blank-check company in a deal valued at $2.8 billion, the companies said on Wednesday.

Planet Labs will merge with dMY Technology Group Inc IV and list on the New York Stock Exchange, according to Reuters.

The company, which generates revenue mainly through a subscription-based model, said its services are used by over 600 customers in 65 countries. It generated over $100 million in revenue in the financial year ended Jan. 31.

Planet Labs will invest proceeds from the deal to speed up growth, including expansion into existing and new markets and offer new products, it said.

Participants in the $200 million PIPE (private investment in public equity) round included BlackRock, Koch Strategic Platforms, Google and Salesforce.com Chief Executive Officer March Benioff's investment fund TIME Ventures.

Special purpose acquisition companies (SPACs) such as dMY raise money through their IPOs to buy a private companies and take them public, typically within two years of listing. DMY raised $345 million in its IPO in March.

Goldman Sachs & Co was Planet Labs' financial adviser, while Morgan Stanley & Co and Needham & Co advised dMY IV on the deal, which is expected to be completed later this year.



Microsoft Revamps AI Copilot with New Voice, Reasoning Capabilities

Copilot logo is seen in this illustration taken May 20, 2024. (Reuters)
Copilot logo is seen in this illustration taken May 20, 2024. (Reuters)
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Microsoft Revamps AI Copilot with New Voice, Reasoning Capabilities

Copilot logo is seen in this illustration taken May 20, 2024. (Reuters)
Copilot logo is seen in this illustration taken May 20, 2024. (Reuters)

Microsoft has given its consumer Copilot, an artificial intelligence assistant, a more amiable voice in its latest update, with the chatbot also capable of analyzing web pages for interested users as they browse.

The US software maker now has "an entire army" of creative directors - among them psychologists, novelists and comedians - finessing the tone and style of Copilot to distinguish it, Mustafa Suleyman, chief executive of Microsoft AI, told Reuters in an interview.

In one demonstration of the updated Copilot, a consumer asked what housewarming gift to buy at a grocery store for a friend who did not drink wine. After some back-and-forth, Copilot said aloud: "Italian (olive) oils are the hot stuff right now. Tuscan's my go-to. Super peppery."

The feature rollout, starting Tuesday, is one of the first that Suleyman has overseen since Microsoft created his division in March to focus on consumer products and technology research.

Long identified with business software, Microsoft has had a much harder road in the consumer realm. Its Bing search engine, for instance, is still dwarfed by Google.

Suleyman is hoping for a bigger splash with Copilot, which launched last year in a crowded field of AI chatbots, including OpenAI's ChatGPT and Google's Gemini.

Copilot's newly fashioned voice capabilities make it seem much more of an active listener, giving verbal cues like "cool" and "huh," Suleyman said.

Underlying the product are Microsoft AI, or "MAI," models, plus a technology suite from partner OpenAI, Suleyman said.

Suleyman added that consumers who spend $20 monthly for Copilot Pro can start testing a "Think Deeper" feature that reasons through choices, like whether to move to one city or another.

He said an additional test feature for paying subscribers, Copilot Vision, amounts to "digital pointing" - the ability for users to talk to AI about what they see in a Microsoft Edge browser. Consumers have to opt in, and the content they view will not be saved or used to train AI, Microsoft said.

These updates represent "glimmers" of AI that can be an "ever-present confidant, in your corner," Suleyman said. It's a vision he articulated as CEO of Inflection AI, whose top talent Microsoft poached in a closely watched deal this year.

Suleyman said that eventually, Copilot will learn context from consumers' Word documents, Windows desktops, even their gaming consoles if they grant permission.

Asked what Bill Gates, Microsoft's co-founder, thinks of the company's AI efforts, Suleyman said Gates was excited.

"He's always asking me about when Copilot can read and parse his emails. It's one of his favorite ones," Suleyman said. "We're on the case."