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Heirs Holdings invests in revolutionary satellite technology

By The Rainbow
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Heirs Holdings invests in Planet Labs revolutionary satellite technology Heirs Holdings, the pan-African proprietary investment company founded by former Managing Director of United Bank for Africa, UBA, Tony O. Elumelu, has announced its investment in US start-up Planet Labs' innovative satellite manufacturing technology. Heirs Holdings is the only African investor in the project, which is based in San Francisco. Planet Labs aims to transform the way imaging of the Earth is carried out, through the introduction of ultra-small satellites called 'doves.' These 'doves' circle the planet in low orbit and are significantly cheaper to produce and deploy than existing technology. Moreover, as they orbit closer to the Earth, they are able to take higher-resolution images than traditional satellites. Elumelu, who is is the Chairman of Heirs Holdings, said the company was proud to be part of the investment. He said, “As the only African investor in Planet Labs' project, we are incredibly proud to have supported such an innovative and dynamic company, which has already achieved significant success. As part of our business philosophy of Africapitalism, we are committed to supporting entrepreneurs and start-ups to enable them to bring scale to their projects and we look forward to following Planet Labs' achievements over the coming years.' Planet Labs has already achieved some significant milestones. In 2013 alone, the company launched four satellites on three rockets, and delivered their first fleet of 28 satellites, which are expected to head into space shortly. Planet Labs' co-founder, Robbie Schingler, said, 'We are very excited to welcome Heirs Holdings to our team of investors and thank them for their support. The funding that they and other partners provide is vital for our development as a company and we are particularly pleased to be working with an African company, as our technology has the potential to support Africa's development by monitoring and mapping the continent's natural resources and agriculture.' ENDS About Heirs Holdings Heirs Holdings is a pan-African proprietary investment company driving Africa’s development. We are active long-term investors who specialise in building businesses and corporate turnaround. We aim to transform the companies in which we invest and grow them into businesses that last. We invest in Africa to create value for our shareholders and partners, and to create economic prosperity and social wealth for the continent. Our investments in power, financial services, oil and gas, real estate and hospitality, agri-business and healthcare are helping to build economies, create jobs, drive prosperity and ultimately transform the lives of ordinary Africans in Africa. About Planet Labs Inc. Planet Labs Inc. is a purpose-driven space and information company based in San Francisco, California, Earth. The company operates Earth imaging satellites to image the entire planet at an unprecedented frequency -collecting data and insight to encourage global action. Planet Labs aims to provide universal access to information about the changing planet to enable both commercial and humanitarian applications. For more information: [email protected] [email protected] +234-1-277-4641