Spire Global , a space-based data and analytics provider, will receive a convertible term loan worth $70 million from global investment firm Francisco Partners as part of a growth financing deal .
Spire CEO Peter Platzer said in a statement published Friday the financing will help the San Francisco-based company accelerate the deployment of intersatellite links designed to reduce data latency for customers.
“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,” Platzer added.
Francisco Partners will get a stock grant to become a shareholder in exchange for the term loan granted to Spire.
Spire announced in early March that it signed a merger agreement with special purpose acquisition company NavSight Holdings (NYSE: NSH) that would result in Spire becoming a publicly traded entity. The proposed transaction is expected to close in the summer of 2021.
In January, Francisco Partners completed the acquisition of cybersecurity platforms developer Forcepoint from Raytheon Technologies (NYSE: RTX)
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