HySpecIQ to Enhance Hyperspectral Imaging Satellites with New Funding
Summary: An investment from well-known venture capitalist Peter Thiel helped HySpecIQ close its Series B financing round.
FREMONT, CA: For monitoring environmental changes, hyperspectral imaging is becoming increasingly popular. Hyperspectral imaging aims to obtain the spectrum for each pixel in an image of a scene to locate objects, identify materials, and detect processes. HySpecIQ has finished its Series B funding round, including an investment from famed venture capitalist Peter Thiel, one of the world's premier providers of space-based hyperspectral images.
Founder William Sullivan, a veteran in space-related companies, states, "Data Scientists across industries and sectors are transforming how we enjoy and appreciate life here on earth from national security, to GPS, to weathertech and so much more. HySpecIQ represents a Black Hole of information and data sets that simply haven’t been available before from space. Importantly, the exceptional resolution will deliver the accuracy and ease of use our customers have long sought."
The investment will accelerate the development and launch of 12 LEO satellite constellations (slated to begin in 2023). As a result of its unrivaled resolution and global reach, HySpecIQ is well-positioned to become the leading hyperspectral imaging and analytics provider for national security, commercial, and environmental purposes. HySpecIQ's analytics and data science capabilities and collaborations will allow the company to quickly transform vast amounts of data into meaningful, actionable insights in a way that has never before been possible.
A relationship with the National Reconnaissance Office (NRO), the US government department is responsible for creating and launching America's intelligence satellites, was a significant factor in HySpecIQ's early focus on national security. Also, the institution uses more Earth observation data than any other organization on the planet.
The company is conducting product development pilots to explore use cases in agriculture, insurance, and disaster predictions that measure and monitor environmental and sustainability metrics for the first time. By 2030, a Euroconsult analysis predicts that the market will be worth $2.5 billion.