HySpecIQ, a company involved in the development of space-based hyperspectral imagery, recently announced that the firm has closed its Series B funding with an investment from prominent venture capitalist Peter Thiel.
The investment accelerates the development and launch of 12 LEO satellite constellations (slated to begin in 2023). It positions HySpecIQ to be the leading provider of hyperspectral imagery and analytics for national security, commercial, and environmental uses given its unmatched resolution and global reach.
By combining HySpecIQ’s analytics and data science capabilities and through partnerships, the Company will have the ability to quickly turn massive amounts of data into valuable, actionable insights in ways rarely before available.
HySpecIQ’s early focus was primarily on national security— specifically the Intelligence Community and DoD—having secured a partnership with the National Reconnaissance Office, the U.S. Government agency in charge of designing, building, launching, and maintaining America’s intelligence satellites. The agency is also the largest customer for Earth Observation (EO) data in the world.
The Company is now undertaking product development pilots to identify use cases that measure and monitor key Environmental and Sustainability indicators in agriculture, insurance, and disaster forecasting. A recent Euroconsult report forecast accelerating growth and is expected to top $2.5 billion by 2030.
Founder William Sullivan, a veteran in space-related companies, said, “Data Scientists across industries and sectors are transforming how we enjoy and appreciate life here on Earth — from national security, to GPS, to weather tech 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."