EDMONTON, Alberta, Feb. 7, 2022 /PRNewswire-PRWeb/ -- Sustainable Development Technology Canada (SDTC), an arm's-length foundation created by the Government of Canada to fund technologies with economic and environmental benefits, announced today a CAD $4M investment into Canadian satellite startup Wyvern. The investment is tied to a 3-year project that includes support from xarvio® Digital Farming Solutions a brand by BASF Digital Farming GmbH, Olds College, SkyWatch, Metaspectral, and Wild + Pine as consortium partners. This funding announcement comes just weeks after Wyvern's recent announcement of USD $4.5M in funding and acceptance into the Y Combinator accelerator.
"Wyvern's technology is addressing a major gap in the market," said Leah Lawrence, President and CEO of SDTC. "Their imaging products are going to help farmers use less fertilizer, pesticides, and water and help produce bigger yields. SDTC is proud to support Wyvern in their mission to increase the productivity and sustainability of Canadian farmlands."
According to The Canadian Agri-Food Policy Institute, the agriculture industry contributes 8.4% of Canadian greenhouse gas emissions, while globally the industry accounts for about 23% of the world's emissions and roughly 70% of the global water demand. Incremental improvements in on-farm management have enormous potential to contribute to global environmental improvements.
A 2019 report from Canada's Space Strategy indicates that increasing the rate of crop farmers using satellite imagery by 25% by 2027 could lead to cost savings to farmers in the range of CAD $650M to CAD $1.3B, while contributing to more sustainable farming practices.
"We are always looking for ways to improve farmers' lives and provide growers with the ability to make informed decisions surrounding their fields while enhancing sustainable food production," says Dr. Alex Melnitchouck, Chief Technology Officer - Digital Ag at Olds College. "Our 2,800 acre Smart Farm and HyperLayer Data Concept is a perfect fit for the testing and analysis of new technologies. Our collaboration with Wyvern is an exciting opportunity to explore what cutting-edge satellite technology means for the next chapter of digital innovation in farming and for sustainability in the Ag industry."
The funding from the SDTC will help Wyvern reach a significant milestone: the launch of their DragonEye satellite. Wyvern's proprietary deployable optics technology is key to their ability to deliver affordable high resolution hyperspectral imagery, including 1m VNIR and 5m SWIR, in the coming years. DragonEye will be Wyvern's first satellite equipped with this innovative technology that unfolds a telescope in space, similar to the James Webb telescope launched in late 2021.
"This funding is a massive win for the company," said Wyvern CEO Chris Robson. "Our long-term vision is to measure Earth's health from space, and this funding gets us closer to delivering on that in a big way. It's going to get our deployable optics into space for the first time, which is going to unlock significant opportunities for the farmers in our backyard and around the world."
Media Contact:
Adam Brown
Strategic Initiatives Lead [email protected] +1 (780) 807-3360
About Wyvern
Edmonton-based space data company Wyvern was created to provide actionable intelligence that will enable a sustainable future for humanity. Wyvern's cutting-edge unfolding camera technology will make high-quality, high-resolution hyperspectral imagery from satellites accessible and affordable like never before, unlocking applications in new markets for the very first time. The company is proud to be carving a path for the Canadian space industry. For more information, visit wyvern.space and @WyvernSpace.
About Sustainable Development Technology Canada
SDTC supports companies attempting to do extraordinary things.
From initial funding to educational support and peer learning to market integration, SDTC is invested in helping small and medium-sized businesses grow into successful companies that employ Canadians from coast to coast to coast. The innovations SDTC funds help solve some of the world's most pressing environmental challenges: climate change, regeneration through the circular economy, and the well-being of humans in the communities they live in and the natural environment they interact with. For more information, please visit https://www.sdtc.ca/en/
About Olds College
Olds College is known for high-tech, hands-on agriculture education and innovative applied research that lays the foundation for solving real-world problems in farming, food and land. Olds College Centre of Innovation and Smart Farm are accelerating the development and adoption of technologies and practices that result in improved productivity, profitability and sustainability of the agriculture and agri-food industry through industry-driven applied research. As Canada's smart agriculture college, Olds College is working to achieve its social purpose of transforming agriculture for a better world. For more information, please visit https://www.oldscollege.ca/olds-college-smart-farm
About xarvio Digital Farming Solutions a brand by BASF Digital Farming GmbH
xarvio Digital Farming Solutions is at the forefront of the digital transformation of agriculture, optimizing crop production. xarvio Digital Farming Solutions offers digital products, based on a global leading crop model platform, which deliver independent, field-zone-specific agronomic advice that enables farmers to produce their crops more efficiently and sustainably. xarvio Digital Farming Solutions products SCOUTING, FIELD MANAGER and HEALTHY FIELDS are being used by farmers in more than 100 countries. xarvio FIELD MANAGER is used by 43,000 farmers (total area of more than 5 million ha) in 17 countries, and xarvio SCOUTING is used by more than 3.8 million farmers and consultants. xarvio is a registered trademark of BASF. For more information please visit http://www.xarvio.com or any of our social media channels.
Media Contact
Adam Brown, Wyvern, 1 7808073360, [email protected]
SOURCE Wyvern
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