On the Heels of Graduating Y Combinator, the Canadian Space Startup Secures Additional USD $7M in Funding; Prepares to Launch 3 Satellites in Early 2023
EDMONTON, Alberta, Nov. 1, 2022 /PRNewswire-PRWeb/ -- Wyvern, a space data company offering affordable and easy-to-access high-resolution hyperspectral imagery, secured an additional USD $7M of funding led by Uncork Capital, with key investors including MaC Venture Capital and Y Combinator.
With the new capital, Wyvern's first three satellites are fully funded, providing certainty to customers with an interest in purchasing the limited remaining capacity. The latest raise comes in addition to USD $8M of funding secured in two prior investment rounds.
"The funds we've raised go towards the launch and operation of Wyvern's first three satellites which will provide high quality, 5 m resolution hyperspectral imagery to early adopters in early 2023," says Wyvern CEO Chris Robson. "Industry leaders are seeing the opportunity and taking action, which is exciting and brings new challenges. Even at the fast rate of constellation growth we're planning, demand will soon begin to outstrip supply and early adopters will be glad to have secured their seats."
That advantage comes from the unique ability of hyperspectral imaging to reveal chemistry. An advanced spectral imaging technique, hyperspectral compiles images in a combination of visible and non-visible wavelengths to form 3D data blocks. These information-rich blocks reveal unique insights into an area of interest, making it possible to proactively monitor for vegetation stress, methane levels, pipeline leaks and invasive species. The resulting insights will create unprecedented value and efficiencies for industries including agriculture, forestry, environmental and emissions monitoring, energy, and defense.
Hyperspectral imagery has not previously been commercially viable for most industries. Moving forward, the key to Wyvern's low cost and superior quality will be its unique deployable optics: these next-generation small satellites are being designed by the company's engineers to unfold in space in a similar fashion to the James Webb Space Telescope. Another similarity will be in how Wyvern's deployable satellites will use Shortwave Infrared (SWIR) wavelengths and data channels to show what was previously invisible — enabling breakthroughs and unlocking a wealth of valuable insights.
With Wyvern's FirstLight program, early adopters secure their access to high-resolution hyperspectral imaging, and the company is creating a customer sandbox to facilitate experimentation and ensure a smooth transition to making the most of insights available through the new technology and platform. Investors have taken note.
"We have been impressed from the get-go by the Wyvern team and their ambition to empower a number of industries with their hyperspectral imagery," says Jeff Clavier, founder and managing partner at Uncork Capital, a seed-stage venture firm that has backed a large number of multi-billion companies to success since its creation 18 years ago. "Like our other space tech company Loft Orbital, Wyvern is demonstrating the technical innovation and the novel approach that will democratize access to space-based observations."
The new funding, led by Uncork Capital, was one of several outcomes from Wyvern's participation in Y Combinator earlier this year.
Chris Robson credits the new funding with helping make Wyvern's first constellation a certainty and cementing the value for early adopters. "Ultimately, this funding secures more than just satellites. It gets our customers access to a customized ordering platform. It means taskable spectral imaging with a dependable revisit rate. And that, in turn, gives customers the images they need, when they need it."
Strategic Initiatives Lead
+1 (587) 771-1284
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 Uncork Capital
Uncork Capital is a seed-stage venture firm based in Palo Alto and San Francisco, California. Formerly known as SoftTech VC, the firm was founded in 2004, has invested in over 240 technology startups, and currently has over $500 million under management. Uncork Capital is typically the first large check and the longest relationship for founding teams. The firm looks for outliers and outperformers who solve real problems for real people and businesses. Uncork Capital invests in software that allows companies to operate like the best in the world; and consumer products and services that help people live, play, and learn — including hardware and frontier tech. Among the firm's former investments are: Fitbit (NYSE: FIT); Sendgrid (NYSE: SEND, Twilio); Eventbrite (NYSE: EB); Poshmark (NASD: POSH); Postmates (UBER); Mint.com (Intuit); Brightroll (Yahoo); and Vungle (Blackrock). Its current portfolio includes LaunchDarkly, Human Interest, Front, ClassDojo, Shippo, Fountain, Wrapbook, and more. For more information, please visit uncorkcapital.com.
About MaC Venture Capital
MaC Venture Capital is a seed-stage venture capital firm based in Los Angeles and Silicon Valley that invests in technology startups leveraging shifts in cultural trends and behaviors. The general partners represent diverse backgrounds in technology, business, politics, entertainment, and finance, allowing them to accelerate entrepreneurs on the verge of their breakthrough moment. The firm provides hands-on support crucial for building and scaling category-leading companies, including operations strategy, brand building, recruiting, sales development, and mission-critical introductions. MaC Venture Capital is the result of a merger between Cross Culture Ventures, co-founded by Marlon Nichols, and M Ventures, co-founded by Adrian Fenty, Michael Palank, and Charles D. King. Find MaC Venture Capital online at macventurecapital.com and @MaCVentureCap.
Adam Brown, Wyvern Inc., 1 (587) 771-1284 Ext: 0, [email protected]
SOURCE Wyvern Inc.