Space data startup Wyvern has revealed that it raised $4.5 million USD through its pre-seed and seed funding rounds.
The startup hopes to launch its first three satellites this year to begin delivering data to its customers.
A spokesperson told BetaKit that the seed round closed in October 2021, with the pre-seed round closing earlier in the year. Angel investors largely funded the pre-seed round. The startup took on a “minimal” amount of debt in both financings.
Wyvern announced that it secured $2.25 million USD in each round, with Mac Venture Capital as lead investor in its seed round with contributions from Soma Capital, Liquid 2 Ventures, Gaingels, Unpopular Ventures, and Unstoppable Domains chief revenue officer Matt Mickiewicz.
“This investment has really supercharged our company,” said Chris Robson, CEO and co-founder of Wyvern. “We have been able to double the size of our team, including the addition of Christine Tovee, the former CTO of Airbus Group North America, to our executive team.”
The Edmonton-based startup has previously received over $235,000 in contributions from the federal government in 2020.
Launched in 2018, Wyvern is developing camera technology that will make high-resolution hyperspectral imagery from satellites accessible and affordable. The startup claims its telescopes will be designed to be compact on launch and to deploy in space.
Hyperspectral imaging has the ability to detect details that are invisible to conventional imaging standards, and can be leveraged for agriculture, forestry, energy, defence, as well as environmental and emissions monitoring.
The startup entered into an agreement with Scottish satellite tech startup AAC Clyde Space in March 2021. As part of the deal, AAC Clyde Space will design, manufacture and own three satellites equipped with hyperspectral payload, while Wyvern delivers data for agriculture, forestry management, environmental monitoring, and other areas.
Wyvern intends to initially tackle the agriculture sector where it will help optimize yield, uncover changes in soil makeup, and detect invasive plants and pests.
Armed with funding, the startup hopes to launch its first three satellites this year to begin delivering data to its customers. Wyvern also anticipates joining Y Combinator’s winter 2022 cohort.