CANADA, 11 February 2022: Wyvern, a satellite technology startup based in Edmonton, has secured a USD 4m CAD investment from Sustainable Development Technology Canada (SDTC), according to a local media report.
The Wyvern company launched in 2018 is developing unfolding camera technology so that satellite hyperspectral imagery can be accessed and used at an affordable price.
Hyperspectral imaging is capable of detecting details inferred by conventional imaging standards and can be applied to agriculture, forestry, energy, defence, as well as environmental and emissions monitoring.
In January, Wyvern revealed that it raised a cumulative USD 4.5m through its pre-seed and seed funding rounds, reeling in USD 2.25m in each round. The space data startup said it took on a “minimal” amount of debt in both financings, the report added.
Armed with government financial support, twice the amount than its previous raises, Wyvern anticipates the launch of its DragonEye satellite. This would mark Wyvern’s first satellite equipped with technology that unfolds a telescope in space, similar to the James Webb telescope launched in December.
Wyvern’s new capital is tied to a three-year project that includes commitments from Xario Digital Farming Solutions (a BASF Digital Farming GmbH brand), Olds College, SkyWatch, Metaspectral, and Wild + Pine as consortium partners.
Alex Melnitchouck, chief technology officer for Digital Ag at Olds College, noted that the collaboration with Wyvern will bring opportunities to observe satellite technologies and how it will be integrated into the new wave of digital innovation in farming and sustainability in the agricultural sector.
Currently, satellite imagery is used by less than 10 percent of Canadian farms to support their operations.
Canada’s Space Strategy report released in 2019 indicates that increasing this number to 25 percent by 2027 could lead to cost savings to farmers between USD 650m to USD 1.3bn while contributing to more sustainable farming practices.
“Wyvern’s technology is addressing a major gap in the market. Their imaging products are going to help farmers use less fertilizer, pesticides, and water and help produce bigger yields,” Leah Lawrence, President, and CEO of SDTC stated.
Image credit: cleantechconcepts.com
Ravi Kumar: Reporting and writing news stories on agriculture and allied sectors since 2020 prior to this worked as sub-editor for IIICorp for five years.
