While the general public may not know what hyperspectral imagery is, entrepreneur and venture capitalist Peter Thiel has committed to making the company into a force that will make the planet safer and more sustainable. Thiel led the recently announced Series B round in HySpecIQ, a satellite-powered hyperspectral analytics company. The funds will be used to accelerate the development of a twelve satellite constellation that will deliver hyperspectral imagery with unprecedented resolution and global reach.
“HySpecIQ’s superior satellite sensor technology meets the urgent need of government to provide security,” said Thiel who is a partner in Founders Fund. “Starting from that key market, HySpecIQ has the potential to provide great value across industries.”
HySpecIQ’s analytics platform transforms hyperspectral imaging data into actionable insights that will assist in addressing the world’s most critical and complex problems. Governments and commercial enterprises gain an enormous capability of great reach and scope through use of the company’s innovative technology. They will see “what others can’t” giving users a significant competitive advantage in predicting fires, protecting infrastructure, strengthening intelligence, enhancing security, mitigating risk, and maximizing investment.
“Peter’s investment and belief in our technology is a major milestone for our company,” said William Sullivan, executive chairman and co-founder of HySpecIQ.
With Thiel’s help HySpecIQ is embarking on a series of initiatives to propel it forward. The company is launching state-of-the-art satellites to deliver high resolution, hyperspectral imagery, developing mission-specific spectral algorithms and analytics for its cloud-based platform, and collaborating with its government clients and commercial partners. These actions give users a competitive edge for solving the world’s most pressing problems from national security to climate change.
With the U.S. government and its intelligence agencies as its primary client, HySpecIQ is well-positioned to accelerate and commercialize the use of hyperspectral imagery. It touts that it is the only commercial hyperspectral imaging company to have been awarded a contract by the National Reconnaissance Office for which it provides critical support for national security. The company’s next step is to gain a limited number of pilot commercial partners who will apply their valuable data ranging from environmental monitoring and insurance to fire protection and beyond.
“We’re on a growth fast-track with transformational milestones ahead. Our satellites will offer hyperspectral imagery that is an order of magnitude better than existing imagery and our industry led partnerships will create transformative use-cases for this data. This investment is the accelerant for an amazing future for this company which I’m proud to lead,” CEO John DeBlasio said.
HySpecIQ joins a list of success stories achieved by Theil that began as an entrepreneur and co-founder of PayPal. He was the first outside investor in Facebook. He has an estimated net worth of US$7.24 billion and is ranked 385th on the Bloomberg Billionaires Index.
