Wyvern Raises $4.5M in Seed Funding

Wyvern Secures $4.5 Million to Advance Hyperspectral Satellite Imaging

A Canadian startup specializing in advanced satellite imagery, Wyvern, has successfully raised $4.5 million through a combined seed round of $2.25 million, alongside $2.25 million in pre-seed funding and government grants. The company focuses on hyperspectral imaging – a technology that captures light across a broad spectrum of wavelengths, extending beyond what is visible to the human eye.

Company Growth and Key Appointments

Wyvern has experienced substantial growth since its participation in the Creative Destruction Lab (CDL) demo day in 2019. Currently, the team comprises 18 employees. A significant development has been the addition of Christine Tovee, a seasoned aerospace professional and former CTO of Airbus, to the company.

The startup is preparing for a pivotal moment: the launch of its initial satellites into orbit this year. This launch represents a crucial step towards delivering its innovative imaging products.

Future Capabilities and Market Potential

“The upcoming launch is our primary focus,” stated Christopher Robson, co-founder and CEO of Wyvern. “It will mark the availability of our first imagery offerings.” Robson anticipates that while exceptionally high-resolution hyperspectral imagery will take a couple of years to fully materialize, its eventual arrival will be transformative.

Hyperspectral imaging from space has the potential to significantly improve efficiency in established sectors, with agriculture being Wyvern’s initial target market. Furthermore, it is expected to foster the creation of entirely new business opportunities and industries by revealing previously undetectable details, including the chemical composition of observed areas.

Investment and Strategic Partnerships

MaC Venture Capital led the seed funding round, recognizing the substantial promise of hyperspectral technology. Robson highlighted the strong alignment between Wyvern and the firm, particularly with new Board member Adrian Fenty.

“We established a strong rapport from our first interaction,” Robson explained. “Our teams integrated seamlessly. MaC’s prior investments in the space sector and their optimistic outlook on the market were particularly appealing. They possess a valuable network of customers, investors, and partners through their existing portfolio.”

Building a Strong Leadership Team

Wyvern’s strategic advantage is further enhanced by the recruitment of Christine Tovee. Robson detailed how this key leader joined the company.

“Christine had previously served on our technical advisory board and we had cultivated a strong working relationship through CDL. There was a high degree of mutual respect between her and the team. We identified a need for experienced aerospace leadership within our executive team to navigate the complexities of the space industry, making her addition invaluable to our technology strategy.”

Commitment to Diversity and Inclusion

Tovee’s appointment also contributes to increased female representation in a sector historically lacking in gender diversity. Callie Lissinna, Wyvern’s co-founder and COO (who also participated in TC Sessions: Space), emphasized that diversity remains a core priority for the startup.

“Investors frequently commented on the uniqueness of our team, noting our 50/50 gender-balanced founding team and approximately 66% female executive team within the space startup landscape,” Lissinna noted. “This commitment extends to our hiring practices, with prospective employees often citing our team’s diversity as an attractive factor.”