A world-leading space data company is the next to receive funding and support from the U of A Innovation Fund, launched last October with the backing of donors who are passionate about championing the next generation of innovators and entrepreneurs.
Within just a year of launching, the fund invested in five research-driven startups: RL Core Technologies, Nanostics Precision Health, PulseMedica, Areto Labs and most recently, Wyvern.
"As we focus on our first five investments, the work starts now in ensuring we can enhance their global scale in various industries from health to energy and agriculture," says U of A Innovation Fund CEO Sheetal Mehta.
"The U of A has extensive expertise in artificial intelligence – we are ranked first in Canada and third globally in related research," says U of A president Bill Flanagan. "By investing in promising companies developing groundbreaking AI-enabled technologies, we will leverage this strength in AI into transformational impact."
"Being first in AI allows us to invest in and scale startups who can be globally competitive, which will bring returns back to the fund, the university and the province," adds Mehta, who manages the fund alongside an independent board of directors and committee composed of venture capital leaders and AI specialists.
Wyvern's four founders, all U of A graduates, met when they were students involved in the AlbertaSat team, where they got their first glimpse into the industry they would soon revolutionize. Now, the data captured by their hyperspectral imaging telescopes offers the highest resolution on the market.
While regular satellite imagery merely captures what the naked eye can see, like the size of a forest or the colour of a particular land mass, hyperspectral data provides additional insight that is invaluable, says Wyvern co-founder Callie Lissinna.
"With hyperspectral imagery, you can see what species of trees are in the forest, distinguish real grass from artificial turf, identify diseases and nutrient deficiencies in crops, and even detect gases such as methane in the atmosphere," she explains.
Wyvern began selling hyperspectral data from satellites in April 2024. They were the first company to do so, and in the six months since, they've sold data to customers on every continent apart from Antarctica, highlighting the overwhelming demand for their product. In their next stage of growth, they plan to expand into the U.S. market and beyond.
"Having a global customer base is especially important for satellite data sales because the satellite orbits the whole Earth, and you want to be able to use all the capacity," says Lissinna.
Support from the Innovation Fund and the venture capital firm Squadra Ventures will allow Wyvern to continue improving its technology, developing next-generation satellite payloads that provide even higher resolution and more colours.
"I think we've seen this recent success because businesses and governments need more detailed and up-to-date information for making decisions about resource management and sustainable operations in today's complex and fast-paced world," she adds.
The fund provides both initial and follow-on funding, as well as access to local and global networks and resources, support for commercializing products and services, and opportunities for shared learning with other tech entrepreneurs. It also maintains an online community where innovators can connect. Promising startups not selected for investment are given advice to increase their competitiveness with the aim of obtaining future investment.
The fund's structure also provides opportunities for experiential learning, notes Mehta. Students are tasked with researching prospective startups that meet the fund's eligibility criteria, which are vetted by the investment committee and network of advisers.
"The Innovation Fund has engaged with 200-plus companies to provide education, resources, connections, capital and customers," says Mehta. "Our success is based on close collaboration with the U of A and provincial entities who provide support for startups."
"Through the Innovation fund, the university can empower researchers and innovators to accelerate and translate their findings from campus to the community, transforming innovative research into solutions to global challenges," says Flanagan.
