Sep 15, 2014

HySpecIQ Closes Initial Funding Round And Places Order For Two Hyperspectral Remote Sensing Satellites

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(15 Sept 2014) HySpecIQ, LLC of Washington DC has closed its initial funding round and placed an order with The Boeing Company for two hyperspectral remote sensing satellites. The company will be the first commercial provider of high-resolution hyperspectral information from space.

The satellites will carry a state-of-the-art hyperspectral payload based on proven technology. It will be capable of providing spectral imaging fidelity far exceeding what is currently available commercially or forecast to exist in the near future. Boeing will deliver a complete satellite system initially consisting of two 502 Phoenix small satellites, available for launch in 2018 and essential ground elements including command and control; image processing; and archive and retrieval of collected data. HySpecIQ will separately develop the value added processing and dissemination architecture.

“HySpecIQ will unlock the potential of high resolution hyperspectral data with proprietary analytics to create high value information products for clients,” said Joseph D. Fargnoli, HySpecIQ Executive Vice President of Product Development. “Our tailored hyperspectral-driven decision support tools, risk management products and monitoring capabilities will drive focused solutions targeted to the specific business information needs of our clients and partners. Our capabilities will enable the delivery of information products to key markets, including the global oil & gas, mining, agriculture and environment monitoring, as well as U.S. government agencies and partner countries. The ability to serve these markets using satellite technology offers tremendous benefits heretofore impractical, including lower data collection and processing costs, more frequent revisit capabilities, access to denied territories and detailed environmental monitoring.”

HySpecIQ has partnered with Boeing, which will design and manufacture the satellite system and serve as channel partner to select customers. “Boeing’s in-depth experience in the delivery of commercial space systems was the deciding factor in their selection,” said William R. Sullivan, HySpecIQ executive chairman. “Working closely with Boeing’s team will allow us to bring forward a technical design with unparalleled remote sensing capability that will set a new standard in this industry and provide customers with the timely cost effective solutions they need.

“Boeing demonstrated its confidence in HySpecIQ and the market for hyperspectral remote sensing analytics by entering into partnership as a data channel provider and signing the first data sales contract. Boeing offered an attractive and multi-dimensional package that includes assistance in selling services and attracting investors as well as access to Boeing’s government customer base. This demonstrates their commitment to meeting the needs of the government and commercial market,” Sullivan said.

HySpecIQ will manage sales, processing and distribution of the hyperspectral informatics products to the global civil, commercial and government markets while Boeing will provide services for the U.S. Government Intelligence community and select foreign worldwide customers.

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