Peter Thiel Funds Satellite Imaging for National Security
Billionaire entrepreneur and venture capitalist Peter Thiel has bankrolled HySpecIQ - a startup developing satellites for the US Government - with more than $20 million.
The Virginia-based startup has been struggling to build two satellites with cameras that incorporate advanced technology without adequate funding. The cameras are supposed to be equipped with sensors that can penetrate solid objects and are now on schedule to be launched in 2023.
With this latest investment, Peter Thel has established himself as one of the biggest backers of the US Government’s surveillance-based security approach. Thiel plans to use his resources to launch an additional ten satellites and continue developing data analysis tools for security purposes.
“HySpecIQ’s superior satellite sensor technology meets the urgent need of government to provide security. Starting from that key market, HySpecIQ has the potential to provide great value across industries,” Thiel wrote in an emailed statement for Bloomberg.
With this advanced technology, HySpecIQ’s satellites will provide more detailed analytics and geospatial data than conventional imaging satellites. Thanks to their sensitivity to hundreds of colors across the electromagnetic spectrum, the new satellites will be able to analyze objects’ chemical makeup, as well as monitor areas to see how much they have changed over time.
The US Government will use the satellites for different purposes such as locating buried explosives, doing geological surveys, detecting deadwood set for removal, and many others. It is also possible to use the advanced hyperspectral images they take in the agricultural and insurance industries.
If it weren’t for Thiel’s investment, the company wouldn’t have managed to break into the market. Many startups in need of lifeline bankrolling have turned to crowdfunding as a primary source of cash flow on one of numerous online crowdfunding platforms that enable people to put great ideas into action. Thanks to Thiel, HySpecIQ won’t have to.
Julia A. is a writer at SmallBizGenius.net. With experience in both finance and marketing industries, she enjoys staying up to date with the current economic affairs and writing opinion pieces on the state of small businesses in America. As an avid reader, she spends most of her time poring over history books, fantasy novels, and old classics. Tech, finance, and marketing are her passions, and she’s a frequent contributor at various small business blogs.
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