Hot on the heels of receiving US$6 million in new investment, a co-founder of hyperspectral imagery company Wyvern said space isn't the final frontier for Edmonton's startup ecosystem — it's imagination.
"I would love for people to see Wyvern as proof that you can build whatever you want here, and that there are no hard-and-fast limitations on you because of your geographic location," co-founder Callie Lissinna told Taproot. "(Wyvern) is one of the less likely things to have popped up here, but especially after closing this recent funding, we're well on our way to being a really strong business. So, I hope that Wyvern could, perhaps, inspire people."
Wyvern offers data-rich photos taken by satellites for industries as varied as agriculture and defence. The company announced its latest funding on Oct. 17. The round was led by Squadra Ventures. The Maryland-based venture capitalists corralled Silicon Valley star-maker Y Combinator (of which Wyvern is a grad), plus local investors like the University of Alberta Innovation Fund, Accelerate Fund III, and Brent Perrot, among others, to shoot for the stars. Wyvern has raised multiple millions in investment before, including US$7 million in 2022.
Lissinna said one goal for Wyvern is to build a client base with "three-letter agencies" based in the United States.
"We need to have a strategy for that segment of the market," she said. "We've already started hiring, and we've already filled a few of the positions."
Lissinna said she isn't sure the investment in Wyvern means will change the local aerospace industry. Instead, she said, it's more about the startup ecosystem and how it prepares companies for launch.
"Since we started Wyvern, we've seen a lot of new opportunities and resources be put in place around the city for folks with entrepreneurial aspirations," Lissinna said. "There are several resources that the (University of Alberta) has. Even in the downtown area, there are tons of communities that are forming."
Lissinna thinks entrepreneurs do well in Edmonton for reasons other than industry niches. If you build it, which she believes you can, they just might come.
"I wouldn't say that investors are specifically attracted to companies like Wyvern because of where we're located, but I would say that investors are attracted to great businesses," she said. "It's totally possible for people here to build a great business."