VentureLabs company, Spexi closes USD 5.5 million seed round

Vancouver’s Spexi secured a USD 5.5 million seed round to image the Earth in ultra-high resolution at scale with drones. The important data will help organizations and governments make informed decisions. Spexi has projects with the Government of Canada, for example, to image forests in wildfire-prone areas.

The seed round is led by Blockchange Ventures with participation from Protocol Labs, InDro Robotics, Alliance DAO, FJ Labs, Dapper Labs, Vinny Lingham, Adam Jackson, and CyLon Ventures.

The software company also recently introduced the world’s first standardized, Fly-to-Earn aerial imagery marketplace. Their new platform is called Spexigon and consumer drone owners can earn rewards ($SPEXI tokens or dollars) by uploading drone images. Conversely, organizations that need high-resolution aerial imagery will no longer need to source their own drones or pilots because they can purchase the images from the Spexigon app. The app is expected to launch in spring 2023.

Spexi has been receiving mentoring and scaling support from VentureLabs, a science and technology accelerator, since 2020.

Quotes:

Bill Lakeland, CEO, Spexi

“When we started Spexi in 2017 our original goal was to use drones to image large areas of the Earth but the technology, regulations, and market were not ready. Today, with big improvements in each of those areas, and with the addition of blockchain technology, we’re pushing forward in achieving our original goal. The Spexigon platform we’re building will in time collect large amounts of data as originally intended, and lead to a host of new use cases for high resolution drone based imagery. It’s our hope that with greater access to imagery of this type, decision making in the public and private sector can vastly improve to everyone’s benefit.”

Ken Seiff, General Partner, Blockchange Ventures

“Throughout history, each generational technology—e.g. the Internet, mobile phones, etc.—has powered entirely new categories of business that could not have previously existed. The Blockchain is no exception – and Spexi is a perfect example of that. We are beginning to see blockchain technology being used to coordinate and reward people to perform high value tasks. Spexi is a pioneer of this movement, coordinating drone pilots to collect earth imagery at scale, using their own drones. Because the cost of capturing an image is low and the value provided by superior resolution aerial imagery is high, we expect this will be an early example of the blockchain creating an important new category of business.”

Mik Naayem, Co-founder & President, Dapper Labs

“Spexi is pioneering an exciting use case of Web3 that bridges the digital and physical worlds. These are the types of applications that we believe will bring tangible value to both enterprises and consumers. We are excited to work with them closely as they build on Flow.”

Read the full news release here.

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