- The partnership was formalized by a MOU signed by Hasan Al Hosani, MD of Bayanat, Bill Sullivan, Chairman of HySpecIQ, and Anna Hazlett, CEO of AzurX;
- The collaboration will accelerate and enhance space expertise in the UAE and throughout the region;
- Partnership described as “clear sign of growing demand in remote sensing applications” by Bayanat's MD, Hasan Al Hosani.
Abu Dhabi, UAE September 14, 2023 — HySpecIQ, a global leader in hyperspectral imaging and data analytics, today announced a partnership with Bayanat, an ADX-listed public company and leading provider of AI-powered geospatial solutions.
Hyperspectral imaging is a powerful technology that enables identification of objects from space. It takes advantage of the fact that all objects reflect light, both visible and beyond, in a unique fashion, essentially creating a spectral fingerprint which provides detailed information about the identity, composition, and characteristics of targeted objects. The relationship between HySpecIQ and Bayanat will support the creation of hyperspectral data applications as well as the development of systems that can combine hyperspectral with other geospatial data to produce high value insights.
With its expanding network of remote sensing data sources, Bayanat is an ideal partner for this complex undertaking. HySpecIQ will enable an unprecedented level of insight for customers in the UAE and throughout the region. The collaboration will explore establishing a Hyperspectral Centre of Excellence in the UAE to develop an ecosystem of hyperspectral imagery analysts, engineers, and managers as well as coordinate operations. These individuals will join the growing ranks of highly skilled Emiratis creating a cluster of space expertise in the UAE as stated in the strategic vision of the leadership.
Spaceborne hyperspectral imaging offers valuable information to many markets - defense and security, oil and gas, environmental, and agricultural. Bringing together the geospatial service experience of Bayanat with the hyperspectral expertise of HySpecIQ, and the commercial development expertise of AzurX, the partnership will explore the full range of solutions arising from this emerging capability, targeting high value use cases for a range of customers, and will develop effective strategies to maximize their potential.
The hyperspectral imaging systems market size was valued at over USD$16 Bln in 2022 and is projected to reach more than USD$47 Bln by 2032 backed by growing demand in remote sensing applications, increasing industrial applications of HSI, technological advancements in HSI and increasing government initiatives and funding globally. [Source: Global Market Insights]
AzurX, the United Arab Emirates's leading space advisory firm, facilitated the partnership. Bayanat and AzurX are collaborating with the aim of enhancing the UAE's space ecosystem capabilities and establishing global partnerships.