Korean aerospace startup SPEX has been selected as the first investment recipient of the “Jeju Early-Stage Startup Fund,” co-managed by the Jeju Creative Economy Innovation Center (Jeju CCEI) and Merry Year Social Company (MYSC).

Discovered through Jeju CCEI’s 2024 Pre-Startup Support Program, SPEX is currently participating in the center’s accelerator program. Headquartered in Jeju, SPEX aims to provide satellite data analysis services using cutting-edge 3D hyperspectral technology and is developing satellite observation instruments based on this technology.

SPEX has adapted 3D spectroscopic technology from astronomy for Earth observation, utilizing hyperspectral techniques. Through commercialization, the company will be able to collect and analyze real-time, high-precision Earth observation satellite spectral data, ensuring superior quality through this innovative technology.

SPEX is led by co-CEOs Professor Seongcheol Yoon of Seoul National University‘s Department of Physics and Astronomy and Principal Researcher Woongseop Jeong of the Korea Astronomy and Space Science Institute. They are focused on technology development, while Dr. Kanghwan Lee, an adjunct professor at Seoul National University, serves as CSO. Korea’s first astronaut, Dr. Soyeon Yi, has joined as the Global Business Development (GBD) lead, aiming to expand into global markets from the outset.

Jeju CCEI and MYSC recognize SPEX’s strong technical capabilities and believe the company could establish a unique position in the domestic market upon commercialization. They also see SPEX as having the potential to bring innovative change to the global Earth observation satellite data market, which led to their investment decision.

Through this investment, Jeju CCEI plans to actively support SPEX in business strategy development, corporate management, and securing additional funding.