SPEX, a seed-funded company supported by JCCEI, and SpaceBeam, an investment recipient of the Jeju-Vision Venture Investment Fund No. 1, are securing proprietary technologies in the midstream sector of the space industry. SPEX focuses on 3D spectrometry satellite observation, while SpaceBeam specializes in space optical communication.
Both companies aim to expand into the downstream sector, leveraging their core technologies to establish competitiveness and achieve significant outcomes in the global market.
Written by Won-Bok Lee Photos by Kyung-Min Jeon
Sung-Cheol Yoon, Co-CEO of SPEX & Jung-Hoon Kim, CEO of SpaceBeam
Q. ‘SPEX,’ which develops satellite data analysis services using 3D spectrometry (hyperspectral) technology, and ‘SpaceBeam,’ which develops space optical communication technology—what kind of companies are they?
Sung-Cheol Yoon SPEX develops hyperspectral imaging cameras for satellites and satellite data analysis services. By leveraging spectrometry, we can determine the mineral composition of soil or measure greenhouse gas emissions in specific regions. Typically, satellite hyperspectral observation uses a line-scan approach, but we aim to adopt an area-scan method by utilizing astronomical technologies. This approach offers higher sensitivity in spectrometry data and makes calibration relatively easier.
Example of 3D spectral (hyperspectral) technology application
Jung-Hoon Kim SpaceBeam is developing space optical communication technology that uses light instead of radio waves. Theoretically, it achieves speeds over 100 times faster than radio waves. The importance of optical communication is growing rapidly. For example, the hyperspectral satellite data generated by SPEX’s technology involves large amounts of data, which requires fast communication technologies for efficient transmission. Additionally, optical communication addresses issues caused by the exhaustion of radio frequencies. Globally, the development of space optical communication is advancing rapidly, and we are actively working to stay at the forefront.
Q. With the advent of the New Space era and many companies entering the space industry, what motivated the founding of SPEX and SpaceBeam?
Sung-Cheol YoonAs a professor in the Department of Physics and Astronomy at Seoul National University, I teach and conduct research. While faculty-led startups are common in engineering or biotech fields, they’re rare in astronomy. However, the New Space era prompted me to think deeply. As an astronomer, I felt a responsibility to contribute during this pivotal period.
I co-founded SPEX with Dr. Woong-Sub Chung from the Korea Astronomy and Space Science Institute (co-CEO & CTO). Additionally, we recruited Dr. Kang-Hwan Lee, who previously served as an advisor to the Minister of Science and ICT, as our CSO, and Dr. Yi So-Yeon, Korea’s first astronaut, as our GBD (Global Business Development) lead to drive our global expansion. Our goal is to bring university knowledge beyond the campus and contribute to society.
Jung-Hoon Kim SpaceBeam was co-founded by three astronomers, including myself, who pursued doctoral studies in astronomy at Seoul National University. I have a background in astronomy and have been running an astronomy-related business since the early 2000s. With the rise of New Space, I noticed that companies increasingly sought advice from astronomers on new communication methods—specifically, space optical communication, which requires astronomical expertise. This presented a unique competitive advantage for astronomers.
Instead of expanding the business through my existing company, I aspired to establish a distinguished space enterprise in Korea based on astronomy. This marked the beginning of SpaceBeam.
Q. Both startups seem to have started their businesses in the midstream sector. Could you elaborate on your business models?
Jung-Hoon Kim Both SpaceBeam and SPEX are initially focused on developing key technologies and equipment in the midstream sector. Based on this foundation, we plan to expand into the downstream sector. Starting in the midstream allows us to establish a foothold in the market by creating an integrated platform that handles everything from data generation to processing.
Sung-Cheol Yoon From our perspective, it would have been easier to start by analyzing satellite data purchased from other companies. However, we chose to prioritize technology acquisition and product development to secure core technologies and achieve global competitiveness. If our network with satellite data suppliers were ever disrupted, it would cause significant losses, including financial ones.
Sung-Cheol Yoon, Co-CEO of SPEX
Q. What progress has been made so far, and what are you currently focusing on?
Jung-Hoon Kim SpaceBeam successfully conducted a laser-based optical communication test last September, transmitting data over a 20 km ground distance from Gyeongbuk Yeongcheon to the Bohyeonsan Observatory. Starting with just 10 cm, we’ve gradually increased the distance, achieving meaningful results. We are also preparing to test our self-developed space optical communication transmitter-receiver mounted on hot air balloons and aircraft over distances exceeding 100 km. Our primary focus is on verifying its performance before deploying it on actual satellites.
Sung-Cheol Yoon At SPEX, we are currently developing satellite observation devices utilizing astronomical spectrometry technology at our laboratory in Osong, Chungcheongbuk-do. Having received seed funding through the Jeju Early-Stage Startup Growth Fund, we aim to demonstrate the excellence of SPEX’s technology by unveiling prototypes as quickly as possible. Recently, we were selected for the Deep Tech TIPS program, recommended by JCCEI. We are confident in delivering promising results soon.
Testing with laser communication equipment
SpaceBeam’s space optical communication device under development
Q. As participants in the ‘Jeju Startup Ecosystem Forum x Investor Day’ last September, how do you perceive Jeju as a hub for the space industry?
Jung-Hoon Kim Jeju is an ideal location for testing space optical communication. With its mountains and open seas, it offers excellent conditions for optical communication experiments. We’ve also secured a research space through JDC. If regulatory issues related to optical communication experiments are resolved, we anticipate utilizing them effectively.
Sung-Cheol Yoon Jeju is home to a robust network of space-related institutions and companies, including the National Satellite Operations Center, Contec, Perigee Aerospace, and Hanwha Space Center. This network creates significant opportunities. Moreover, the strong commitment of Jeju Province and JCCEI to fostering the space industry left a strong impression on us. Believing in Jeju’s potential, we decided to base our headquarters here. We look forward to visiting Jeju more frequently in the future.
Jung-Hoon Kim, CEO of SpaceBeam
Q. What are your future plans? What strategies do you have for scaling up?
Jung-Hoon Kim First, we plan to test our space optical communication device by mounting it on a launch vehicle. Following this, like Contec, SpaceBeam intends to establish optical communication satellite ground stations across Jeju and other parts of Korea. These ground stations are essential to mitigate weather-related sensitivities. Once the network of ground stations is in place, we will establish a full-fledged space optical communication platform capable of receiving data from satellites equipped with optical communication modules.
Sung-Cheol Yoon Currently, the full potential of satellite hyperspectral imaging has yet to be realized in the space industry. This is partly due to the complexity of related equipment and data, as well as the relatively low sensitivity of existing devices. SPEX aims to develop technology that significantly enhances the sensitivity of hyperspectral imaging devices, delivering superior-quality data that current market offerings cannot match. Since competitiveness in the satellite data market ultimately depends on data quality, we believe this will become a key differentiator for us globally in the future.
Q. Lastly, do you have any messages for the companies or co-founders you are collaborating with?
Jung-Hoon KimThe space industry is currently in the spotlight, much like the IT boom of the 2000s and the biotech boom that followed. While there’s always the fear of how long this attention will last or whether it will fade, the world is undeniably focusing on space. Both large corporations and startups are achieving remarkable milestones, playing a crucial role in maintaining the momentum of Korea’s space industry.
Although we may be relatively latecomers, we feel a profound sense of responsibility for advancing the space industry. By collaborating with various companies and building global competitiveness, we aim to contribute meaningfully to this exciting field.
Sung-Cheol Yoon The space industry seems to require a significant amount of time to achieve results. While rapid growth is often vital for startups, in the space industry, hasty progress could potentially be detrimental. Just as thorough preparation is necessary for a long journey, we will take our time to prepare meticulously and deliver outstanding outcomes. Thank you.
