Berlin-based LiveEO, a leading provider of satellite analytics, has secured € 19 million in funding in what is one of the largest investments to date in Earth observation in Europe.
The round was led by MMC Ventures and includes € 17 million of venture capital, as well as additional funds from the European Commission and Investitionsbank Berlin.
LiveEO’s core product is an infrastructure monitoring suite powered by satellite imagery and uses artificial intelligence to analyze Earth observation data and provides rail, power line and pipeline operators with useful information on the risk posed by vegetation. by soil deformations or by third parties.
The software allows customers to optimize maintenance programs for key infrastructure assets, making them increasingly resilient to climate change. In turn, this reduces travel disruptions, power outages and supply chain delays.
Daniel Seidel, co-founder and co-CEO of LiveEO, said: “After huge investments in rockets and satellites in recent years, it is time for companies like us to develop highly automated applications that translate data from hundreds of Earth observation satellites. in real value for end users.
His colleague co-founder and co-CEO Sven Przywarra said: “It is exciting to see that our vision, as well as our accomplishment so far, has attracted interest and investment from both top-tier venture capital firms and the public sector. . We want to bring spatial imagery-derived insights into every global value chain and continue to focus on human-centered applications. This funding round brings us a significant step towards this goal ”.
All existing shareholders continue to support the company and participated in the round, including Dieter von Holtzbrinck Ventures (DvH Ventures), Helen Ventures, Matterwave and motu ventures. Segenia Capital and Hannover Digital Investments (HDInv) have joined the round as new investors alongside MMC.
Since its € 5.25 million Series A round in 2021, LiveEO has more than doubled its headcount, tripled its revenue, signed new clients across five continents and strengthened its position as a market leader in infrastructure monitoring. In the past four years inception, LiveEO’s products have enabled its customers to simplify maintenance operations, making them safer and more efficient, and saving thousands of tons of carbon emissions in the process.
Deep tech investor MMC has shown great interest in the NewSpace ecosystem and has identified Earth observation as a rapidly growing market.
Andrei Dvornic, Principal of MMC Ventures, said: “We are excited to lead this round for LiveEO and it reflects MMC’s continued focus on emerging datasets and companies developing AI analytics to support key business decisions.
“LiveEO offers a fundamental tool that paves the way for sustainable automation in the industry and we wholeheartedly support the company’s vision of leveraging satellite technologies, big data and the latest developments in artificial intelligence to help companies adapt. the challenges posed by climate change “.
The new funds will accelerate LiveEO’s global market expansion for its infrastructure monitoring products and the entry of funds into new markets such as insurance.
Its international team of 100 employees is spread across Berlin, New York and Latvia.
LiveEO seeks take-off after insights into space data after an investment of 19 million euros
Source link LiveEO seeks take-off after insights into space data after an investment of 19 million euros