Armed with the mission to improve life on earth by harnessing the power of space data, LiveEO has just secured a $19.5 million capital boost to rocket-launch its plans. Founded in 2018, the core product is an infrastructure monitoring suite powered by satellite imagery.
Using AI to analyse Earth Observation data, the product is able to give operators of railways, power lines and pipelines (i.e Industry 4.0 players) actionable information on the risk posed by vegetation, ground deformations, or third parties. The software enables customers to optimise the maintenance programmes of core infrastructure assets, making them increasingly resilient to climate change. In turn, this reduces travel disruptions, power outages and supply chain delays.
The €19 million funding round was led by MMC Ventures and includes €17M of venture capital, as well as further funds from the European Commission and Investitionsbank Berlin. All existing shareholders continue to back the company and have 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.
Daniel Seidel, co-founder and co-CEO of LiveEO, explained:“We are kicking off the third big wave of commercialisation of the space industry. After huge investments in rockets and satellites in the past years, it is time for companies like us to develop highly automated applications which translate data from hundreds of Earth Observation satellites into real value for end-users.”
Since its €5.5 million Series A round in 2021, the Berlin-headquartered startup has doubled its headcount, tripled its revenue, signed new customers across five continents, and strengthened its market-leading position in infrastructure monitoring.
LiveEO is certainly emerging as an exciting player in the European space tech market, and these new funds will help fuel its global ambitions. The startup already has an international team across Berlin, New York and Latvia and will now use this funding for even more global market expansion.
Andrei Dvornic, Principal at MMC Ventures, said: “We are excited to lead this round for LiveEO and it reflects MMC’s continued focus on emerging datasets and companies that develop AI analytics to power core business decisions. LiveEO offers a critical tool that paves the way for sustainable industry automation, 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 to the challenges posed by climate change.”
The investment will also be used to enhance the infrastructure monitoring products, support product development and go-to-market for the insurance sector, where LiveEO can contribute to better-informed decision-making.