LiveEO uses AI to analyse Earth observation data, providing real -time insights for companies such as large-scale infrastructure operators.
Berlin-based start-up LiveEO has secured €19m for its mission to kick off the next wave of space industry commercialisation.
The company uses satellite data to provide insights for companies, with a focus on large-scale infrastructure operators.
The funding round was led by MMC Ventures and includes €17m of venture capital, along with further funds from the European Commission and Investitionsbank Berlin.
All of the start-up’s existing shareholders participated in the round, while MMC, Segenia Capital and Hannover Digital Investments joined as new investors.
LiveEO has developed an AI-powered analytics platform to monitor Earth observation data and provide insights to enterprises. It has an app to give real-time updates to clients, with in-built documentation and reporting functions that can be customised by the user.
Earth observation is the gathering of information about Earth’s physical, chemical and biological systems through the use of satellite imaging.
This data can be used in various areas of society, but LiveEO’s focus is on bringing the data to enterprises as linear infrastructure grids are “the arteries of our societies”.
“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,” LiveEO co-CEO Daniel Seidel said.
The start-up provides data through its network of partners in sectors such as industry asset management, satellite data acquisition, business consulting, cloud computing and civil society. Partners include SAP and Amazon Web Services.
LiveEO said the €19m round is one of the largest investments in Earth observation tech in Europe. The start-up has had a busy period of growth since it raised €5.25m in Series A funding last year.
The company said it has doubled its headcount since then, tripled its revenue and gained customers across five continents. The new funding will be used to fuel global expansion and fund entry into new markets such as the insurance sector.
“We want to bring insights derived from space imagery to every global value chain, and continue to focus on human-centred applications,” co-CEO Sven Przywarra said. “This financing round brings us a significant step closer to that goal.”
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