News05.08.2022
LiveEO secures €19M to bring space data insights to Industry 4.0
DvH Ventures portfolio company and leading provider of satellite analytics, LiveEO, has secured €19M 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 €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.
LiveEO’s core product is an infrastructure monitoring suite powered by satellite imagery. The company uses artificial intelligence to analyse Earth Observation data, and gives operators of railways, power lines and pipelines 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.
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 €5.25M Series A round in 2021, LiveEO has more than doubled its headcount, tripled its revenue, signed new customers across five continents, and strengthened its market-leading position in infrastructure monitoring. In the past four years since inception, LiveEO’s products have empowered its clients to streamline their maintenance operations, making them safer and more efficient, and saving thousands of tonnes of carbon emissions in the process.
Seeing the team get this far is especially exciting for us having led LiveEO’s seed round in 2020 as the first investor on board. Back then we already saw a great potential in the valuable insights earth observation data can generate for both corporates as well as the public sector. With this investment and the support of world-class VCs LiveEO is ideally set up to reach of the next milestone of bringing space data insights to the industry 4.0.
The new funds will accelerate LiveEO's global market expansion for its infrastructure monitoring products and fund entry into new markets such as insurance. New investor HDInv under leadership of Ulrich Wallin, will support product development and go-to-market for the insurance sector, where LiveEO can contribute to better-informed decision making. “LiveEO’s technology offers companies and institutions an efficient and smart way to monitor fixed assets. This enables potential damaging events to be detected and prevented at an early stage,” says Ulrich Wallin, HDInv managing director and former CEO of Hannover Re, the world's third largest reinsurance company.
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