LiveEO uses AI to analyze Earth observation data, providing real-time insights for companies such as large-scale infrastructure operators.
Berlin-based start-up LiveEO has secured €19 million for its mission to launch the next wave of commercialization of the space industry.
The company uses satellite data to provide insights to companies, with a focus on large-scale infrastructure operators.
The funding round was led by MMC Ventures and includes €17 million in venture capital, along with additional funding 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 deliver insights to enterprises. It has an app to provide real-time updates to customers, with built-in documentation and user-customizable reporting functions.
Earth observation is the collection of information about the Earth’s physical, chemical, and biological systems through the use of satellite imagery.
This data can be used in various areas of society, but LiveEO’s focus is on bringing data into the enterprise as linear infrastructure networks are the “arteries of our societies”.
“After huge investments in rockets and satellites in the past years, it’s time for companies like us to develop highly automated applications that translate data from hundreds of Earth observation satellites into real value for end users,” said co-CEO of LiveEO, Daniel Seidel.
The startup 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 €19 million round is one of the largest investments in Earth observation technology in Europe. The start-up has had a busy period of growth since it raised €5.25 million in Series A funding last year.
The company said it has doubled its headcount since then, tripled its revenue and won customers on five continents. The new funding will be used to fuel global expansion and finance entry into new markets such as the insurance sector.
“We want to bring insights derived from space imagery into every global value chain and continue to focus on human-centric applications,” said co-CEO Sven Przywarra. “This round of funding brings us an important step closer to that goal.”
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