LiveEO, a global leader using high-resolution satellite data and AI to transform raw satellite data into automated actionable insights to help companies manage their climate risks and resilience, has raised €25 million in a Series B funding round led by NordicNinja and DeepTech & Climate Fonds (DTCF). This investment will accelerate the development of LiveEO’s cutting-edge solutions, and expand its team and capabilities.
Founded in 2018, LiveEO is on a mission to transform vast amounts of satellite data into actionable insights. Such data can monitor the effects of climate change, spot evolving vegetation patterns, identify system movements, and more. Yet because it’s fragmented, raw and sourced from multiple satellites, it’s difficult for industries to understand and integrate. Not to mention the inaccuracies that can come from open-source solutions, coupled with the frequency and severity of climate-related events creating a critical need for advanced solutions, with the Earth Observation market predicted to be worth $14.6 billion by 2034, up from $6.8 billion in 2024.
Daniel Seidel, co-founder and co-CEO of LiveEO, said: “Our mission at LiveEO is to harness the power of satellite data to protect our planet and make industries more sustainable. The new funding will accelerate this mission and enable us to continue helping businesses worldwide face the growing list of climate, environmental, technological and regulatory risks. We see EU deforestation regulation (EUDR) as creating the first mass market with millions of users for EO analytics, besides weather and we’re providing a solution that scales automatically in TradeAware. This is not just for the benefit of our customers’ bottom lines but for the benefit of all of mankind and our planet.”
LiveEO’s platform is serving this need demonstrated in the company tripling its growth since last year. It uses cutting-edge satellite technology – including multispectral and Synthetic Aperture Radar (SAR) to deliver high-resolution, analytics – with advanced AI to convert the incredible trove of EO data into usable formats and timely, actionable insights. It can help businesses detect and respond to extreme weather events and deforestation in near real-time, and monitor and manage environmental risks that affect infrastructure, such as vegetation encroachment on power lines or ground deformation near railways. Also, it can help companies reduce their carbon footprint, remain compliant in the face of ever-evolving regulations and increase their climate resilience.
LiveEO’s platform is trusted by Europe’s largest railway operator, Deutsche Bahn to safeguard its assets, has helped a Nigerian pipeline operator tackle oil theft and reduce million-dollar losses and helped to curb illegal logging in Moldova. Yet all industries stand to benefit from LiveEO’s ability to monitor vast or remote areas simply, quickly and reliably, with partners including Accenture, AWS and SAP and customers including EON, Iberdrola and Network Rail.
LiveEO’s workforce has grown to around 130 international employees following recent growth. The recent €25 million funding takes the total raised by the Berlin-based firm to €51.6 million. NordicNinja and DTCF join existing investors MMC Ventures, Dieter von Holtzbrinck Ventures (DvH Ventures), Helen Ventures, Matterwave, motu ventures, Segenia Capital, Hannover Digital Investments and more on LiveEO’s impressive cap table.
Rainer Sternfeld, Partner at NordicNinja, commented: “As an entrepreneur and founder myself, I’ve spent a decade in Silicon Valley and Europe working on building data platforms and developer ecosystems for Earth Observation, renewable energy, and the oceans, and understand the challenges and opportunities in this space deeply. The LiveEO team’s advanced use of satellite data and problem-solving AI algorithms offer businesses the precise, actionable insights needed to effectively manage and mitigate climate-related risks, which are only increasing in frequency and severity.”
Dr. Elisabeth Schrey, Partner at DCTF, added: “LiveEO stands out with its excellent team of technologists and its platform that incorporates cutting-edge artificial intelligence and data engineering capabilities. This strong foundation enables LiveEO to offer critical tools that pave the way for sustainable automation across industries.”
Read the orginal article: https://www.eu-startups.com/2024/06/berlin-based-liveeo-raises-e25-million-series-b-to-leverage-satellite-data-to-make-industries-more-sustainable/
