Berlin-based satellite analytics provider LiveEO has secured €19 million in funding, making it one of the largest investments in Earth observation in Europe.
MMC Ventures led the round with €17 million in venture capital and additional funding from the European Commission and Berlin Investment Bank. Existing shareholders include Dieter von Holtzbrinck Ventures (DvH Ventures), Helen Ventures, Matterwave and Motu Ventures. In addition to MMC, Segenia Capital and Hannover Digital Investments (HDInv) joined the round as new investors.
How are the funds will be used?
The latest funding will accelerate LiveEO’s global market expansion for its infrastructure monitoring products and into new markets such as insurance. Additionally, new investor HDInv will support product development and launch in the insurance industry.
“It’s exciting that our vision and execution to date have generated interest and investment from top VC firms and the public sector. We hope to bring insights from space imagery into every global value chain and continue to focus on Human-centric applications. This round brings us one step closer to that goal,” said Sven Przywarra, co-founder and co-CEO of LiveEO.
The announcement comes a year after raising €5.25 million in Series A funding in 2021. Since then, LiveEO has more than doubled its headcount, tripled its revenue, and added new customers on five continents.
“We are launching the third big wave of commercialization in the space industry. After massive investments in rockets and satellites over the past few years, it is time for companies like ours to build highly automated applications that will come from hundreds of Data from Earth observation satellites translates into real value for the end user,” said LiveEO co-founder and co-CEO Daniel Wineglass.
Space Data Insights
The German company’s core product is an infrastructure monitoring suite based on satellite imagery.
The company uses artificial intelligence (AI) to analyze Earth observation data and provide rail, powerline and pipeline operators with actionable information about risks posed by vegetation, ground deformation or third parties.
The software enables customers to optimize maintenance schedules for critical infrastructure assets, reducing travel disruptions, power outages and supply chain delays.
MMC funds and helps scale technology companies that are transforming today’s industries. Since 2000, it has supported transformative technology companies at the seed and Series A stages.
“We are excited to host this funding round for LiveEO, which reflects MMC’s continued focus on new datasets and companies developing AI analytics to support core business decisions. LiveEO provides a key tool that will pave the way for sustainable industrial automation , we wholeheartedly support the company’s vision to use the latest advances in satellite technology, big data and artificial intelligence to help companies adapt to the challenges of climate change,” said Andrei Dvornic, director of MMC Ventures.