[TL;DR]
- LiveEO uses high-resolution satellite data and proprietary AI-powered algorithms to generate accurate, timely, and actionable insights that help critical infrastructure operators manage climate risks and resilience
- The platform already helps customers from Europe, US, Japan and Australia detect and respond to critical events in real-time as well as predictive monitoring and management of environmental risks
- The recent funding round follows LiveEO’s tripling growth in 2023 and will accelerate the development of its cutting-edge solutions
- This is the first German investment for NordicNinja
Berlin, 25th June 2024: 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.
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.
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 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.
Rainer Sternfeld, Partner at NordicNinja said: “It’s easy to understand why customers love LiveEO – humans have built millions of kilometres of critical infrastructure such as power lines, railways and highways, all of which are increasingly exposed to vegetation risk, fire risk, theft, etc. – and without an automated monitoring solution, it is economically and humanly impossible to know where the maintenance team needs to be today, or where the next risk is. It’s a live monitoring service for incident management, no wonder LiveEO has large customers from North America to Europe, Japan and Australia. We believe LiveEO is uniquely positioned to help companies navigate the challenges posed by climate change and drive a more sustainable future for all.”
LIVEEO Building on THE momentum
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 Ventures, motu ventures, Segenia Capital, Hannover Digital Investments and more on LiveEO’s impressive cap table.
Its latest TradeAware solution helps companies comply with the EU Deforestation Regulation (EUDR). By using highly accurate satellite data to monitor deforestation risks in supply chains, companies importing commodities like cocoa, coffee, rubber, and timber can make sure their products are sourced responsibly and legally, preventing environmental harm and avoiding fines. This compliance is critical and TradeAware makes it easy for businesses, particularly those with over 250 employees who must be compliant before the end of 2024, to meet these regulations and protect the environment with a high degree of precision.
Jesse Saarela, Principal at NordicNinja added: We’re excited to partner with Daniel, Sven and the rest of the LiveEO team. During our discussions with the team, we were convinced that LiveEO is a thought leader in unlocking the full potential of satellite data in critical real world use cases. They have built an international top team with a strong focus on engineering talent, and there has been a clear objective from the beginning to build an automated and scalable platform. Furthermore, with highly experienced industry expertise in the team they have been able to communicate a clear vision and attract interest from companies globally. The commitment LiveEO has shown in engaging with their customers is remarkable, and we’re thrilled to support the team in this journey.
Find out more from our portfolio page here and LiveEO’s website here.
