Armed with $19.5 million, LiveEO outlines a big data course between satellite geospatial information and industry – TechCrunch
When it comes to cartographic and geospatial data and how they are leveraged by organizations, satellites continue to play an important role when it comes to raw information feeds. However, getting that raw data into a state usable by businesses is another story. Today, a Berlin-based startup called LiveEOthe company built a satellite analytics platform to do just that, having raised 19 million euros ($19.5 million) thanks to strong demand for their technology from companies working in energy and transport infrastructure.
The rise of companies like LiveEO comes after a period of rapid commercialization of infrastructure intended for use in space, typically companies like SpaceX but others are building, for example. for example, a new wave satellites themselves. Along with the greater opportunity in enterprise IT, big data players like LiveEO are essentially the second wave of that growth: applications built leveraging that infrastructure.
Image credits: LiveEO (Opens in a new window) under one CC BY 2.0 (Opens in a new window) license.
Daniel Seidel (left), co-founder and co-leader of LiveEO with Sven Przywarra (right), explains: “Someone has to build end-user applications to really make use of and integrate data whether that into the process becomes simple. “That’s what we’re doing on a large scale.”
MMC Ventures is leading the investment, Series B, and in addition to a €17 million venture capital investment, the round has support from two public authorities, the European Commission and the Investmentsbank Berlin. Former backers Dieter von Holtzbrinck Ventures (DvH Ventures), Helen Ventures, Matterwave and motu Ventures, and new backers Segenia Capital and Hannover Digital Investments (HDInv), are also participating. LiveEO previously raised €5.25 million Series A in 2021, and it says in that time its revenue has tripled with customers on five continents and more than doubled the number of employees. to about 100 people, with more than half of them engineers and data scientists.
A German startup, LiveEO is one of a small but growing group of European startups taking advantage of increased interest in the space among investors in recent years, despite greater pressure on tech finance. Comparatively speaking, however, the proceeds are still modest compared to other tech sectors: LiveEO says that this €19 million spin is one of the largest in observational technology. Earth in Europe. LiveEO is focused on business, especially industrial applications for analytics – although due to the geopolitical context and the way that is bringing in a new range of interested parties playing the role of financiers to driving its growth, it will be interesting to see how that develops.
LiveEO’s platform addresses the specific gap between space technology and enterprise data. Together, satellites are generating more data about our world than ever before, including not only physical objects down to the smallest detail, but also thermal processes, how systems are systems in motion and more.
Ironically, a lot of that data is locked up as businesses use it: due to fragmentation within the satellite industry itself, the data is not only often in very raw formats, but also comes from many sources. , so it into forms that can be integrated into existing IT systems, and in particular (and more complex) IT systems that integrate with the infrastructure that is the building block of many public implementations. Business – let alone analyze it for insights – are all such high-stakes tasks that the chances of doing them often don’t materialize.
The core of the company’s platform brings all of this together, in what LiveEO describes as an “infrastructure monitor powered by satellite imagery.” This involves taking satellite-generated earth observation data and applying AI to it to analyze it in the context of LiveEO’s industrial customers – including major rail companies like Deutsche Bahn , or energy company e.on – looking to get a better understanding.
That may include data on risks from vegetation on railways or other routes; ground deformation; or other physical movements or activities; and it also includes the ability for LiveEO users to directly integrate this data to link to its own infrastructure IT management systems, such as system monitoring systems to ensure that they are working properly. It also touts its solution as greener: using satellites to provide the kind of geographic data these industrial applications need means there’s no need to use ground crews and vehicles for power. in other ways.
“One of the big advantages of satellite data is that we don’t require hardware to be installed at the infrastructure itself,” says Przywarra.
They believe that data is also more complete: as Seidel describes it, the combination of terabytes of data from multiple sources means it’s not just 3D, but “4D” – with thermal details and types available,” “like the difference between using images from a smartphone and a high-resolution high-end camera. “
All of this is still a relatively new field, Przywarra added. “Before Google Earth, satellite maps were used only by professionals,” he said. “We allow more non-experts to use satellite data. We make it accessible and usable. “
Lead investor MMC is one of the more prominent deep-tech investors in Europe and it is notable that they are focusing on this sector as an opportunity.
Andrei Dvornic, a principal at MMC Ventures, said: “We are excited to lead this round for LiveEO and it reflects MMC’s continued focus on emerging datasets and evolving companies. AI analytics to support core business decisions”. “LiveEO provides an important tool paving the way for sustainable automation in the industry, and we wholeheartedly support the company’s vision of leveraging satellite technologies, big data and the latest developments. in artificial intelligence to help companies adapt to the challenges posed by climate change.”
