A Berlin-based Earth observation scaleup company has secured a €19 million investment, one of the biggest ever seen in the sector. LiveEO developed its core product, an infrastructure monitoring platform using satellite data, with backing from the European Space Agency’s Business Applications programme. The company uses AI to analyse Earth observation data in support of key transport and energy infrastructure in Europe and the USA and aims to monitor every major infrastructure grid until 2025.
Since completing its Demonstration Project with ESA in 2021, the company has expanded rapidly, seeing a threefold rise in revenue, and firmly establishing itself as a world leader in satellite augmented infrastructure monitoring. On a mission to improve lives on Earth with space technology, LiveEO’s software analyses vegetation to detect potential threats to electricity lines and railways, and identifies ground movement or third party activity close to pipelines and other key infrastructure. This technology helps inform strategic infrastructure planning and reduces supply chain issues, travel disruption and power outages.
As well as developing the monitoring platform with ESA, in December 2020, LiveEO was selected to pitch to an exclusive group of investors at an ESA Investor Forum, one of five diverse ‘powered by space’ companies pitching at the virtual event. Thanks to the networks of those investors participating in the Forum, LiveEO were able to connect with some of the investors participating in this round. This latest investment round was led by MMC Ventures, a UK-based venture capital firm specialising in high-growth technology companies, and includes funds from the European Commission, Berlin’s Investitionsbank and Crossventures.
This latest investment round will enable LiveEO to realise its global vision, and expand its existing international teams, which are currently based across Berlin, North America, and Latvia.
Commenting on the investment, Davide Coppola, Head of the Space Applications Initiatives Section at ESA Space Solutions, who has worked closely with the LiveEO team on the monitoring platform project, said “It’s been exciting watching LiveEO grow from a small start up to market leaders in their field in such a short time. Their vision and commitment to their customers has always stood out and this latest investment will enable them to continue their pioneering work and bring further environmental and commercial benefits to key infrastructure projects.”
Celebrating the significant investment in his business, LiveEO co-founder Sven Przywarra said “Our funding round is a prime example showing how public sector investment combined with venture capital empowers young companies to bring cutting-edge innovation to the market. Public support via the Copernicus Masters, ESA's Business Applications Programme, and the EIC Accelerator has been equally vital for LiveEO's success as attracting venture capital has been. In fact, one might not have been possible without the other respectively.”