LiveEO, a provider of satellite analytics for infrastructure, has raised €19m in funding, which the company will use to fund its entry into new markets such as insurance.
LiveEO’s core product is an infrastructure monitoring suite powered by satellite imagery. The company uses artificial intelligence to analyse Earth Observation data, and gives operators of railways, power lines and pipelines actionable information on the risk posed by vegetation, ground deformations, or third parties.
In addition, the software enables customers to optimise the maintenance programmes of core infrastructure assets, making them increasingly resilient to climate change. In turn, this reduces travel disruptions, power outages and supply chain delays.
The round was led by MMC Ventures and includes €17m of venture capital, as well as further funds from the European Commission and Investitionsbank Berlin.
All existing shareholders continue to back the company and have participated in the round, including Dieter von Holtzbrinck Ventures (DvH Ventures), Helen Ventures, Matterwave, and motu ventures. Segenia Capital and Hannover Digital Investments (HDInv) have joined the round as new investors alongside MMC.
LiveEO said the capital will accelerate its global market expansion for its infrastructure monitoring products and fund entry into new markets such as insurance.
New investor HDInv under leadership of Ulrich Wallin, will support product development and go-to-market for the insurance sector, where LiveEO’s solutions can contribute to better-informed decision making and a preventative approach to insurance.
Ulrich Wallin, HDInv managing director and former CEO of Hannover Re, said, “LiveEO’s technology offers companies and institutions an efficient and smart way to monitor fixed assets. This enables potential damaging events to be detected and prevented at an early stage.”
The use of satellite analytics for insurance purposes is not new. InsurTech Tensorflight, which uses AI technology, aerial and street view imagery to provide property data, recently partnered with the Intelligence Business of Airbus Defence and Space, a global provider of geospatial data.
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