Germany headquartered space start-up, LiveEO announced on 4th September 2020, that it has raised a six figure sum in its second funding round. The investment round was led by a leading early stage investor in Europe, DvH Ventures and an angel investor Andreas Kupke, founder of Finanzcheck. The latest fundraising brings the total capital of LiveEO to €2.5 million.
Incorporated in the year 2016, LiveEO works in the space domain in Berlin, Germany. The company offers satellite based monitoring of critical infrastructure like rail networks, power grids and pipelines to their customers and is backed by ESA (European Space Agency). The core team of LiveEO consist of 22 people across San Francisco and Berlin.
As the company serves infrastructure for rail networks, power grids and pipelines to its clients, they automatically evaluate satellite images and warn their clients of any danger from vegetation, tectonic influence and interaction with third parties. The company follows SaaS (Software as a Service) business model to enable their clients to reduce operating costs because it is quite less cost intensive as compared to traditional monitoring by patrol cars and helicopters.
The existing customers of LiveEO consist the utility network operator E.dus, E.ON, American Energy Company AEP and Deutsche Bahn. Recently, CDM Smith which is an American Energy Company commissioned LiveEO for monitoring large scale infrastructure projects.
The company claims to carry out SIM demonstration project which is backed by ESA Space Solutions since the autumn of last year. The project has supported the development plans of LiveEO’s infrastructure monitoring solutions with a six figure amount.
LiveEO also claims to analyze the medium voltage grid for threats from vegetation for E.dis since 2018. The contact came about via a challenge from E.dis, and the company was awarded the contract because of a custom fit solution to the challenge posed by the electricity network operator.
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