Berlin, the Germany-based space tech startup LiveEO, raised EUR 19 million in recent funding. The round took place on August 5, 2022. MMC Ventures led the financing for the company. It infused EUR 17 million for the startup. The company received further funds from the European Commission and Investitionsbank Berlin. Existing shareholders such as Dieter von Holtzbrinck Ventures (DvH Ventures), Helen Ventures, Matterwave, and motu ventures joined the investment. Segenia Capital and Hannover Digital Investments (HDInv) participated as new investors. The deal marks one of the largest investments so far in Earth Observation in Europe.
Purpose of Funding for LiveEO
LiveEO intends to accelerate its global market expansion with the latest capital infusion. The company seeks to enhance its infrastructure monitoring products and fund entry into new markets such as insurance.
New investor HDInv under the leadership of Ulrich Wallin, plans to aid the respective developments so that LiveEO can contribute to better-informed decision-making.
What the founder has to say
Daniel Seidel, co-founder and co-CEO of LiveEO, said, “We are kicking off the third big wave of commercialisation of the space industry. After huge investments in rockets and satellites in the past years, it is time for companies like us to develop highly automated applications which translate data from hundreds of Earth Observation satellites into real value for end-users.”
In addition, Sven Przywarra, co-founder and co-CEO of LiveEO, said, “It is exciting to see that our vision, as well as our execution so far, has attracted interest and investment from both top-tier venture capital firms as well as the public sector. We want to bring insights derived from space imagery to every global value chain and continue to focus on human-centred applications. This financing round brings us a significant step closer to that goal.”
What the investors have to say
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.”
Andrei Dvornic, Principal at MMC Ventures, said, “We are excited to lead this round for LiveEO. It reflects MMC’s continued focus on emerging datasets and companies that develop AI analytics to power core business decisions. LiveEO offers a critical tool that paves the way for sustainable industry automation. 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.”
About LiveEO
Sven Przywarra and Daniel Seidel co-founded the company in 2018. The company is a leading provider of satellite analytics operating in the space tech segment. The startup already has an international presence across regions such as Berlin, New York and Latvia. Earlier in 2021, it raised EUR 5.5 million in a Series A round.
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