Ibadan, 4 December 2023. – LiveEO has announced the successful first closing of its next financing round, securing $10 million to enable its headstart in the deforestation compliance market. This reflects the confidence of the Company’s existing investors in the Company, despite challenging market conditions, and the commitment of its new partner, the greentech VC Greencode Ventures, to its shared vision of a sustainable future.
This financing enables the Company to swiftly and confidently enter the market for European Union Deforestation Regulation (EUDR) compliance and deforestation monitoring. This is because the EUDR introduction mandates companies to verify that their imported commodities do not contribute to deforestation. Consequently, LiveEO aims to lead in this new market with its deforestation monitoring solution.
LiveEO aims to use satellite data and AI to revolutionize industries and champion sustainability. Its AI models are already enhancing the climate resilience of critical infrastructure networks globally, including collaborations with E.ON and networks in the USA, Australia, and Japan. This year, these efforts have seen LiveEO triple its revenue.
Speaking about the Company, Dr Terhi Vapola, Founder and Managing Partner of Greencode Ventures, said, “LiveEO is one of the very few companies in climate tech that not only have a high potential but are already generating sustainable multi-million revenue derived from solutions successfully combining AI and satellite technology.”
The Company aims to leverage the robust AI & deep tech stack from its infrastructure products. This will consequently provide it with an effective moat against project-oriented competitors and new entrants to satellite analytics that lack the infrastructure to deliver global high-quality monitoring.