Ibadan, 27 June 2024. – LiveEO has raised €25 million in a Series B funding round led by NordicNinja and DeepTech & Climate Fonds (DTCF). This investment will accelerate the development of LiveEO’s solutions, and expand its team and capabilities.
The Company leverages high-resolution satellite data and proprietary AI-powered algorithms to generate accurate, timely, and actionable insights that help critical infrastructure operators manage climate risks and resilience. In addition, LiveEO aims to transform vast amounts of satellite data into actionable insights to monitor the effects of climate change, spot evolving vegetation patterns, identify system movements, etc. However, because it’s fragmented, raw and sourced from multiple satellites, it’s difficult for industries to understand and integrate.
In addressing this gap, LiveEO’s platform uses satellite technology – including multispectral and Synthetic Aperture Radar (SAR) to deliver high-resolution, analytics – with advanced AI to convert the incredible trove of EO data into usable formats and timely, actionable insights. As a result, it helps businesses detect and respond to extreme weather events and deforestation in near real-time, and monitor and manage environmental risks that affect infrastructure, such as vegetation encroachment on power lines or ground deformation near railways.
Daniel Seidel, co-founder and co-CEO of LiveEO, said: “Our mission at LiveEO is to harness the power of satellite data to protect our planet and make industries more sustainable. The new funding will accelerate this mission and enable us to continue helping businesses worldwide face the growing list of climate, environmental, technological and regulatory risks.” The CEO also added, “This is not just for the benefit of our customers’ bottom lines but for the benefit of all of mankind and our planet.”
