We are excited to share a significant milestone in LiveEO's journey: the successful first closing of our next financing round, securing $10M. This achievement, realized under challenging market conditions, reflects the unwavering confidence of our existing investors and the commitment of our new partner, the greentech VC Greencode Ventures, to our shared vision of a sustainable future.
LiveEO's journey is marked by the groundbreaking use of satellite data and AI to revolutionize industries and champion sustainability. Our 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 led to a tripling of our revenue. Our continuously accelerating growth shows that the value of LiveEO’s products is not negatively affected by current adverse macroeconomic conditions.
The introduction of the European Union Deforestation Regulation (EUDR) marks a new chapter for us. The regulation mandates companies to verify their imported commodities do not contribute to deforestation. LiveEO is poised to lead in this new market with our deforestation monitoring solution.
This financing now enables us to swiftly and confidently enter the market for EUDR compliance and deforestation monitoring. We have secured major European household brands in the food and non-food sectors as customers as the industry is beginning to ready themselves for the new regulatory requirements.
LiveEO’s traction and the rapid growth in our infrastructure offering in Q4 set the stage for quickly advancing conversations with VCs from the US and Europe towards the second closing of our financing round. “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,” says Dr. Terhi Vapola, Founder & Managing Partner of Greencode Ventures.
With our EUDR product, LiveEO is pioneering a new frontier in earth observation. This innovation represents what we believe to be the first true mass-market product in satellite analytics, setting a new standard for the industry. Our approach leverages the robust AI & deep tech stack from our infrastructure products, providing us with an effective moat against project-oriented competitors and new entrants to satellite analytics that lack the infrastructure to deliver global high-quality monitoring.
We deeply appreciate the trust and support from our partners and clients, which fuels our progress. Looking ahead, we're enthusiastic about the transformative impact we and our team can make. Together, we're realizing our vision of unlocking the full potential of earth observation for humanity and life on Earth.