What LiveEO does is almost literally rocket science. At least something that takes place partly far out in space and partly deep inside the algorithms of artificial intelligence. Specifically: LiveEO evaluates satellite data and derives useful insights for different customers. One customer, for example, is Deutsche Bahn, which can scan its rail network for problems. Or the operators of power grids. Or private companies – for many people it is interesting to see from space what is going on on Earth, especially where you don’t otherwise get a good look.
The startup has raised around 30 million euros from public and private investors since it was founded in 2017. Investors include VC MMC, Dieter von Holtzbrinck Ventures, Helen Ventures and Hannover Digital Investments. More than 100 people now work for the company run by the two founders, Daniel Seidel and Sven Przywarra. They probably couldn’t have imagined this six years ago. Here Seidel tells us how they started with a starting capital of 200 euros:
Good ideas often fail because of a lack of money
According to the KfW Start-up Monitor 2022, the financial aspect and the associated risks for potential founders is one of the biggest barriers to starting a business. However, low financial resources should not be a reason for not being able to implement your innovative market idea. At the time, Sven and I only had 200 euros available to start the company, but we still dared to do it. Our development is not universally applicable, but perhaps one or two people can draw inspiration from it for their own start-up path. This is how we did it back then: