Spotlite, a Portuguese startup that combines satellite data and AI to monitor infrastructure, closed a round Seed of 3.5 million euros co-led by Portuguese venture capital fund Indico Capital Partners and Explorer Investments.
The financing is intended to accelerate international expansion and strengthen the technology platform.
The company transforms images and other satellite data into actionable information and automatic alerts about hazards such as ground movement, vegetation intrusion and fire risk, allowing it to reduce physical inspections and maintenance costs.
“This investment is a milestone for Spotlite and the growing Portuguese space ecosystem. We are helping infrastructure operators move from reactive maintenance to a proactive approach, empowering companies with data-based decisions powered by AI”, says Ricardo Cabral, CEO of Spotlite cited in a statement.
The global market for Earth Observation (EO) as a service is estimated at 20.1 billion euros by 2033, with the European market expected to grow by around 1.5 billion between 2023 and 2028, an opportunity that supports the company’s commercial proposition.
“Spotlite’s Deep Tech technology, which transforms satellite data and AI into predictive management and greater resilience for critical assets, is a revolution for the infrastructure sector”, highlights the president of Indico Capital Partners in the same document.
Stephan de Moraes adds that “this investment confirms our commitment to the area of investment in space technology, one of the focuses of VCIII. Having been the first investors in Spotlite, we are happy to see the company reach this stage”, he adds.
According to Pedro Correia de Barros, from Explorer Investments Spotlite, the company “is developing one of the most sophisticated artificial intelligence monitoring platforms in the sector, bringing true predictive intelligence to critical infrastructure. At Explorer, we are proud to support a world-class team whose work has the potential to redefine the way infrastructure is monitored globally”, he highlights.
Spotlite says the funds will be applied to entering new markets and developing the capabilities of its platform.