Spottitt Closes 800K USD Bridge Financing Round
In only 12 months since its launch, our AI-powered geospatial analytics service, Spottitt Metrics Factory, has gained significant traction and annual recurring revenue (ARR) among critical infrastructure owners.
Today, we are thrilled to announce the successful closure of an $800,000 bridge financing round.
This round has been led by US based VC fund, Right Side Capital Management, with support from our existing shareholders, KIC InnoEnergy SE, three amazing angel investors, and Spottitt founders CEO Lucy Kennedy and CFO Paolo Senes. We could not have achieved this funding milestone so swiftly and smoothly without the Qubit Capital team.
Spottitt Provides a Solution to Automatically Detect Changing Conditions on the NSW Road & Rail Network
Spottitt became Finalist in Transgrid’s Challenge for real-time insights for company’s easement route planning and Champion for Transport for NSW Challenge for tracking safety of roads and railways using satellite data.
The New South Wales network includes 6,800 route kilometres of operational rail lines and 17,600 km of state roads and highways.
TfNSW has identified Earth Observation satellites as a valuable addition to the monitoring technologies currently deployed and was looking for innovation to automatically detect changing conditions of network and potential risk modelling.
Deciding Between Satellites and Drones for Geospatial Data Collection: A Comparative Analysis
In recent times, the landscape of asset monitoring has witnessed a transformative shift with the emergence of advanced technologies, particularly satellite and drone systems.
The utilization of Earth observation satellites for monitoring purposes began gaining momentum in the late 20th century. Free government programs, such as those initiated by NASA and the European Space Agency (ESA), played a pivotal role in providing open access to satellite imagery. These programs not only facilitated scientific research but also allowed industries to leverage satellite data for monitoring critical infrastructure and environmental changes.
Spottitt to Collaborate with Transgrid and Transport for NSW
Spottitt has been selected by Transport for NSW and Transgrid to apply satellite-based and AI-powered technology to automatically detect changing conditions in the NSW road and rail network and to provide real-time insights for Transgrid’s easement route maintenance and planning, respectively.
These projects will be conducted within the GRAVITY Challenge 06 program led by Deloitte Australia, an initiative that brings together start-ups, scale-ups, entrepreneurs and universities to address real industrial and environmental problems using space data. The Collaborate Phase will continue until mid-March 2024.
Weathering the Storm: Climate Change Threats to Power Grid Infrastructure
As our global climate continues to undergo profound transformations, the challenges posed by climate change are increasingly felt across various sectors of society, including critical infrastructure.
Climate change, characterized by rising temperatures, increased occurrences of extreme weather events, and shifting precipitation patterns, have exposed vulnerabilities within power networks. Often designed under the assumptions of historical climate patterns, now they are increasingly susceptible to the new normal of extreme weather, prolonged heat waves, and more severe freezing.
InSAR Analysis and Corner Reflector Experiments for Infrastructure Stability Monitoring Using Sentinel-1 Imagery
National Grid Energy Transmissions (NGET), which owns and maintains the high-voltage electricity transmission network in England and Wales, conducts invasive analysis annually to monitor the towers most at risk of movement. Moreover, the NGET inspection teams perform annual line walking activities and monthly substation inspections during which they visually assess the presence of asset motion. These interventions are crucial to avoid issues which may cause expensive assets replacements or reconstruction. It costs NGET over £6 million per year to monitor only 1% of their most at risk assets.
Interested? Or want to try a demo?
Get in touch with the Spottit team, we are happy to help you analyse your needs.
