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 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.

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.