Following a year of rapid growth in line with the founding team’s targets and ambitions to disrupt the geospatial industry with a flexible analytics solution that meets the needs of any business user in different industries, Spottitt is seeking new equity investors to raise $2M, part of which already committed by current shareholders and managers.
The new capital will be used to accelerate growth in more industries and geographies (65%) and accelerate the development of Spottitt MF, our new web service for data delivery and customization (35%).
Spottitt MF is a unique geospatial analytics platform that automates the process of getting the right satellite image, converting it into actionable insights with AI, and providing the widest range of analytics for business users in different industries. Spottitt MF aims to be 3 times more effective than any other geospatial analytics service, at ⅓ of the cost. Earlier this year, Spottitt launched the beta version and 26 utility companies from all over the World signed up to see it in action and provide feedback.
In the last 12 months, Spottitt has proven itself to be one of the fastest growing monitoring solutions for utility infrastructure owners, having exceeded $500.000 in revenues (more than double the previous year’s figures, exceeding EoY 2021 forecasts), with 15 new customers (including 3 Fortune500 companies), and a growing number of returning clients excited to scale the service after their first paid pilot tests.
With the next funding round, Spottitt aims to increase the speed and conversion rate of the sales-cycle, introduce a new subscription plan together with Spottitt MF, expand into 3 more industries and enter the North American market. These objectives and the current pipeline of opportunities will result in more than $1.4M in revenue next year.
“I am excited at the progress and momentum generated by the hard work of the whole team. We have shown that we have understood the needs of infrastructure owners, have services that meet these needs and that there is growing demand ”, says Lucy Kennedy, co-founder and CEO, “This funding round will bring us to the next level of service delivery automation and introduce our services to new markets in new geographies.”
Spottitt is a UK company, with offices in Oxford, UK and Wroclaw, Poland. All Spottitt co-founders are serial entrepreneurs with proven achievements and expertise, supporting the management team are another 13 experts in the fields of machine learning, earth observation, GIS, software development and sales and marketing.
Interested investors looking to participate in a $2M seed round closing this year are welcome to contact Spottitt’s CEO lucy.kennedy@spottitt.com
