Portugal-based infrastructure monitoring system based on satellite imagery, Spotlite has raised €1.5 million in funding to offer analytics on a wide range of risks for structural health assessment. The seed round was led by Indico and EDP Ventures with participation from Portugal Ventures and Shilling.
With the fresh money, the company will drive its global expansion and focus on hiring and product development.
Founded in 2017 by Ricardo Cabral and Martino Correia, Spotlite allows for early detection of potentially harmful events, including ground and slope subsidence, vegetation encroachment, flooding or third-party interference. Having started in the transportation sector, the software has been expanded to include mining sites, energy infrastructure and buildings.
Co-founder Martino Correia said: “Taking place nearly one year after our initial pre-seed round, the new round will accelerate the development of a toolset for infrastructure monitoring. Companies such as Egis, EDP or Brisa are already using Spotlite for structural health monitoring and risk analysis. Now we intend to expand to other European and Latam markets.”
Stephan Morais, managing general partner of Indico Capital added: “Spotlite is transforming the way infrastructure companies manage risk and preventive maintenance with accurate data and actionable recommendations. Current solutions are project-based and the market is huge and increasing, hence our investment from day one.”