ClimAccelerator alum Latitudo 40 secures new funding round to drive climate innovation and global expansion
Latitudo 40, one of EIT Climate-KIC’s portfolio company, has successfully completed a significant post-seed funding round. Known for its innovative use of satellite imagery and artificial intelligence (AI) to convert raw data into actionable models and datasets, Latitudo 40 is advancing the field of climate risk management and resilience. This investment was led by Open Venture S.p.A., a business factory known for its commitment to supporting high-potential start-ups, and CRIF S.p.A., a global company specialising in credit and business information systems, with participation from EIT Climate KIC.
The new funds will be instrumental in strengthening Latitudo 40’s international expansion efforts and supporting its growth trajectory. This follows the company’s impressive performance in 2023, marked by significant client and team growth. The start-up participated in the Clean Cities ClimAccelerator programme in 2022 and has since brought on EIT Climate-KIC as a strategic investor.
Founded in 2017, Latitudo 40’s mission is to leverage AI and Machine Learning algorithms to extract decision-support information from Earth observation satellite images. These insights serve public administrations, urban planners, and critical infrastructure managers, helping them manage climate risks and enhance resilience. With the 2023 launch of its new platform, EathDataPlace, clients across Italy, Europe, and North America now have access to up-to-date data for detecting and responding to critical events, offering predictive monitoring and environmental risk management.
Latitudo 40’s platform integrates data from various satellite constellations (ESA, NASA, commercial constellations like PlanetLabs and Airbus) into a fully automated operational system, simplifying access to information even for non-expert users. The company operates in a rapidly growing global market, projected to reach $146 billion by 2034, up from $68 billion in 2024.
Virginia Filippi, President of Open Venture, remarked: “We were deeply impressed by the professionalism and expertise of the Latitudo 40 team. They provide an innovative yet accessible solution to significant innovation needs shared by an entire industrial ecosystem. We believe Latitudo 40 is uniquely positioned to help companies navigate the challenges posed by climate change and lead a more sustainable future for all.”
Natalia Shchelovanova, Global Open Innovation and Startups Ecosystem Director at CRIF, stated: “As a global company specialising in credit and business information systems, CRIF believes in Latitudo 40’s mission and vision in developing environmental services and combating climate change. Our investment aims to strengthen collaboration, develop new products, and create opportunities with our clients. We recognise the tremendous value Latitudo 40’s team and solutions bring to society. With CRIF’s presence in over 40 countries, we are confident in accelerating Latitudo 40’s international growth. Latitudo 40 is a key player in CRIF’s CVC portfolio, which includes over 20 start-ups we’ve invested in and collaborated with since 2017. This second investment decision reflects our confidence in increasing our stake as investors.”
Gaetano Volpe, Co-founder and CEO of Latitudo 40, added: “Our mission at Latitudo 40 is to harness the power of satellite data to protect our planet and make industries more sustainable. The new funding will accelerate this mission, allowing us to continue helping companies worldwide address the growing list of climate, environmental, technological, and regulatory risks. We foresee the EU Deforestation Regulation (EUDR) creating the first mass market with millions of users for EO analytics. We are ready with a solution that simplifies the deforestation control process for companies on a global scale, significantly benefiting operational processes and at-risk ecosystems.”
Open Venture was legally advised by the international law firm Gianni & Origoni, with a team led by Partner Silvia Bordi and Managing Associate Giovanna Dimita. Latitudo 40 received legal assistance from LMRC law firm, with a team led by Partner Angelo Romano, supported by Associate Marta Chiaffoni. CRIF was advised by the InnovEcoS team, the global open innovation and start-up ecosystem hub of CRIF.
This article was originally published here on 19 July 2024.