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Exclusive: Armed with $19.5M, LiveEO plots a big data course between satellite geospatial information and industry – TalkOfNews.com

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Armed with $19.5M, LiveEO plots a big data course between satellite geospatial information and industry

#Armed #195M #LiveEO #plots #big #data #satellite #geospatial #information #industry

When it comes to geospatial and mapping data and how they are leveraged by organizations, satellites continue to play a critical role when it comes to sourcing raw information.  Getting that raw data into a state that can be usable by enterprises, however, is a different story. Today, a Berlin-based startup called LiveEO, which has built a satellite analytics platform to do just that, has raised €19 million ($19.5 million) on the back of strong demand for its tech from companies working in transportation and energy infrastructure.

The rise of companies like LiveEO comes on the back of a period of rapid commercialization in infrastructure intended to be used in space, typified by companies like SpaceX but also others building, for example, a new wave of satellites themselves. As with the larger opportunity in enterprise IT, big data players like LiveEO are essentially the second wave of that development: applications built leveraging that infrastructure.

“Someone has to build applications for end users to really make it simple to use and integrate that data into processes,” explained Daniel Seidel (left), who co-founded and co-leads LiveEO with Sven Przywarra (right). “That is what we are doing at scale.”

MMC Ventures is leading the investment, a Series B, and in addition to €17M of venture capital, the round also includes backing from two public bodies, the European Commission and Investitionsbank Berlin. Previous backers Dieter von Holtzbrinck Ventures (DvH Ventures), Helen Ventures, Matterwave, and motu ventures, and new backers Segenia Capital and Hannover Digital Investments (HDInv), are also participating. LiveEO had previously raised €5.25 million Series A in 2021, and it said that in that time, it’s tripled revenues with customers in five continents and more than doubled its headcount to about 100, with more than half of those engineers and data scientists.

As a German startup, LiveEO is one of a small but growing group of startups in Europe capitalizing on increasing interest in space among investors in recent years, despite the wider pressures on tech finance. Relatively speaking, though, the sums are still modest compared with other areas of tech: LiveEO says that this €19 million round is one of the largest in earth observation tech in Europe. LiveEO is focused on enterprise, specifically industrial applications for its analytics — although given the geopolitical landscape, and how that is bringing a new host of interested parties playing the part of financiers to foster its growth, it will be interesting to see how that develops.

LiveEO’s platform addresses a specific gap between space tech and enterprise data. Satellites are collectively producing more data about our world than ever before, covering not just physical objects in the most minute detail, but thermal progressions, how systems are moving, and more.

Ironically, a lot of that data is very locked up when it comes to enterprises using it: given the fragmentation in the satellite industry itself, the data is not only often in very raw, formats, but coming from multiple sources, too, so getting it into forms that can be integrated into existing IT systems and specifically (and more trickily) the IT systems that integrate with the infrastructure that is the building block of a lot of industrial deployments — let alone parsing it for insights — are all tall tasks, so much so that the opportunities of doing them often go unrealized.

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The core of the company’s platform brings all this together, in what LiveEO describes as an “infrastructure monitoring suite powered by satellite imagery.” This involves taking the earth observation data produced by satellites and applying AI to it to analyze it in the context of what LiveEO’s industrial clients — which include major railway companies like Deutsche Bahn, or the energy company e.on — are seeking to understand better.

That could include data on risks from vegetation on railways or other lines; ground deformation; or other physical movements or activities; and it also includes the ability for an LiveEO user to directly integrate this data to link up with its own IT management systems for its infrastructure, for example those that monitor systems to make sure they are working as they should. It also pitches its solution as greener: using satellites to source the kind of geographic data that these industrial applications need means no need to use on-the-ground teams and vehicles to source it in other ways.

“One of the great advantages of satellite data is that we don’t require hardware to be installed at the infrastructure itself,” said Przywarra.

That data, they believe, is also more complete: as Seidel describes it, the combination of terabytes of data from multiple sources means it is not just 3D, but “4D” — with thermal and other kinds of details available, “is like the difference between using an image from a smartphone, and a high-end camera with high resolution.”

All of this is also still a relatively new field, Przywarra added. “Prior to Google Earth, satellite maps were only used by experts,” he said. “We enable more non-experts to use satellite data. We make it accessible and usable.”

Lead investor MMC is one of the more prominent deep tech investors in Europe, and it’s notable that they’re putting focus in this area as an opportunity.

“We are excited to lead this round for LiveEO and it reflects MMC’s continued focus on emerging datasets and companies that develop AI analytics to power core business decisions,” said Andrei Dvornic, a principal at MMC Ventures, in a statement. “LiveEO offers a critical tool that paves the way for sustainable industry automation, and we wholeheartedly support the company’s vision of leveraging satellite technologies, big data, and the latest developments in artificial intelligence to help companies adapt to the challenges posed by climate change.”

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Exclusive: Sweetgreen's stock plummets after salad chain lowers forecast, announces layoffs and office downsizing – TalkOfNews.com

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Sweetgreen's stock plummets after salad chain lowers forecast, announces layoffs and office downsizing

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A worker wears a Sweetgreen Inc. hat while preparing food inside the company’s restaurant in Boston, Massachusetts.

Adam Glanzman | Bloomberg | Getty Images

Shares of Sweetgreen plunged more than 20% in extended trading Tuesday after the salad chain lowered its 2022 forecast.

The restaurant company also said it laid off 5% of its support center workforce and will downsize to a smaller office building to lower its operating expenses.

As of Tuesday’s close, Sweetgreen’s stock has fallen 37% since its initial public offering in November.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Loss per share: 36 cents, in line with estimates
  • Revenue: $124.9 million vs. $130.2 million expected

Sweetgreen sales softened around Memorial Day, leading the company to revise its forecast lower, CFO Mitch Reback said in a statement.

On the company’s conference call, executives attributed the slowdown to a number of factors, including “unprecedented levels of summer travel,” a slow return to the office and another wave of new Covid-19 cases.

In the quarter, ended June 26, Sweetgreen’s net sales rose 45% to $124.9 million. Its same-store sales climbed 16%, boosted by 6% menu price hikes.

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For the year, Sweetgreen now expects annual revenue of $480 million to $500 million, down from its prior forecast of $515 million to $535 million. The chain also revised its outlook for same-store sales, predicting growth of 13% to 19%, down from the previous projection of 20% to 26%.

“We think that it’s a conservative estimate, but looking back, we’ve just been wrong on so many of these calls,” Reback said on the call.

Moreover, Sweetgreen also changed its outlook for adjusted loss before interest, taxes, depreciation and amortization to a range of $45 million to $35 million, wider than its previous range of $40 million to $33 million.

But the chain explained the steps it’s taking to achieve profitability, including layoffs and reducing its real estate footprint by moving to a smaller office. Severance packages and related benefits are expected to cost the company between $500,000 to $800,000, while the office move will cost $8.4 million to $9.9 million. The charges are expected to impact its third-quarter results.

Sweetgreen reported a second-quarter net loss of $40 million, or 36 cents per share, wider than a net loss of $26 million, or $1.55 per share, a year earlier. The company blamed an increase in stock-based compensation for its increasing losses.

Read the full earnings report here.

Correction: A previous version of this story misstated Sweetgreen’s previous forecast for its same-store sales growth.

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Exclusive: Egyptian startup Convertedin raises $3M, caters to e-commerce brands in MENA and Latin America – TalkOfNews.com

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Egyptian startup Convertedin raises $3M, caters to e-commerce brands in MENA and Latin America

#Egyptian #startup #Convertedin #raises #caters #ecommerce #brandsin #MENA #Latin #America

Convertedin, an Egyptian startup that operates a marketing operating system for e-commerce brands, has raised $3 million in a seed round led by Saudi Arabia-headquartered Merak Capital.

Other participating investors include 500 Global and MSAS. The company, in a statement, said it plans to utilize the funds for strategic hiring and further development of its platform.

When brands shift to e-commerce sales, they operate with vast amounts of fragmented data that need to be unified to drive informed decisions and growth. As such, platforms like Convertedin become essential because it caters to brands and businesses with one, some, or all of these objectives: drive personalized and scalable campaigns, convert customers, achieve measurable results and grow revenue.

CEO Mohamed Fergany founded the company with Mohamed Atef and Mustafa Raslan in 2019 after working with several brands in companies such as Speakol Ads and Vodafone. His time as an employee opened his eyes to the opportunity of helping offline stores retarget and retain their customers online while finding new ones to shop at their stores offline.

“If you walk into IKEA and they take your phone number down. After that, our engine works to find a similar product you might buy and we retarget you online. If you went back to IKEA for that product, we can calculate the cost of online conversion,” the chief executive said in the interview. “This was the main idea at this time as we saw a huge problem where there was no analytics platform for the offline store or a retargeting mechanism.”

As the pandemic hit and offline stores were forced to close their doors, many of these brands turned to e-commerce, and as a result, Convertedin took its business online too.

Fergany argues that though online brands use CRM software to gather data, they do not utilize most of it. So Convertedin offers a solution where they can use their data best. It plugs into more than 10 major e-commerce platforms and ad networks — and brands, once connected, can place customers into different segments such as high- and low-value and categories like those looking for specific products and use these insights to create personalized multi-channel marketing and drive various campaigns on social media, SMS, email, search and other channels while having the ability to track and attribute revenue conversion.

Convertedin says SMB e-commerce marketers that use its platform increase their return on ad spend (ROAS) by 2x and reduce customer acquisition costs (CAC) by 40%. So far, the company partners with media buying and advertising agencies and works with over 100 local and multinational brands across Africa, the Middle East and South America in the automotive, healthcare and technology industries. Convertedin’s revenues from these businesses have been growing in “double-digits” month-over-month, Fergany said.

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The three-year-old Egypt-headquartered company also has offices in Saudi Arabia and Brazil; it just recently opened one in the latter. The South American market is enormous, with e-commerce revenues reaching $160 billion by 2025 from over 200 million users. As a result, Convertedin plans to make its services available in Portuguese — in addition to English and Arabic — for brands in Brazil and also Mexico, another South American market. Fergany also said Convertedin is eyeing South Africa and India too.

“We focus on emerging markets and if you look at it from healthy unit economics, we can sell easily in those countries because there is low competition there,” said the CEO on the expansion to five new markets, including Saudi Arabia. “And customer acquisition cost is low compared to the U.S. or Europe markets.” The new investment will help Convertedin with this expansion in addition to R&D and hiring.

In a statement, Ahmed Aljibreen, partner at lead investor Merak Capital, addressing his firm’s investment, said the ever-changing landscape of digital marketing platforms adds a new layer of challenges for e-commerce companies — and that Convertedin solves that. Hence, the reason why Merak Capital backed the firm. “We are excited to back Convertedin, a martech company that has built a state-of-the-art platform to simplify digital marketing, improve customer acquisition and drive growth for its clients. Convertedin is led by a world-class team in which we have tremendous confidence as the company embarks on its next stage of growth in MENA and Latin America.”

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Exclusive: Serena Williams announces her retirement from tennis – TalkOfNews.com

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Serena Williams announces her retirement from tennis

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Tennis legend Serena Williams announced her retirement in a Vogue article published Tuesday.

“I have never liked the word ‘retirement,’” Williams wrote. “Maybe the best word to describe what I’m up to is ‘evolution.’ I’m here to tell you that I’m evolving away from tennis, toward other things that are important to me.”

Williams, who turns 41 next month, has 73 career singles titles, 23 career doubles titles and over $94 million in career winnings.

Williams is widely hailed as one of the greatest athletes of all time. In her Vogue piece, she noted that some of her detractors point out that she hasn’t won the most Grand Slam titles in women’s tennis history, however. 

“There are people who say I’m not the GOAT because I didn’t pass Margaret Court’s record of 24 grand slam titles, which she achieved before the ‘open era’ that began in 1968,” Williams wrote. “I’d be lying if I said I didn’t want that record.”

She said she will retire after the U.S. Open, which will run from late August into September. A victory there would tie her with Court’s Grand Slam record.

“I don’t know if I will be ready to win New York. But I’m going to try,” Williams wrote about the tournament, which is played in Queens.

She has counted sponsorships from companies including Nike, Audemars Piguet, Away, Beats, Bumble, Gatorade, Gucci, Lincoln, Michelob, Nintendo, Wilson Sporting Goods, and Procter and Gamble.

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“I never wanted to have to choose between tennis and a family. I don’t think it’s fair,” Williams wrote. “If I were a guy, I wouldn’t be writing this because I’d be out there playing and winning while my wife was doing the physical labor of expanding our family.”

Williams focused on her family in the announcement, writing that her nearly five-year-old daughter wants to be an older sister. Williams is married to Reddit founder Alexis Ohanian.

“I have to focus on being a mom, my spiritual goals and finally discovering a different, but just exciting Serena. I’m gonna relish these next few weeks,” Williams wrote in an Instagram post Tuesday.

Professionally, she looks to expand Serena Ventures, a small investment firm of six people that was one of the first investors in MasterClass. Her firm raised $111 million in outside financing this year.

Williams wrote that only 2% of venture capital goes to women and that “in order for us to change that, more people who look like me need to be in that position, giving money back to themselves.”

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