Spottitt

Company profile

Spottitt company profile

Spottitt leverages machine learning and access to the images from more than 200 satellites to offer satellite analytics that unlocks low-cost maintenance and operations for transmission and distribution utilities. We live in a world where critical assets e.g. transportation, energy and utility infrastructure, is in constant danger while governments and consumers are expecting rising levels of security, reliability and performance. Spottitt is the solution to monitor the external environment around critical assets, at scale and in real time. Organizations use Spottitt throughout an asset's lifecycle to maximise their safety and performance. Our algorithms automatically transforms the widest variety of satellite and other geospatial data into a stream of metrics to monitor 90% of the causes of asset failure with high accuracy. Metrics encompass vegetation risks, pipeline leakages, third-party interventions, land and asset motion, climate conditions, and more. Platform is cloud-based and intuitive in use which makes it highly attractive to clients seeking for digital tools to monitor their infrastructure remotely. The insights are easily integrated with customers' internal asset management and GIS systems. Revenue Model and Traction Spottitt provides a “metrics as a service” model which is driven by our belief in the winning value of automation: better, faster and cheaper. A transparent pay-per-km2, subscription is in development. Last 18 months: converted 19 new important customers, and already closed follow-on contracts with four of them. Barriers to trial are kept low with paid PoC’s starting at $3000. Market Opportunities The Geospatial Analytics market is worth $61B in 2021 and is projected to grow at a CAGR of 13.1% over the next 10 years. Spottitt’s current market focus is the $11.4B utility market segment, where the main growth drivers are ageing assets and climate change, digitalization for improved asset performance, safety and reliability